The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-05-08

wont into Committee Of the Whole, Mr.. SayIer, OF
| ONO IN the char, on the Tariff bill
SPEECH or BANKS.
| Mr. BANKS, trcpl OF Mass, took tue floor and said
would give 10 the people the security which was ne
cessary no would be Wiling 70 vote for t. provided
| one must comprehend that the country was not
condition 10 CONSIDER for single moment any meas
ure which would dsarrangc disturb and, in some in
Stances, destroy tho industries OF the country He
reviewed tho financial history OF The last few
ana hsd naa s we rem
the BEGINNING and would under no circumstances
vote for it. As 70 Mr. Woods proposition
opposed 10 H. He bad been opposed tothe immediate
payment OF the public debt, and had been in favor Of
leaving ~ to the future; but sim the 6nking fund had
been established by law II was contract, and there
fore he rejected the asvce Of the Chairman
10 that gentcman's proposition about the
income tax, he was also opposed TO that
situations and at variance with the spirit and
letter OF the constitution. Tho income tax was
ne sod he lad me sono for
the EXTREMIST doctrine OF protection. nor were his
constituents insisting on sne highest SUITES U ane
facturers had themselves como forward asd proposed
rcdueiens OF dstos. But was DOT 50 with the ~.
dUstries VI South which neld what could get
and got what they could. The duty on rice amounted
10 l05A. and the duty on sugar was high enough
10 exclude tho foreign production II The cotton
manufacturers OF New England many years ago had
received the protection which they should have had
from the government the cotton trade OF the United
States would have governed all tho markets OF the
world But they had never received tho favor 10
whish they were entitled on account OF that which
they had achieved, not for themselves, but for the
cotton growing States that had grown powerful and
insoent and angry on tho prosperity which INC
manufacturers should be destroyed, they might be
by hostile legislation, that cotton section OF the coun-
Try would 20 back tho point from which II started
They might be destroyed, but they never went down
alone. They always took somebody with them, and
that "someuody' was the power that had grown pros
porous by cotton which had boon at the source
and banc OF its history. The Representatives OF the
South might destroy the cotton manufactures OF tho
country II they did they would destroy their
power as well. He asked gentlemen 10 give their
serious consideration 10 this TarIf bill which was
being forced upon the country ~ time ike TINS,
when no man knew what the future was 10 DO and
itsell--was to DO Of any considerable permanent
value
THE WOOL INTEREST.
Passing to the consideration OF the wool ques-
ton, he asked what member IRON Texas or California
would assassnate tho wool interest OF his State by
voting for this bill. He compared the protection
givcn by this bill woollcn interest to tho idocy
Of engineer who assumed that by making the
dykes and cvees or Holland ana Mississippi equal
the hcigh OF the and thus protected tho
properly OF the people. u was no protection a, ALL
and The river, tho country would be overlooked.
DIVIDENDS OF wooLLEN MILLS.
Mr.. WOOD called attention TO tho dividends paia by
the Massachusetts woolcn mills, as shown by Mr..
Spodord's almanac. and he quoted the dividends 10
his own lMr. Banks dstrc! as beng in 1870 70 per
cent 1871 II per cent in 1872 ID per cent in 1873
per cent IN 1874 Ii por cent 1875 por and in
1876 10 per cent
Mr. BANKS rcpllcd tnat nc also naQ IN MS mana n
copy OF the oooK which showed the dividends OF
New England manufacturing companies from 1870 TO
1876 The dividends in 1870 we're large, growing out
OF the and intellect of the nfncturers,
who had laid large supplies OF cotton at breaking
OF the lao unpeasantncss. But the dividends Tor
1876 (which those which should DC taken
into consiucrauon) averaged only 1900 per
cent on IN aggregate capital Of So, 100000,
ana there wcrc thrty-three OF tho companies that
had pad dividends at all. How was that Tor high
lLaughtcE) lie characterized tho proposition OF the
bill woollen goods (ind which AIR. Wood had
spoken OF gentle reducton) as the ASSASSINATION OF
the NEST important national industry. But the
fact that tho Committee on Ways and Means did
not know what 1t was doing on tho woollen sections
OF tho bill Aud that reminded him OF war anec-
dotc, with which he finished his speech. II was
that OF chaplain who had volunteered TO distribute
the soldiers mails but who found that Ia consequence
OF bad roads, interruption OF the mails, the presence
notion Of And when one morning the soldiers came
him, one alter the othor, with tho Inquiry, sMr.
Chaplain when will the mail arrivcf he got tired Of
answering the question, took board, nailed II on a
tree with picco OF chalk wr0to Oh II, .phe Chap
lain does not know whom tho mail
him and al ded tho words, "Ncther does he caro-
DAMN (Laughtcr.) And 80, SAID Mr.. Banks The
committee did not know what harm II was dong to
the Industries of the country, neither did 1t care.
l wln nnish my speech some other time (Lond
laughtcr.)
Mr.. BANKS spoke Tor nearly two hours. and his
speech attracted much attention and ionally
applaudcd At It's conclusion the committee rose
Mr. SINGLETON, (icm.) OF Misa, made con ference
report tho bill TO regulate tho advertising Of mail
letting. Agreed to. N#t
provide for a tariff commission. Referred
Tho House, at twenty-five minutes past five, ad-
journed. f.5a5H