Year: 1866

able to the farm and the farmer than it would
be If cultivated for the fiber. The increased
rates upon crockery ware will give increased
revenue, and besides that, having the best raw
materials for its manufacture, found all the
way from New Jersey to Missouri, we ought
not to be 90 largely dependent on Europe that
We cannot sit down to an ordinary dinner


without calling in the resources of France,
Germany and Great Britain for the common
utensils OF the table. have no doubt the


House will fix the duty upon railroad iron
satisfactorily. We have not time now to


present new bill if this should be rejected.


There is no doubt the Senate will speedily


remove whatever. may cause some of our


friends to hesitate about voting for the bill,
and with some little pruning have just as


little doubt, while our currency remains IN


anything like its present magn i6cent proper


tlons, it will yield as much or more revenue


as will our existing law.


In regard to those articles for which the


British Provinces seek our markets, it has ap-


peared to me, while their admission free of


duty was wholly incompatible with our in


terests, that moderate system of duties


would prove the wisest economy. If the
rates were kept within proper bounds no con-


siderable part of the revenue collected would
be paid by our own people, but it would fall
entirely on tho other side. If raised too
high we should compel them to find other


markets, which cannot be done without q
| severe struggle and great loss. Besides this,
by high duties we shall drive the Provinces


to make a market at home to consume their


own products by setting up enterprises which
do not exist now for the production of articles


which they now obtain of US, or We shall


compel them to 60 whero exchanges can be


made on better terms. The rates in the


original bill seemed to me as TOO severe, and
these have been in some instances largely in-


creased, but hope the House, on reflection,


will not adhere to the extreme petitions taken.


Let us not have on our statutes anything with


the appearance of passion. We can MAIN


tain our just rights firmly without spite.


The time will undoubtedly come when these
Provinces will find shelter under the stars and


stripes. We arc in hurry. Meantime
they buy corn and pork of us. They buy


nearly as mu ch coal of US as we do of them.


Is it, then, sound policy for US to fx such


rates as would, if adopted by them, shut


these articles out of their markets? l sub


NIT the question to the decision of the House.
We can afford to be just, but we cannot at
ford belligerent legisla tion without adequate
prOvocation.


have some doubt whether we can afford
TO reduce the duties upon tea and coffee until
after our floating debs shall have been perma-


nently funded. l know it is the practice of


England to obtain large revenue from these


articles which distributes the tax without


much regard to persons The aristocracy of
birth and wealth govern there and our policy


should be different: Except in great exigen-


cies, such as now exist, these articles, as well


as sugar, should be free or nearly so. Let


the tax fall heavily upon articles of luxury


or such as minister to vicious tastes and hab-


It's, but lightly on the prime necessaries of


lie. Property, not persons, should bear the
heaviest part Oh taxation. For another year,
however, l think the present tax should be
retained


The information received by the Committee
of Ways and Means from the many delega
tlons before us impressed the committee with
the opinion that aid must be given III the


tariff, or our factories, shops, and forges must
| cease their operations, leaving US To look for


most of cur supplies of goods from foreign
| impor rtatlon, as well as leaving us dependent
tor whatever revenue the TIE asury IS to OBJ


tain entirely upon the duties on the importa-


tion OF foreign goods and merchandise.


Whether this break would occur in the alb


sence of the proposed legislation, if it should


occur how long 1T would continue, Others must
Judge. 1t does not seem possible to place the


business Of the country upon proper footing


until We return to specie payments. No du-
| ties that we impose, until that time, will be
| likely to prove prohibitory. Then a tariff
| sufficient to obtain the amount of revenue we


shall require, and one which shall not actually
discriminate against American industry, will


be satisfactory to all parts of the country.
The foreign articles from which we derive
the most OF our revenue are either articles of
luxury required to satisfy the tssse or the
pride of those both able and willing to pay for
| them, or they are such can be and ought
| to be produced or made by our own people.
Taxation upon these articles is certainly
greatly to be preferred to any kind of Internal
| taxation. But the importing merchant stead
| lily prefers to sell all sorts OF foreign rather
| than American merchandise, and labors to
| persuade the people that it is for their inter
est to buy where they can buy cheapest, for
getting that the American purchaser has an
equal interest IN the prices of the commodities
be has to sell as in those which he buys, and
that unless he can sell his own products at
| remunerstive prices he cannot buy at all Ask
the merchant why he prefers to sell foreign
| goods, and his ready answer is that he can
realize more profits upon such sa lee than upon
| the sale of American goods. Their actual


cost is always a myth the styles cannot in


stantly be reproduced and duplicated when
made TO order or otherwise a monopoly is more
| easily obtained /; but American goods have no


secrets only fair and regular profits can be
charged and Miss Flora McFlimsy will not
wear goods made at Manchester, New Hamp-
| shire, lest she finds the same pattern on Brid-
get the next week, and she will not place on
| the floor of her sumptuous drawiDg-room a
Lowell carpet lest she might recognize in her
| summer rambles among her country cousins
I the same figure In a room only fourteen feet


square. Princely fortunes are made upon
! capital embarked in foreign trade. Its sym
pathies are all for It's perpetuatiOn, and 1t Is
- Ia foaf nfA Ann
productions would enable our people to con-


sumo even larger quantities OF those brought
| from abroad.


Wooden and cotton manufacturers have had


various fortunes in our country, and If they
| have made any large and exceptional dividends
| for the pss few years it may be accounted for


mainly from the fact that they are compelled
to hold stocks both OF raw ma,erials and of
goods on hand, which usually amounts to as
much as their entire capital. A small rise on


such stocks makes a large figure in dividends.
| But these parties, sooner or later, have got to
return to q epecie standard, and it is difficult
| to see how they are to do this without being
subjected to a reversal of the process by which
profls have heretofore been made when gold


advanced in price. Few prudent men, at any
rate, would now esteem it q good time to buy
or hold manufacturing stocks. Some OF these


dividends are made ON shares of capital stock


now rated at 500, which originally cost ST.
| 900 each anu some of these companies OF no
more than q million Of capital have paid the
Government the past year over S4OO ,OOO IN
taxes. A careful examination made by COM
petent parties, 1 am informed, shows that


taking the entire capital invested m woolen