Mr. HENDERSON. Then that is an additional reason why it ought to be)estponed. By our recent internalrevenue act teinternal taxation is increased but upon one article, and that is the article of cotton. In 1862, the 1st excise act was passed by Congress, and its passage was made the excuse immediately for a bill increasing the duties on imported articles. Of course, it was said, if we levied a tax upon the manufacturer in this country, it became absolutely necessary to protect the manufacturer against the tax that he had to pay to the Government, and we raised the tariff in that year, and the next year, 1863, it was again materially increased. The internal taxes have been increased every year since that time until the present year; and every session, immediately upon an increase of internal taxes, we have thought it necessary, and haps it was necessary, to increase the tari flp. erI made no resistance to that increase of the tariff from year to year. I cannot say, however, that I am, as the Senfrom Maine avows himself to be, a protective tariff man. I have never been and I am not yet convinced of the neeesq city for it; and the legislation of the last 4 years satisfies me more than anything that has ever occurred in this country of the utter futility of what is called a high protective tariff, to prevent excessive importations into this country. In 1863 I remember that upon akindred subject, the banking question, I said to the Senate that importations would always exceed exportations as long as we had an inflated currency. Pass this proibitive bill which has been sent here by the other House, because I regard it as a prohibitive bill it would be prohibitive under a currency offour or 500 millions but pass it with your 917 millions of currency that you now have, and I have but little question that importations will largely exceed exportations. his is not the point for Congress to commence at in order to reform the excessive importations into our country. We have to reduce our inflated currency; and until we make the aper currency of our country equal to coin and)keep it there, we shall never prevent importations in excess of exportations. Whenever an importer can buy his goods with gold at 25, and sell them with go] at 52 he will import, I care not what your tariff may be; His patriotism may be very extensive; it may be very large; but if he can make money and he can always make money to the extent of the increase in the price of gold from the time he imports to the time he sellshis patriotism will never be large enough to conquer his interest, because he thinks the country can yet'pros er and he can grow rich. Until you prevent uctuations in theeia or currency we shall never get rid of the iflihulty referred to by the Senfrom Ohio. He says we should increase the tariff because our iniportations are excessive. Mr. President, you may pass this bill, and if you will just add one hungred millions to your currency, as is asked for by the Comptroller of the Currency, I will guaranty that your importations will be larger next year than they were last year.