Mr. MORRILL. Mr. Speaker, I am nite sensible that one of the grossest evils which characterizes American legislation, especiall on the subject of the tariff, is instability. this an evil so great and of such constant recurrence thatI almost wonder that men can be found willing to embark their capital in commerce, trade, or manufactures. Beyond the ordinary vicissitudes which affect the business of the world, we have the vicissitudes of polities and the changes of whole delegations, even in the absence of any political change, in consequence of the system of rotation which prevails, and of which 1 do not complain, butmention as a fact. Although not much of a veteran myself, yet there is now no member in the House from NewEngland who commenced service when I did, and but 2 other members from any part of the country who began and have been in continuous service for the same length of time. New members come from different stand points and reach different conclusions. Amid something good in all this. there is somewhat of evil. Our standin committees stand for one Congress only an then they are all made up anew. When I came here last December I fondly anticipated that our 1st duty would be to lighten the burden ofinternal taxation. That duty has been laboriously and faithfully per formed by both branches of Congress. I believe the law on that subject, as finall passed and as a whole, will be approved by the judgment of the country, and it may be hoped by another year that nothing in our political or financial condition will then exist which will prevent our gping still further in the same direction. I did not, however, expect that we should be called upon to increase the tariff, except upon wool, and, as merely compensatory. upon woolens. 0n the other hand, I even hoped for some reduction upon many articles of foreign growth or production. The action of Congress interdicting any measures for retiring our redundant paper money, except to a very limited amount, and the unexectedly reluctant action of the SecyTreasury in exercising even what power he has had to effect the same great object, changed the whole aspect of our financial affairs. Paper money became dominant, and it was at once apparent that it must to a large extent rule our financial affairs for several years to come. From necessity the business of the country and our tax and revenue laws must be gauged by that standard, fluctuating as it may be, and never for one moment at rest. Today the wave sets in from the farthest West, and money in Wall street is abundant. Gold gces un. Tomorrow a demand from abroad or a demand to move the produce of the great basin drained by the Mississippi springs up and the wave retires. There is a stringency in Wall street, and gold goes down. That barometer, as its rising or sinking indications are flashed over the tele graphic wires, regulates the business transactions of the next hour at Eastport and StPaul, at NewOrleans and SanFrancisco. The cost of living is unreduced. The laborer abate! nothing of his wages while paid in a currency that has an exchangeable value equal to only 2/3rds of its nominal value. Our people at once find themselves in competition With those whose industry is based on a gold standard, and the cry from one end of the land to the other immediately arises, “Save us or we sink!” Intelligent men and men of the highest integrity from all parts of the country have been before the ComWays&Means for the past 6 months, and their testimony shows that we cannot keep our people at work at their accustomed avocations without immediate and, what under ordinary circumstances would be considered, extraordinar measures. The ComWays and cans in reporting this bill, whatever gentlemen may think about it, have scarcely in any instance reported propositions bearing anything like the proportions which have been earnestly represented to them as no more than adequate to the occasion. Let me say that these demands for a higher tariff come less from NewEngland than another quarter. The bill will be more in ai of the “infantile branches of industryf’ in the middle States and the West, as the Gentfrom Iowa [Mr. Kassos] calls them, than from those longer established and requiring less care. The bill also is not by a great deal so high in its rates as those proposed by the revenue commission. The judgment of this commission has received much and deserved credit throughout the country, and yet the ComWays&Means deemed it unwise, if not imprudent, to accept of their recommendations as a whole as to the tariff, and have reported a bill far short of the rates advised, (more especially by the learned and distinished gentleman, Mr’. Colwell, who gave this subject the largest share of attention.) The tariff bill presented to the Committee bf Ways&Means by the revenue commission proposed one and a half cents perpound on bar iron, but we only reported one and a quarter cents. On sheetiron, where 3 cents was proposed, we offered 2 and a half cents. On chains less than one quarter inch in diameter, 8 cents was proposed and but 5 was reported in the bill. On galvanized iron 8 cents perpound was proposed, while in the bill the rate is“ only 4 and a half cents. On smiths’ vises the commission proosed 8 cents perpound, and the article