Mr. GRISWOLD. I was alluding to the enormous iniportations with which this country is now being flooded, and I a peal to this COn gress to put forth its arm an do something to arrest it. Do we realize the fact that from the 1st of January to the 1st of February of this year tbe increase of importations over the corresonding period of last year was 100 an 50%., and that for the last 6 weeks up to the 1st of March, the importations as compared With the same period of last year, were 6 times as much 2 Are gentlemen aware that we are today being flooded with foreign goods at the rate of $500,000,000 perannum; that our foreign indebtedness today is not less than $1,500,000,000, and that $2,000,000,000 rities that within the next 60 or 90 days will be held abroad? Why, sir, it will require an exportation of $120,000,000 a year in gold to Ipay that interest alone. appeal, therefore, to this Congress to comence at the other end in their legislation and protect us from this ruine us flood of foreign importation, and let the currency stand as it is. Sir, I have been reluctant to oppose any measure that has been recommended by the SecyTreasury or that comes through the distinguished ComWays&Means. I have the fullest faith in the discretion and integrity of the present incumbent of that office. But I would clothe no man with the power of crushing the whole business interest of this country at his pleasure, as in my judgment this discretionary power would clothe the SecyTreasury. Gentlemen talk about contraction. Are we not contractin sufficiently now? Has not the SecyTreasury under the present law amp e power to contract as far, ay, much further than the business interests or the industrial interests of the country require? and let me say, further, that there is a great deal of delusion about this idea of an expanded currency. Of course there is no difference of opinion on one point: every man believes it is or duty, as rapidly as possible, to get back to specie payment. But there are worse things than the mere deferring of the resumption of specie payment. I am in favor of its resumption, of course, as every man is or should be, but in arriving at that point I am opposed to any policy which shall crush out an destroy the material and industrial interests of this country. I would clothe no man, not even the present incumbent of the Treasury Dept, with that power. Is there anything unreasonable in insisting that he shall fund the interest bearing notes before disturbing the circulating medium of the country? As I said before. there is a great delusion about this idea ofinfiation. Previous to the war we had not less than $560,000,000 of circulation, including bank notes and coin. Under the present expansion at most it can only reach $750,000,000. [Here the hammer fell.]