Mr. SPRAGUE. Mr. President this propoaition has been before the Senate ree times, and on each occasion the morning hour having expired during its discussion it went over. On the last occasion I had the honor to occupy the floor for a few moments. When I say that I believe the passage of this measure Wlll be as injurious to the industrial interests of this country as would have been the dissemination of fever and the other diseases that Dr. Black burn, the rebel emissary, endeavored to introduce into this country upon the lives of the people, the Senate of the U.S. will understand the position that I occupy and the earnestness with which I desire to ca 1 attention to this question. For the life of me, I cannot understand the reason for the haste manifested in pressinga measure of this kind upon the attention of the Senate, when there are before every committee having cognizance of those matters petitions from every part of the country disclosing the distress under which the industrial, mechanical, and manufacturin interests of the country are today laboring. by this haste in introducing this measure without any explanation as to its necessity or as to its uses? We are told that it is right, without any arment or proof to indicate that it is right. We are also told that the SecyTreasury is in favor of its passage, and therefore it must be right. We are also told that it is only to place foreign importations on an equalit with the manufacturing, mechanical, and industrial interests of this country as respects taxation; that those great interests of the people do not pay taxes prior to the time the imported article does, or, in other words, that the Government extends the time for the payment of taxes upon manufactures as much as it extends the time for the payment of duties upon imports. I endeavored to state on a previous occasion that prior to the introduction of domestic commodities to the consumer, 5 taxes are already paid to the Government; and I know of repeated instances where the taxes due the Government have been aid a year before the goods have been delivered) to the consumer; and yet here a proposition is presented to the Senate proposing to give to the importer of the article that comes in competition with the foreigon mestic, it may be 3 years of credit. The answer to that is, that it is not desired, that 3 years are not deemed necessary. Why ask for 3 years, then? We are told that nobody purchases code that they may remain so long unsold. by ask, then, for at privilege? Is it not plain to the Senate that in giving a credit on the imported article of 3 years, or 2 gears, or one year, the Government is deprive of interest on the amount of the duties for the time being? Does the Senate understand that in affording this privilege to this class interest, it not only unites the capital of the country with the power of the Treasury Dept in the formation and in the successful carrying into execution of a ud speculation, but it deprives the country o it may be ayears interest, 6 months certainly, an it may be 3 years interest 11 on the duties on many of the articles alrea y introduced into the country. I ask Senators if the finances of the country are in such a condition that the desire to give credit or relief in the matter o interest to any class of articles imported into this country. Sir, during the last year you imported something like S234,000,000, of which $51,000,000 were not dutiable articles. Now if on refuse, as you do by this bill, to collectt e uties when they are payable on this $234,000,000 of imports, do you not lose 6, 8, or 11%. on the amount of duty pay able, according to the rate of interest which your bonds and other securities bear? Is it not plain to you that on deprive the Government of the interest which is due them upon this amount of dutiable articles? Certainl by the passe e of this bill the Treasury and the revenues of the country will lose from $10000,000“: $15,000,000. Sir, I speak of that which I know, of that which has come under my observation practical]. I speak of these interests, commercial, mec ani cal, and manufacturing, because they have been brought under my personal supervision. As to the opinion of the ecreta of the Treasury on this question, it is 00 for all that it is worth. I accord to him the respect which his high office and his eminent qualities demand for him; but I am glad that the time has come when a Senator can stand up here in his place in the Senate and state his objection to the policy or plans of an officer of this Government without being held to a strict account ability for his words, and certainly without being termed dislo al. I do not believe that my constituents ort c constituents of any Senator here desire that we shall take the opinions of any man, however eminent he may be, as a ide for our conduct. Certainly when it is scovered that I am walking in the shadow of another mans greatness, I desire that some kind friend may inform me of that fact that I may hide my face from the gaze of men. Sir, it is nothing to the Senate that the SecyTreasu approves of this measure, or cept so far as e may state good and satisfactory reasons for placing it before Congress; but he, or his agent, readily assents to the position which has been taken, that it is a union of the parties in intrigue and the Government to withhold from consumption in order to advance prices to consumers. He has, through his agent, who had the manipulation of this bill, assented to that reposition and assented to the correctness oft o views that I state. If that is the case, if officers under the Government are willing to assent to that proposition, it is no plan that should be presente for the favorable consideration of the Senate. Now, Iassert, and challenge contradiction, that the object of this bill and the object of the similar hills which have been in operation in the past, is to regulate trade, to regulate prices. Does the Senate of the U.S. desire to regulate prices by law? Are