The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-04-12

could not agree.
be taken up, was important and had been reported
unanimously by the Finance Committee. 1t could
| tainly meet with serious objection.
MIR. STUART, (dem } of Mich, said be would have
objection to taking up the bill for the purpose of allow
ing the Senator TO be heard on it,
Mr.. BArcER-I don't want to be heard on it. want
the bill taken up and passed.
Mr.. sruARr-well have no idea that any such bill
Mr.. DorGrAs, (dem.) Of nl.-Let us try We might
try whether we can pass we to talk about taking
Mr.. SEWARD (frec seD of n Y, said he had no desire
to embarrass the bill; but it in which Pennsy
Senators from that State present, he would for
that reason for no other, oppose the consideration Of
Mr.. BADoER-Pennsyyania ought to have her Senator's
here.
Mr. MASON said that the bill would lead to debate
he would persist in his motion
Mr. BADGER said that he rarely ever was absent from
the Senate. He obliged however, to be absent
and act of courtesy to himself he had asked the
Senate to take up the BILL but there was no dispos
ton to extend to him TINT courtesy he would withdraw
The question was then taken and Mr. Mason's motion
was rejected by yeas IL, nays %.
MAILS on RAILROADS.
Mr. RUsK, (dem) Of Texas, gave notice Of a bill to re-
guiate the transportation of mails on railroads.
THE RAILROAD BILL
The bill giving credit for limited time, for duties
railroad iron, was taken up.
Mr. DouGIAs moved to amend the bin by striking out
az rses a e ans .
.say Of hs that rairoaa since
hsay h iss t ss
son e as On
road iron SO laid down Il duties shall have been
party laying down said IRON 'A"' = company q
on yo % sn
stss IL iii: pns the July lsS
from foreign countries pror said rst q
the United with
such sureties and noh penalties Secretary
cSnditi,nsd that said iron IS bona ede imported
railroads. and for cti purpose; and to be laid
T SsT s qs x ss so the s %
ppe.atog and the proof furnished the Secretary
ha % T. d yss na and a.
laid down rails railroads without further
Mr. DOUGLAS said that the bill as it now stands pre-
sented substantial to the railroad interests
1t left them with their works with heavy debt
hanging over the and for payment of which they
always to be preparing The treasury full, and
funds during the next three years He was not aware
of other article the duty which could be taken
on with greater benefit and advantage to the great in
terests of the people than railroad IRON This
ment required further legislation. In 1857 the
resumed.
Mr. BADGER said he preferred the substitute offered by
the Senator to the bill reported by the committee 1t
could produce no Inconvenience to government. 1t
fined the suspension of duties to railroad iron prepared
to be laid down and requiring further manufacture
the act imposing duties for three years only
The revenue of the government was more than
required To gives credit for the duties and exaotng
bond for their amount nothing than delay Of
payment. But this amendment gave the railroads real
beneficial encouragement. There probability that
government would, during the three years Of this
pension have any pressing need for these duties on rail-
road iron; the period short that no injury could
possibly occur to the government in Of the
suspension. With overfowing treasury this the
smallest advantage that Congress could extend to these
great works, which web calculated to bind the
people of different sections together to promote and
tend social intercourse and relations and draw together
more closely all parts Of our widely extended nation He
hoped the Chairman Of the Finance Committee would not
object TO the amendment.
Mr.. HuS1rn, (dem of Va, said he voted under In
tions than the original bill As financial expeaent he
| did not know but what it was as good as the BILL
Mr. SEWARD asked If the Senator could tell him how
much the duties railroad iron amounted to during last
| yearP
Mr. HUNTER said the duty iron for rolling and other
purposes exceeded four millions He did know what
|. proportion of that amount for railroad iron.
Mr.. sEwARp-K the Senator from North Carolina will
duties upon the railroad iron imported for the com
petion Of the railroad in that State which he has espe
ciay under his care will vote 1t with the greatest
pleasure. will do so because think that very
sary very useful and very great work. and think that
the region of country where 1t is to he made requires
and ought TO receive such favor at the hands Of Con-
gress am free to say that would vote for that
exception to the general law which is in force but
cannot agree with the general policy proposed.
The proposition in the substitute is to remit the duties
on railroad iron for three years think that in
respect than to remit them indefinitely because
will for the future render everything in regard to the
manufacture Of railroad iron in this country uncertain
and unreliable will SO far as it goes discourage the
and in all probability will have the effect if
the measure the abolition of the duties railroad
iron altogether Then soon after we shall have got into
this period Of three years. those who interest
ed in the construction Of railroads and those who in
erestcd in the manufacture Of railroad iron in this
country, win be brought to the consideration
Of the question of what will probably be the action Of
eth they will at the expiration IN Of TIN, the
suffer them to be restored. Here win be field Of per-
picking and dangerous speculation, amounting almost to
mi. ruf fha povic of hipGt thnra.
FORE the proposition is Objectionable the ground that
it introduces uncersnty into the financial system of the
government far as it operates upon the importation
and the manufacture OF railroad irontwo great and
extensive interests in this country. Again. do not
Treasury Of the United States we are able to say with
confidence that would be safe to reduce revenues at
this particular juncure This Is moment Of great in
cial world We cannot contemplate the aspect without
seeing that there is to be, in all human probability,
reaching even into Asia We that vast amount of
capital in Europe has already been withdrawn from its
for the support Of the and navie Of begerent
nations We that loans have been made by France
Turkey and Austria and that loans attempted to be
made by Russia. We know also that England is to be
made party to that war-a leading party-and that
funds to large amount win be Immediately required to
has produced panic in oil the commercial cities the
Continent Stocks have already fallen the Bourse in
also have deprecated and quoted nominal prices
and they arc returning upon u.s. Whatever may be the
nnal result ana It's bearing upon the interests OF this
country that the country feels already the ap
proach Of crisis Good well established stocks have
fallen within the last week, in expectation of the
mencemcnt Of in Europe from five to per cent
and the fill it is thought by many has only just began.
Not only is this scen but there also the Indications
Of the commencement OF n commercial revulsion. We
have been sending from the Eastern Stes to California
large quantities Of four and Of implements Of agricul
ure, and Of those for mining have observed that
within few days past vessels have returned from
thence, freghted with their out going freights in
stead Of gold and that this producing arrangement in
Pacific region. The effect Of this viii be similar de-
rangement elsewhere to greater less extent. Al
though we hayea surplus revenue, and have had for
few years past that the imports Of the
next three years will exceed the wants Of the treasury
on the contrary, those who will take the pains 10
anime, viii find that the imports have already sensiby
diminished since the shadow Of this European fell
upon We are then to have, in all probability for
time, reduction of the imports and duties This there
fore, seems to me just the worst time in which
to depart from the system we have been pursuing