in the bill was reported at 4 and a half cents. Common ten by 15 window glass was reported to us at 2 and 3/4th cents persquare foot, and we offered only 2 cents. Above 30 by 40 inches square it was reported at 7 cents persquare foot, while we only placed it at 4 cents. So that it will be seen the carefully considered rates of the revenue commission were not only not accepted but very severely razeed by the committee of Ways&Means. I do not cite these facts to prove that all the rates of duty in the bill are now right, but to show that the committee, or a part of them at least, were not inclined to adopt what may be considered extreme rates. I shall not undertake to defend all the prop positions found in this bill. Many of them did not receive my approval in the Committee of. Ways&Means, and the action of the House has disa)pointed me. The tendency here has been rather to increase than diminish the rates proposed, but I shall not now turn my back upon the bill, as I believe something should be done at any rate, and passing the bill in this House will insure the usual and proper revision of it by the Senate and byits able ComFinance, just as surely as it would to recommit the bill to the ComWays&Means, and will acconiplish this object perhaps more speedily. Certainly Congress ought not and I believe will not adjourn until some tariff bill shall have been passed, even if it prolongs the session until September. I know there is a great clamor made against the bill from a quarter where we had a right to expect a calmer judgment. Those States where capital has not yet had time to accumulate; where less machinery is at work, and where the steam engine does not yet do the work of hand labor, have most need of some increase of the tariff. The more abundant capital, the skilled labor, and the improved machinery of older and more densely populated States might getalong, perhaps, with a tariff merely adjusted for revenue purposes. Much more than that produces a ome competition quite as sharp as anything to be dreaded from abroad. Ohio is rapidly becoming a great manufac turing State and now produces but little more breadstuff and butcher s meat than she requires for her own consumption. Illinois, that rodigy of growth among States, having a brea th and fertilit of soil equal to the support of ten million 0 people, will very soon quit the business of exporting grain or even of cattle. Her coal mines foretell her destiny, and she will also soon cease to be merely what is called a grain growing State. Her advantages of water communication, bylake and river, and her magnificent railway improvements, will enable her to leap at a bound into the front rank of manufacturing States. Wealth and population is all she now needs to this end, and these she is acquiring in the most rapid manner. Missouri and Iowa have equal natural advantages, possibly supe rior, and are certainly not without ambition for a friendly race on the same course. At present these and other States are dependent for a market for their agricultural products upon artisans employed outside of their own limits. Will it be Wise for them to destroy that market and at the same time to postpone indefinitely the idea of building up a market at home? Do they wish to drive all parts of the country into the pursuit of agriculture alone? I have before sai, and I repeat it, that within the lifetime of some of us who are now present these great western States are destined to assume the preeminence in manufactures. Chea coal, cheap bread, and cheap meat all point in this direction. They have, therefore, a more direct and abiding interest in the tarm' than any other portion of the Union. There should at least be no local or political jealousies on a financial question of this kind which is so interwoven with the future power. and, greatness of our country. There is about the usual amount of hue and cry from free trade quarters, from millionaires enriched by foreign trade, against the present tariff bill. Hired hack writers are particularly active in defaming the measure. NewYork city appears to be the center from whence most of these denunciations emanate. it is also the prolific mother of free trade pam hleteers. I am proud of that great city which takes such an active and controlling partin the commerce of the world. But even thereforei 11 commerce is not all that should engage temind or heart of the statesman. That city is the seat of a great diversity of manufactures and of the mechanic arts. The amount of their productions in the aggregate is immense, and the number engaged therein, though not the ruling class in political economy, must be far greater than al who are engaged in or dependentupon foreign commerce. Crippled by many circumstances during the war, I would glad] do anything to restore our ship owners to their former prestige, but they ought not to require legislation for their exclusive benefit and to the detriment of the whole country. Let all parts of the country prosper, but if one art of the country only can grow at one an the same time, shall we not prefer a new State in the West with a half million of people to the addition of that number to a city already so swollen in numbers that it sometimes threat ens to withdraw that fealty which is