Year: 1864

and OF money and to guarantee the supremacy Oh the


aws bill which should strike down that part OF our


foreign which fills the land with the extravagsnt
hnd useoss luxures Of the Oh World should speedily fol-


low this IL should establish tariff Of duties high
that every part Of manufacturing industry would
spring into active and vigorous life We should live with


ourselves sell surplus products for gold and
tnue such policy until the great problem to
tonsl existence ID finally and forever solved.


Mr. SrEBBINs, after revowing the fsancial policy OF
England and France said that the Of taxation for


the United States under the provisions OF the bill


fore the House. will be- almost identicay tho same with


those enumerated in the British tax list 1t Tor this
House he said after examining them both with care. and
alter taking into view the relative power and ability Of the


wo nstons state the country their conclusoDsa


to the vast facilities of the United States to perpetuate
under any crcumstances the credit OF the naon and at
the time il will bc their duty to demonstrate to the
world that failure inip mighty effort preserve its
hOna unity utterly impossbe save Through the folly and
wckedness OF our enemies ut home. "a


HEr0m the excise shown in this bill the United States
will derive an income large portion of l00000 900
gallons of spirits which, at 81 and 81 g5 per gallon will
exceed the derived BY England from both her customs
and her EXCISE the article On other articles id
this bill the United States viii derive sum sufficiently
large to overcome Eng superiority malt aud hops
and the $4,000 600 which England denominstes all
other articles " while from stamps from land and assess-
cd taxes, from incomes, DC the amount must be equally
large aud in the Judgment of the Committee Of Ways and
Means considerably larger than that Of England sli


The article of tobacco which s lucrative source of
income through the customs to England compared with
the United States where II produced in such large guam
titles proposed to be collected through the excise The





100000 900 lbs Thirty cents $50 100000 lbs. would
alone amount to $ll5,0 ,O0O


The customhouse returns showing weekly what the
existing tariff producing. If there should be change
in the policy of the country except to increase the duties
imports, not for the purpose Of prohibition. shall
draw from the customs at least 100 0OO OOOO
excise would then produce to the country full $4Oo
amount fully equal to onehaf of the entire outlay
for the prosecution Of the war. n


The great object OF the Committee Of Ways and Means
max thaa nf
900 Ift ials this bect the labors
of, the committee will not have been success. Three
hundred million dollars indispensable to the maintenance
of the national credit and to give efficient guaranty
that the national credit will be trumphantly sustained
Mr. s. thought he had made clear that this money
be easily paid into thu Treasury of the United States
and be perfectly satisfied that the Of 900
can be made $4OO 100000 $500 900 without injury
to the interests Of the country or its people.


This productive tax bill, with well-or rganixed banking
system such it is to be hoped the bill will prove


Itself to bed system which check expansion and su-
persede the which has always been of CON-
mercia and financial evls-whch expands when wisdom
and sound Judgment demand that II should contract and
cOnracts when every pract knows that
II should expand-wh ch responsible to but inde-
pendent of every oneasystem which shall be arranged
as to meet these emergencies and those of the existing
war and be in condition to steady the national finances
the of peace but have the eeoto change
the current of public thought and feeling and give new
lie, energy, and power to the national credit,
and new vgor to the national arms.


Mr. BROOKS said that while listening to the glowing
hcc0uuL8 vermont,
from New York, be had imagined that he wanderiag
the picture galleries of Versailles or among the sculp-
lures of the Vatican, where represented in ar
aud depicting war but without The actual scenes of
battle He had almost to the conclusion that war is
blessing and debt divine institution The gentleman
from Vermont had mentioned the important fact that the
bill will produce two hundred aud fifty millions while his
league placed the amount at three hundred millions of
dollars, with ninety millions from foreign imports adding
three hundred and forty millions to the public revenue
His colleague had held up for imitation the Bsh system
n md avatio xphi had auhin
kingdom of Great Britain and Ireland shores Tax
alton s not always productive Of revenue and this point
he proceeded to argue All the imitation Of prices since
December last from the smaller articles of
tea and coffee to the largest beef and pork aud bread has
been occasoned by the addition to the currency by tho
Secretary Of the Treasury Of two hundred and forty mill
lions beyond what he promised st that time He (MrB
said that unless the currency curtaed and the expan-
stoned essened we will approach cfisis from which no
army can rescue the property and labor Of the country
There no crime great unnecessary increase of
per money 1t is robbery in the worst FORM aud serves
TO corrupt the morals the people The only way TO re-
Importation s to check the expansion Of the
cy. The necessity Of ending the 10 apparent He
did not believe with his colleague (Mr STEBBINs) that
we can endure indefinitely without bankruptcy
The main object Of his argument was to produce
taiment of currency.


Mr.. KASsON briefly defended the Secretary of the /


Treasury from the charge that the latter had inflated the
currency The imitation was by the State banks in New
York. the premium the national currency oontrasted
with the State issues demonstrated. E


Mr.. FERNANDO WOOD said he was in favor of giving
liberal support to the Government In this emergency he
was not prepared to crtcse too severely the admnsr
tion Of public affairs He believed that the Administration
had undertaken task for which no man or set of men
competent hence there should be the largest gene
rosty for the mistakes which had been maze He then
proceeded to examine the financial question reviewing the
acts OF the Secretary Of the Treasury this
IN condemnation. s4i


The committee then rose, and on motion of Mr. NOR
RlEL, it resolved that the debate on the tax bill shall
10 FIVE minutes after the House shall again 20 into
committee upon the subject. 1880