Mr. RAYMOND. It is reduced to dollars. So that the 3 great nations of the world are substantially upon the same footing so far as the annual taxation imposed upon their people is concerned. But we have the advantage of these nations in some respects, although oth their population and their aggregate wealth are somewhat in excess of ours. We have a free Government, a Government which allows to every one of its individual members entire and perfect freedom of individual action; and that, sir, is a source of ener, of enterprise, ofindustrial vigor and elasticity which cannot well be over rated. Nothing more is needed to show the effect of this great principle of freedom upon the industry of a nation than a comparisou of the rate at which the wealth of these 3 nations has increased during successive decades. I have not before me, nor have I in mind, the exact proportion of increase of population of GreatBritain and France to the increase in their aggregate wealth. Our own has been very great. The increase in our wealth has been in much more rapid ratio phan the increase of our population. During ten years, ending in 1860, the increase of our population was but 35%., while in the aggre gate wealth of the nation, it was 128%. This is 3 times the disproportion which obtains either in England or France and more than that, our annual income is greater than theirs in a much larger proportion. We have sources of wealth, moreover, sources of fresh vigor, sources of industrial productiveness to which none of the old nations of the world can make the least pretense. immigration for one, and it is the only one I willmention, is itself a source of productive labor which cannot be estimated at less than 2 or 300 millions dollars every year. I refer to this to show that our debt, great as it is, is not beyond our resources it is not greater than our people can hear. I may add that it is not greater than they will bear cheerfully and readily, because it is a debt in curred by the people themselves, and for the people themse ves, for objects and blessings they have in hand today, and will have through all time to come. Now, all we are asked to do all the people ask us to do in adjusting this great burden, which is to recur year after for man years to come is that we shall adjust it so the people may bear it easily; that we shall adjust it so that it will not cripple those energies upon which we rely for its payment; that we shall put it where they can bear it best, and not where it will rest heaviest upon them; that we shall put it upon their back and not upon their arms. There are 2 great sources from which we have to meet these expenses. One is the cus toms, duties imposed on imported goods, and the other is excise duties, or duties imposed on godds of our own production. Both of these must be drawn upon from year to year. what either will amount to must be the result of estimates. The chairman of the ComWays&Means, in the statement he has just submitted, estimates the receipts from customs at a sum less than that of last year. He looks forward, if I understood him ariht, to a diminution of the duties on imports. astcing that result. year these were $84,000,000. The SecyTreasury estimates them for the coming year at $100,000,000. I confess I cannot see the data upon which estimates so low as either of these sums can be properly based.