due to its own State 'I I cannot forget that an equal hue and cry and even greater amount of ridicule came forth at the time of the passage of the tariff of 1861. That tariff has since been largely increased, and yet its present rates have fully vindicated the measure and those who 1st stimatized it as a prohibitive monstrosity now a mit its general propriety and maintain that it is exactly w this needed as a revenue' tariff. Nothing that e do now can be but for temporary purposes. If we had been able to reduce our currency no action on the tariff would have been necessary. It may be useless to argue the abstraction whether old has risen in value or whether paper has tallen. The fact stares us in the face that it takes a very large sum4f our paper money to buy a small amou of propert. Our currenc measured by gol is only as t rec to two, am the value of' old itself, the standard, by its unprecedente increase for the past 15 years throughout the world has beyond any doubt lar ly diminished. he fair question is, whether we shall ignore these facts or whether we shall not on the other hand do something to take care'of the various industries of the country for the time being or until we have funded our national indebtedness and retired the excess of legal tender notes? It is a questiori whether or not the laborer shall be compelled to reduce his wages before the value of our present currency is increased. If the products of his labor have got to be sold for less it is plain he must work for less. Capital will seek and prefer idleness to loss. It will not employ labor and get nothing in return. It is therefore a question which mainly concerns labor, capital always being better able to take care of itself. Let us look at the extravagancies proclaimed as to the rates proposed on iron. I am free to say that a moderate increase of the present duties upon iron and a maintenance of the existing classification might have been the wisest and most prudent course to adopt, but others, to whose opinions and votes I could not but defer, thought differently, and I trust they will stand by their opinions now in the hour of trial. The new classification, by placing lower grades among the higher, increases the mtes of duty quite as much as any nominal addition thereto; and by sin ling out the various descritions of iron manu actures for specific duties, in a tem porary measure, where such articles only were to be touched as would afford some respect of additional revenue, or such as were in immi nent peril of extinction from foreign compethtion, I foresaw would arouse a jealousy difficult to appease, and also that no symmetry could be preserved in the bill. Having gone so far in that direction we could not refuse equal claims presented in other quarters, and yet we had not the time for a complete revision of the whole subject. But 100 at the present price of bar iron in our markets and see whether after all the bill is really so very objectionable. It will be found quoted at $115 to $125 in currency perton, and we have raised the duty 5 dollars or from 20 dollars up to 25 dollars in gold perton of 2,000 pounds. upon cut nails we proposed 2 cents a poun. The present price is 7 cents, and it would not be less if the duty was put at one and a half cent. Common sheet iron is worth from 6 to 8 cents perpound, and the duty proposed is 'from 2 and a quarter to 2 and 3 quarters perpound. Russia or polished sheet ii'onis worth 27 to 20 18ths perpound in currency, and the dut proosed is 4 cents perpound in coin. these uties are high enough, but they are not so high as to frighten grave legislators from their propriety. Let us look at some other features of the bill. Take ten by 15 common window glnss. The price is $7 75 per100 feet, and the duty will amount to $2 25. Pig lead sells for 11 cents perpound, and the duty proposed is 3 cents perpound. Cop peris now worth about 32 cents peround, and the duty proposed is 5 cents. n consequence of the duty upon cotton some compensatory changes have cen made upon a few articles, but the main bulk of cotton goods' remain as heretofore. The duties upon lumber at the termination of the reciprocity treaty were in much need of reviSion. These in the main as they stand in the bill are now believed to be satisfactory, though if the bill had been accepted on this subject just as it was reported, I am inclined to think all parts of the country would have been better suited. On the subject of wool and woolens a tariff with increased rates seems to have been expected by the whole country. The question iiad been largely agitated, and after long consideration had been placed before Congress in due form as agreed upon by the parties interested. It is true the duties are high, but so fair were they deemed that this part of the bill has encountered little or no opposition in the House. Can it be that the enemies to higher duties on wool have laid in ambush with the purpose of defeating in the end the whole bil? I cannot believe it. This sort of tactics in the end cannot prevail. The interest is too large and much too worthy to be sacri ficed in this way. Gentlemen may find that it is not so safe now as it may have been in the days of John Randolph to “ go a mile out of the way to kick a sheep.” The wool