Mr. SPRAGUE. The more I reflect upon the operations of this bill and the system it is inten edto regulate the more I am impressed with its injurious character and its injurious tendencies upon the industry of this country. The Senfrom NewYork, on a former occasion, stated that the bill was right, and have his reasons for that belief. He said that the SecyTreasury assented to it as being beneficial, and that it was also fair toward American interests and industry; and he cited the laws which provide that American fabrics shall not be taxed)until they are sold, or until they are distributed to the consumer. In the few remarks I had the honor to submit to the Senate on a former occasion I asserted that the bill under discussion gave to the importer a credit of 3 years before the duties were exacted, and that the importer and the Government combined to speculate upon the articles that were entered for consumption;, and the facts are so clear, that if Senators will investigate them for a moment, they cannot be otherwise that convinced. I desire to read a letterihave received from one of the practical and thinking men of the country in respect to the point raised by the Senfrom NewYork, that the manufacturing products of the country stand upon the same iiiir relation to the Government as the imported article does; in other words, that the internalrevenue tax upon the domestic product is not called for any sooner by the Government than is the assessment and collection of its duties on similar imported articles. He writes: “Taxes are always unequal and will always be so; but the present excise tax is especiallyso upon our business. We use pig iron. bar iron. steel, copper, brass, bronze, lend, kc. Now, many of these articles cometo us in a finished state and mythe full tax of 6%. In making a paperro ler we pay 6%. tax on two ingredients before wecan commence. Then we have to pay $364) perton on the castings. Then we haveto pay 6%. on all labor. Paperrollers are now ordered from England at a price that will not allow us to build thein. Woolen machinery is also being ordered from England. Arguments are of little use. but factsure sure in their results. The taxes that are now imposedon machinery Will ulti iuatcly result in iroducing less revenuo than is now sratoispepdin. agnmdaifny continued as they are now Will resultm industrial pursuits: the laboring class will not be employed, an consequently our manufacturers will sell less and the Treasury will receive less. Raise the tariff or lessen the internal tax. There is no necessity of payinu the national debt today and it is hardly worth while to break down the industrial enemies of the country to pay a debt which is not ressing for payment. Sup canwe should be 100 yearsin paying the debtmhereis the harm? A national debt is a curse, and yet at the same time is a blessing. It keeps the Treasury in a more healthy state and prevents specation. "On some machiner that we make we pay 5 taxes, and then pay a tax of 6%. on the machinery when we sell it.” 5 taxes are paid to the Government in cash before the article that this gentleman produces is sold to the consumer