Mr. MORRILL. I will give the gentleman the full advantage of all the facts. The facts were, as the gentleman intimates, that the price of cotton was very much higher than it is now. But it has not fallen below the price that was then anticipated by gentlemen who had in view the levying of this tax or not below 25 cents perpound. Now, let me read from the testimony of Francis B. Crowningshield, the treasurer and manager of the Merrimack Company: QueIhon.You would scale tax according to the price? “Answer. I dont mean to say I would exactly do that: but suppose.for instance, that cotton is not to fall below 25 centsin the next 3. 4 or 5 years. I should say it would hear a tax of somewhereabout 7 cents." Take the testimony of John A. Lowell: “ Quealian. Are you in favor of an export duty or excisetax on cotton I “Amwer. I seeno objection to it all. “quealwn. In casean exciseduty werelmod, what amount would you recommend? "Annucr. I have thought of thematteragood deal, and I have thought about 5 centsa poundwould probably be a tax that would afieci.nobody." The testimony of Mr. E. Mr. Madge a man of energy and great e erprise in the manufac turing business is as llows: “ Question.Are you in favor of an export duty or excise tax on cotton? ""Amwer. I should not object. “ aulion. To what extent? Miner. I should say that from 5 to 6x copts might beimposedwithout detrimentto the producing interest of the South for 2 or 3 years." I will now give the testimony of William Amory, another distinguished gentleman, and the treasurer of some of the largest cotton m“anufacturing establishments in the country:quention Would you recommenda tax as highas 5 cents? “Answer. That would require a great deal of deliberation. You would haveto put a tax onwhich would raise a very large revenue; and if you found there were 5 million bales whichI think very likely to occur much sooner than my friends generally I should think you could reduco it much lower than 5 cents.” But that was not the tenor of the general testimony.