rowers are a power throughout the land, and legisla tors Will find they cannot be treated with contempt. The rates upon flax and linen goods have been increased, 1st to obtain additional revenue and to increase if possible the home demand for flax, as the culture of that article for the seed alone is surely much less profitable to the farm and the farmer than it would be if cultivated for the fiber. The increased rates upon crockery ware will give increased revenue, and besides that, having the best raw materials for its manufacture, found all the way from NewJersey to Missouri, we ought not to be so largely dependent on Europe that we cannot sit down to an ordinary dinner without calling in the resources of France, Germany, and GreatBritain for the common utensils of the table. I have no doubt the House will fix the duty upon railroad iron satisfactorily. We have no time now to present a new bill if this should be rejected. There is no doubt the Senate will speedily remove whatever may cause some of our friends to hesitate about rotinglfor the bill, and with' some little pruning I have just as little doubt, while our currency remains in anything like its present magnificent proportions, it will yield as much or more revenue as will our existing law. In regard to those articles for which the British 1 provinces seek our markets, it has appeared to me, while their admission free of duty was wholly incompatible with our interests, that a moderate system of duties would prove the wisest economy. If the rates were iept within proper bounds no considerable part of the revenue collected would be paid by our own people, but it would fall entirely on the other side. If raised too high we should compel them to find other markets, which cannot be done without a severe struggle and great loss. Besides this, by high duties we shall drive the Provinces to make a market at home to consume their own products by setting up enterprises which do not existnow for the production of articles which they now obtain of us, or we shall compel them to go where exchanges can be made on better terms. The rates in the original bill seemed to me as too severe, and these have been in some instances largely increased, butI hope the House, on reflection, will not adhere to the extreme positions taken. Let us not have on our statutes anything with the appearance of assion. We can maintain our just rights rmly without a ite. The time will undoubtedly come when these Provinces will find shelter under the stars and stripes. We are in no hurry. Meantime they buy corn and pork of us. They buy nearly as much coal of us as we do of them. Is it, then. sound polic for us to fix such rates as would, if adopte by them, shut these articles out of their markets? I submit the question to the decision of the House. We can afford to be just, but we cannot afford belligerent legislation without adequate provocation. i have some doubt whether we can afford to reduce the duties upon tea and coffee until after our floating debt shall have been perma nently funded. I know it is the practice of England to obtain a large revenue from these articles which distributes the tax without much regard to persons. The aristocracy of birth and wealth govern there and our policy should be different. Except in rest exigencies, such as now exist, these artic (:8, as well as sugar, should be free or nearly so. Let the tax fall heavily upon articles of luxury or such as minister to Vicious tastes and habits, but lightly on the prime necessaries of life. Property, not persons, should here bear the heaviest art of taxation. For another year, however, think the present tax should be retained. T ie information received by the ComWays&Means from the many delegations before us impressed the committee with the opinion that aid must be given in the tariff, or our factories, shops, and forges innst cease their operations, leavin‘ us to look for most of our supplies of goods from foreign importation, as wel as leaving us dependent for whatever reve nue the Treasury is to obtain entirely upon the duties on the importation of foreign goods and merchandise. Vhether this break would occur in the absence of the proposed legislation, or if it should occur how long it would continue, others must judge. It does not seem possible to place the business of the country upon a proper footing until we return to specie payments. No duties that we impose, until that time, will be likely to prove prohibitory. Then a.tariff sufficient to obtain the amount of revenue we shall require, and one which shall not actually discriminate against American industry, will be satisfactory to all parts of the country. The foreign articles from which we derive the most of our revenue are either articles of luxury required to satisfy the taste or the ride of those both able and willing to pay fort em, or they are such as can be and ought to be produced or made by our own people. Taxation upon these artie cs is certainly greatly to be preferred to any kind ofinternal taxation. But the importing merchant steadily prefers to sell all sorts of foreign rather than American mer chandise, and labors to persuade the people that it is for their interest to buy where they can buy cheapest, forgetting that the American