Mr. SPRAGUE. By and by the American manufacturer gathered strength, so that at the beginning of this war, instead of consuming but a small portion of the cotton crop of this country, he consumed a quarter of it. The result was that cotton, instead of being 6 cents a pound, sold for 11 and 12 cents a pound, and instead of the American manufacturer selling to the producer of cotton his goods on 12, 18, or 24 months credit, he sold for 4 or 6 months credit. This was as plainly the result of the manufacturing of cotton in this country as it is possible that hu man knowledge can determine one thing to be the result of another. While I am on the floor I desire simply to put from the mind of the Senate and the country the idea that there are only manufacturing interests in this country that have become profit able within the last 6 months. We are told that the enormous dividends growing out of the carrying on of manufacturing business in this country are a consequence of high tariffs and of exclusive and class legislation. The manufacturers, whenever the question is touched, feel that. the present profits may not continue, and they are reluctant that any ope Siltlll. agitate the question. But, sir, I do not care for the capitalist engaged in the manufacturing of this country. Capital will seek its own investments and find its own rewards. What I desire to promote is a permanent industrial interest in our country. "hat I desire to promote is prof itable occupation for the people who are now under the rig; and by making every industrial occupation profitable, I desire to bring under the folds of the flag nations of the world who are now under siovernment and a flag less fa vorable to popii r interests than our own. believe that I shall sooner destroy the influence of European aggressions upon liberty and upon property in a popular Government by drawing from them their people and their skill, and protecting it here, than by any warlike operations, however successfully they might be prosecuted. Sir, I stand upon that position, I advocate that principle peace with all the world with honor, mt occupying an aggressive stand –point to draw from all nations that which is good, skill in all Depts of human industry, make it for their interest to come here and enjoy the benefits which free institutions give. This is, in my opinion, the genius of the American people. One other point. Lord Chatham, while he lived, was, by those whom we have succeeded, deemed to be the friend of the American people, the friend of the then American colonies. n open Parliament he constantly warned the o Government of GreatBritain to the policy which was then being iirsued would, i continued, deprive England of the principal jewel in her crown, as it did. His warning had no effect. But, sir, while he was thus advocating the interests of the American colonies, what did he say? He declared that if America manufactured as much as a stocking or forged a hob nail, he would be for putting the whole power of the British nation upon her. While e advocated peace with America on the one side, he was for war with her if she attempted to be independent of the industrial interests of GreatBritain. and, sir, during the last hours that he lived, in that same Parliament, afterthe nation he loved so well had spent 500 millions of gold to destroy the power of the colonies and bring them again into dependence upon GreatBritain, he advocated still peace with the colonies.” Withdraw your armies, ” said he; “make terms with them so that we may renew our old relations. With them it is the same as with us. lhelaws of GreatBritain are such as to positively prohibit the Americans from manufacturing a dollars worth; we will do that business for them;” and that policy has been continued whereverit could be introduced. Sir, if the policy of free trade is right. for this country why not have it. in its full effect? Look at Canada with hardly a spinningwheel, with hardly aspindle, with hardly a blacksmith shop or a machine shop, with hardl anything to occupy her people. What do those ople do? Whenever there is prosperity on this side of the line, as there a most always is, they find prosperous and remunerative occupation here. lhey come here to enjoy the results of the ben efits which our institutions give to our people. Mr. President, the effect of the bill which I have now brought to the attention of the Senate is to raise the price of every article which we do not produce in this country. It obliges the consumer to pay a higher price than he otherwise would. Quantities of anyone article, for instance, may be imported and kept in bond. A small portion is put upon the market, enough to regulate the price. f there are any domestic manufacturers who have not. the Government as an indorser, they must sell; they cannot hold their goods. The price of the foreign article is put a little lower. The price of the domestic article falls also, until the domes tic manufacturer is driven from the market. Then there is a scarcity produced, and soon the foreigner raises his price, unloads, and goes on again. This system is constantly repeated. The working of the warehouse system is this: the Government and the importer join together in aspeculation; the Government advances for one year the amount. of the duties without interest; the imiorter, the cost of the goods and the exease of their transportation to the market; the Government gives one years receiving nothing in return. lfthe specufiracldioitn, is not profitable enough to close up the business of the partnership within one year, then the Government gives 2 years more; and if 3 years elapse before the business is closed, the Government has loaned to the importer at 3%. perannum. That is the bill. What effect does this have “I It speculates upon the necessities of the people, and the Government affords facilities for that speculation. This is all that any speculation ever does. Men with means buy up allof a given commodity and then compel the people who must or will have it. to pay the price they demand. The Government does this without anychance of a profit. Will not the goods be held out of the market if the cost or a great part of the cost is carried without interest, or if with interest a very inconsiderable interest? such is the effect of this bill; and if it is so, no one can say that it ought to pass. It. deprives the Government of 15%. upon every pound of tea, coffee, or est India product, 9 times out often, as the goods remain in bond over the one year. If such is the case it ought not to ass. I said in the beginning, my obJect in mov 522 January 31,ing the reciisideration of this bill is simplyto draw the attention of the proper committee of the Senate to the importance of the measure, which I believe was passed without due consideration. I believe it will be fur more satisfactory to the people of the country and far more satisfactory to the members of the Senate to know that an important measure like this, of fecting the material and industrial interests of the whole country, depriving the Government of an income when it needs it so much, and making it tributary to speculations upon the industrial interests of the country, if it is to be passed at all, has at least received the consideration of the most important committee of this. body prior to its becoming a law. I trust, therefore, that the motion I have made will revail; that the bill will be reconsidered; an that it will be referred to the ComFinance. That is all I ask for.