Senators preared to give their assent to propositions of that ind? If the importer or trader in articles not the production of this country can regulate the prices in one way, is it not cometent for him to reg ulate them in another? f he can regulate them low, is it not competent for him to regulate them high as well? It is in my knowledge that they have succeeded in regulating prices very low for a time, destroying domestic competition, taking possession of the market, and then increasing prices at an enormous rate. As an illustration of that idea, let me state the fact, that in the introduction of tin plate into the consumtion of this country, there were imported urin the last year 800,000 boxes o that article. he foreign manufacturers and the foreign capitalists succeeded in introducing it in the past in a way that has driven its manufacture entifily from the American market, so that there is not a menufacturer of that article in this country. There were imported last year 800,000 boxes, 40,000 tons, ofiron, ata cost of $12,000,000 to the consumers of this country; and what does it cest to produce it? With an importation of $12,000,000, that article costs, as aid down here, 9 cents perpound. The foreign manufacturer makes 7 cents a poun. That money goes for the payment of the industr, the manufacturing skiii, the commerce, an all the appurtenances of trade in other countries. 1/2 the profit oes to the importer of that article; he makes his 3 and a half cents perpound, and becomes an importer occupying 1/2 of the situation, or, in other words, doing one halfof the business, and he nets his $1, 250,000 a year out of that operation. I challenge contradiction to the position I take, that the result of this system has so operated to check the growth of the manufacturing interest of this country in that respect, (and that one article is a representative) as to drive out its competition, to occupy its field, and then extort from the consumtive abilities of the count this enormous prot. I state this simplyliiiom the fact that for the last 6 months congress and the country have been flooded with statements of the immense profits of manufacturing. I ask any Senator ere whether it is not etter for this country to keep within itself the $12,000,000 than to be satisfied simply with the $2,000,000 or $2, 500,000 that the importer and the shipperreceive for doing that business. It is a matter of simple calculation that should convince the mind of any individual, whether a Senator or a business man, that. it is our true economy not to put ourselves in the hands of any other people. Now, as to the profits of manufacturing, I know something about them, and I know, and I challenge contradiction, that the same amount of ca ital invested in foreign commerce has prodnce 3 times the amount of the best dividends from manufacturing. I know further, that the same capital engagedin banking has produced, twofold that of the best manufacturing dividends in thiscountry. In respect to the dividends from manufacturing, I desire to state that the dividends that have been declared were declared upon a reduced capital. In 9 cases out of ten the manufacturing establishments that have given such enormous profits had been sold, many of them had become bankrupt, prior to the war, and they had been capitalized at one half, and in many cases one 4th, of their original capital. The consequences are plain, that if they made anything at all, they would make larger divi dendstion was ever known in the history of the companies. vWe are told by those who advocate this bill that it is desired to introduce through this ware house system goods that they may be convenient for re exportation, that the be at hand in bulk in order that they may he “sentto foreign orts. Let us look at it. Out of the $234,000,000 of goods imported into the coun try during the past year, at $10,000,000 were re exported. I know within myowu circle of half a dozen interests, each one as large as that, Curried on for the benefit of the people in whose ocation they exist. For the sake of that $10,000,000 ree xported, it is proposed to introduce and continue a system which has its “influence over everyportionof the industrial system and interest oft is country, which affects all our people east, west, nortb, and south. For, western gentlemen to say that they desire to have a market, not alone in their own country, but a market in their own country and in foreign, countries, too, is not sensible and is not war ranted by the facts and situation of the case. It is, impossible forvyou to ship your corn or i our wheat to any extent to France or to England. Ioday the price of wheat in France is one dollar a bushel; in England $1 09. Ifyou are willing to sell your wheat for 80 cents, they will sell it for 75 cents. The people engaged i those countries in that occupation must. Iiv by it, and if they cannot live by it at a high price, they will live by it at a I lower price; so that the agricultural interests. of this country must depend for their success tipon the markets which we have within our own limits and upon our border. 7 Sir, I, shall be satisfied and I think it will " satisfy everybody, if the duties are paid when Uthe forei. goods are entered for consumtion, and that is no new idea. In the 1st tarithat the Congressgof the U.S. under the Confederation submitted to the people, 5%. was assessed upon all articles imported, to be paid at the time and place ofimportation. This newfangled notion, lhis compromise between our own and foreign systems of industry, had not then ined force. The measure that is now endeavored to be perpetuated upon the industry of the country is one of the same system and plans that produced the monopoly of slavery upon your political system. For years you gave liberty some strength and slavery some strength, and you continued to keep them about even until youknow the result. You have had a policy of tariff and a policy of free trade in ra edupon your industrial system. You in s accept one or the other. One or the other of those systems must prevail or both will, be destroye to the extent of the destruction of prosperity., Now, sir, who are benefited by the foreign connection that is sought to be strengthened by this measure? 