purchaser has an'equal interest in the prices of the commodities he has to sell as in those which he buys, and that unless he can sell his own products at remunerative prices he cannot buy at all. Ask the merchant wh he prefers to sell foreign goods and his rea y answer is that he can realize more profits upon such sales than upon the sale of American goods. Their actual cost is always a myth; the styles cannot instantly be reproduced and duplicated; when made to order or otherwise a monopoly is more easily obtained; but American goods have no secrets; only fair and regular pr of its can be charged and Miss FloraTiIcFlimsey will not wear gopfimde at Manchester, NewHampshire, lest s finds the same attern on Bridget the next week, and she will not place on the floor of her sumptuous drawing room:1 Lowell caupet lest she might recognize in her summer rambles among her country cousins the same figure in a room only 14 feet s uare. Princely fortunes are made upon capita embarked in a foreign trade. Its sympathies are all for its perpetuation, and it is blind to the fact that an increase of American productions would enable our people to consume even larger quantities of those brought from abroad. Woolen and cotton manufacturers have had various fortunes in our country, and if they have made any largeand excetional dividends for the past few years it may e accounted for mainly from the fact that they are compelled to hold stocks both of raw materials and of goods on hand, which usually amount to as much as their entire capital. A small rise on such stocks makes a large fire in dividends. But these parties, sooner miter, have got to return to a specie standard, and it is difficult to see how they are to do this without being subjected to a reversal of the process by which profits have heretofore been made when gold advanced in price. Few prudent men, at any r.e, would now esteem it a good time to buy or hold manufacturing stocks. Some of these dividends are made on shares of capital stock now rated at $100, which originally cost $1.000 each; and some of these companies of no more than a million of capital have paid the government the past year over $400,000 in taxes. A careful examination made by competent parties, I am informed, shows that taking the entire capital invested in woolen manufactures since 1825 the whole has not yielded over 2%. perannum; many of the companies making heavy losses, others making no divi dends for years, while a few have done remark' ably well. But the importers and holders of large stocks of foreign goods within the past 5 years have made ieavy gains quite nsoften as any other class of men in the country. It is all well enough for them, but any such luck on the part of manufacturers seems to be a crime. My State is almost purely an agricultural State, and I care nothing for manufacturers only as I regard them as a great public benefit to the nation and to the places where they are located; and I wish there were, as there ought to be, 100,000 more of them today employed in Vermont. That is the only way we can he c for any considerable improvement in our tnture prosperity, and it is the shortest way for any great and solid improvement in many of our western States. With this a stead growth in wealth and population may be just y anticipated, and we can welcome all the immigrants that may arrive on our shores without fear of crowding any of the pursuits of life, but all the time preserving that equilibrium which should exist among all those engaged in agriculture, commerce, manufactures, and the mechanic arts. Congress has now been in session more than 7 months. After labors the most incessant and after the disposal of questions of unprece dented gravity we find ourselves exhausted and anxious to return to our respective homes. We must not be too eager to rush to the approaching field of autumn politics. One subject more demands our consideration. Its difficulties, though great, are far from being insurmount able. Our broad country has many and varied interests, increasin in.importnnce year by year, and we, as the representatives of the nation, are bound to look over the whole field and enfold them within our guardianship. A generous feeling, to be just to all parts of the nion, doubtless animates every breast. The palpitating interests of every section of our country command equal regard. Congress reg ulates commerce. Yhatever their wants may be the States can do nothing. Over 4 hun dred millions, and reckoned in our currency over 600 millions, of foreign goods were last year purchased by our people. This immense trade absorbs the means sorely needed to fund our national debt, now ra idly falling due, and threatens to paralyze the c iief sources of our internalrevenue. Let us, then, shirk no real duty and be frightened at no unreal obstacles. We cannot each one of us hope to triumph at all points in any tariff bill much of the business of life is a compromise but let us adhere to our work. like the gallant chief tain, Grant, “ifit takes all summer, ” until we have brought out something which will satisfy the just expectations of the people; and then, congratulating ourselves upon harmoni ous action at last, we shall joyfully quit these heated Halls and depart, sure of a welcome home.