Mr. FERRY. I feel exceedingly obliged to my colleague [Mr. TROWBRIDGE] for granting me his time to finish what I had to say. The exhibit I gave of the profits upon lumber the last season proves that notwitistanding prices ruled higher than any former year, expenses of material and labor were so great that the business was less remunerutive than the preceding years. Let me be understood as of manufacturers sim ly, forit speaking is npont e basis of the value of lumber at the mills that my statement is founded and in this connection I will, add another fact, that for the set 15 years 7 out of every ten lumber manufacturers have failed. Gentlemen are mistaken about manufacturers making such great.rofits upon their business. It is the dealers, having ards where the different nulities are seleete, stuck u, seasoned, an sold, that malrethe rineipafprofits. These middle men betweent e manufacturer and consumer invest largely, take the risks of the season market, paying large yard rents and insurance, who make the money; and like every other agent, banker, or factor, if consumers find it for their interest to purchase of them, the must pay the current rates demanded by on practical agents. The farmer, mechanic, or consumer can, as well as the dealer, purchase upon the market by cargoes and save the profits which the dealer bides his time to receive; but if he prefers not to invest so largely at once and throws the risks of the market upon a class known as dealers, then he should not comlain of dealers prices. In adjustinga properuty, therefore, upon lumber coming from a foreign country, we should at least place our own 11 on a par with another. Fix the duty at 3 ol lars, as proposed by the amendment, and Yo“ start from the stamp in Canada and the States alike, and upon that we will stand. We ask for no protection except for the difference of value of timber, caused greatly by the heavy taxation growing out of the matchless struggle for national life througlvwhich we have victo riously passed. Against Canadian cheap labor, cheap water mills, we will compete with our unequaled steammills and ingenuity. Now, I wish to say to the Gentfrom Wisconsin, Mr. 810.01] that in the face of the advance of the markets the past ear, growin out of the fact of the increase expenses of labor, materials, and taxation, the price of lumberhas steadily gone forward, notwrthstanding the influx of Canada lumber; proving what was stated by the chairman of the ComWays&Means, that Canadian lumber has no control in regulating prices in the States. In regard to the value of lumber, the honorable gentleman is mistaken. I read from the Chicago Tribune of March 1, instant, that the value of fencing now in Chicago is 18 dollars per 1,000. When the treaty went into operation it was but 12 dollars er thousand; it is now 50%. higher. ow stands the farmer and his rices compared with this? The price then of wheat was 75 cents, and on the 1st of March instant itwas $1 25. Corn then was so low that much of it remained unsold, and was used for fuel, because it would not pay transportation to market, and today it is worth 43 cents a bushel. Beef, which was then worth 8 dollars a bar rel, is now Worth 18 dollars. Pork, which was then worth 12 dollars, is now worth 26 dollars or barrel. This shows that the farmer, instead of growing poorer, has become richer; and it is because and on account of that prosperity that there has been a greater demand) for lumber and I state here, that instead of supply, demand regulates the price of lumber in the market. I take exception to the remark of the chairman of the committee, when he states that the quantity of lumber cannot be increased. I meet the statement by the fact that last year the amount of lumber sold in the market of Chicago was over a million more than the amount sold in any preceding year. Let me state to the Gentfrom Wisconsin[Mr. SLOAN] that most of the fencing, which he seems to be more anxious for, is furnished by the States, and but very little comes from Canada. The Canadians are too shrewd to send fencing to market. Does he know that fencing has to be cut into one and one 8th inch in thickness, and sold for inch, at a loss of that one 8th in material and the same loss in transportation? Canadian manufacturers understand and act upon this. When they cut six inch wide strips they cut them into one and one quarter inch thick, so as to be used for flooring, and gain the measurementand freight Of the quarter inch. They understand the advantages of sawing so well that most of their lumber is cut into boards the full width of the logs, known as Canada boards, and very easily invoiced as common lumber, because boards are generally known as such, and then sold in the market according to quality. In this way is the farmers want of fencing cheated by Canada not only, but your revenue is defrauded by sharppractice of its just rights, under a graded ifirt, of 5 millions of money, and today it is proposed to follow this same plan of legislating away the just revenue of the Government. It is shown by facts that the quantity of lumber brought from Canada does not affect mate rially the price of lumber in the market of the States; hence the question resolves itself simply into one of loss or ain to the resources of the country. We absolutely need eve resource of revenue. Are we under any obligations to pursue so generous a policy as is Woposed by the committee toward Canada? hat has she done to merit this liberal treatment? What has been the experience of the past years of our sangumary war? Did she lend the aid of her sympathy and goodwill, most cheaply given, and would have been grate fully received? No, sir, she preferred to offer her soil as an asylum for plotters, conspirators, and traitors against the life of this Government. The treatment we had given Canada deserved her encouragement in the hour of our peril. Her press and voice should have been raised to coneiliate England, to remind her that in the veins of this great people but thng for life and liberty, there ran the blood of her own sons, and that her hands hould be stayed against a contest so righteous as utting down a rebellion founded upon human s very. We fought alone, under the sneers and jeers of both England and Canada, and crowned our victory with universal liberty, and vindicated the rights of humanity. Here the hammer fell.]