1/2 your importers nre foreigners who come here to make money and then return to their own country. More than 3/4ths of your shipping, bringin foreign commodities to this country, is Owned Abyforeignerst It is certainly not for the intervest of Congress, to pass measures that may be r beneficial to anybod eir cpt our ownpeople. I was pained the other ay to see a measure brought into Congress and passed in regard to l the s iping interest, and was happy indeed to reco my vote against it. I did not expect tbhil. than interest would war ii on itself; but a Was introduced and passe hereby which a ping engaged. in the carryin and then wcwill occupy the are receiving today.: 1,000 ships were disiranchised and rendered out of the pale of American protection under theidea that, because during the wartheyhad accepted the protection of which another flag would giVe them inconsequence of our vinabiiit to protect the ta, they niust be disfranchised. Hat was not the reali as, at the bottom of the measure. The idea was simply that there should be less competition in the shipping interest of the country; that 1,000ships should be withdrawn from the competition in that business. he consuming interest of this coantry must take heed, that if 1/2 of the ship, trade is driven away from that tradev the other half will demand and receive double the amount of freight money that they ever received while the competition was mmsting. they are to receive ouble the amount of ffeight money, who ys it but the people of the U.S.? Is it not pret evident that the idea endeavored to be brought about was to kill off all that you can in order (that those who surviVe may have the field, and glory in theresult when they are relieved from competition? A proposition Iof that sort was submitted to me in 1857. A wealth capitalist engaged in “ tradesaid to me, I will engage with you to keep oil“ the suspensionof specie payments; we can cause most of the smaller men engaged in the trade tofail, ound ourselves.” In answervto that proposition I informed the gentleman that I preferred to live among the people that were most prosperous; that it was politic, "as well as right and just, thatothers should live if you live. My experience is that it is far better to do business with and to legislate for a peopleaud among apeo he that are prospernus, happy, and enjoy life, iberty, and appiness, than it is among a peeple who occupy the reverse position, Mr. President, if can ever see the time when the NewEngland system of industr becomes the system of everyState in the Union it will be the happiest day of my life; and whatever aid it may be in my power togive, I shall always be ready to extend, and to devote my time and attention to that purpose. I desire that, because I desire to exten the prosperity of my own State and section, and to introduce that proscrity into eve other State of this Union. Iknowthe benc t that it confers upon the people in whose limits those interests are carried on and protected. I know that every interest of that people is made better, that their morals, their religion, their education, their desire to occupy higher grounds and positions in life, everything that goes to ennoble men and women receives a start from those industrial occupations; and it is because of that reach, among others, that, I"would, if it was in my power, push ever manufacturing and mechan ical interest of NewEngland into the western and middle States that they might enjoy the benefits and the stren th which those States desirenthat NewEng land should introduce into her system occupations and businesses that would produce the $234,000,000 of goods that are now brought into this country from abroad. There are fields enough for 1,000 NewEnglands, if properly irected, within this country. If the money which is now pemiitted to leaveour borders wereretained in the U.S., there is business enough for1,000NewEnglands in the production of articlesvthe production of which is not now known to our country. I, If in the State “of my honored. friendfrom Iowa, r[Mr. Quinta] engaged inthe production o corn and wheat, the people could divide, and 1/2 be occu ied with some other pursuit that was profitable, i it is reasonable and easyfor him to calculate that there would be but half the amount of corn and wheat reduced and the some amount offmouths to cod, and, of necessity, the re sultwould be either to increase the price or to afford opportunities to increase the product, and if his people obtained the same%age of vrofit npon half the product that they did he ore upon the whole, they would obtain benefits in proportion. in measure should prevail. other words, asoften as youcan divide the occupations of the people you increase the advantages of each one of their interests. The great ideaof other cmmtrics. which has made them so successful, (especially in France and in England) hasbeen that theyhave not run 08“u on leading interests so that they have ove one them and have destroyed them. It must becomea settled policy with this country that the raw material must remain here. I they are willing in the future, nsthey have been in the past, that theirlands shall be exhausted tbr the benefit of other nations I shall be disappointed. Take Virginia, NCarolina, Scuth Qardlina, as examples fOr the southern States, "and Ohio and htber States as illmbations for, the western States. There is not a Senator or anybody here who will say that their productive on city is as great as it was 20 ears ago. on have exhausted yourlands for hebenefitofother Govermhcntsand other 00 les. Why, sir, the policy offree trade, which it has been endeavored to foistupon the people, hasnot one element offact in it as regards the Government of GreatBritain or of France.