Mr. HENDERSON. As the motion now stands I really think the Senate ought to adopt it. I feel satisfied that it is the proper disposition of this measure. I appreciate the difficulties under which the ComFinance have labored, and I am not at all surprised that they have failed to report a tariff bill that is satisfactory to every interest in the U.S. That is an utter impossibility. Taking the bill altogether, it is, on the principle upon which it is based, a good bill; but the principle itself, in my judgment, is wrong. We are attempting to increase, when, in my judgment, if we touch the tariff at all, we ought to decrease the rates. What the country wants is a decrease of the excise taxes, in my judgment. I think that is perfectly clear; it is one of those things that can be demonstrated; and I think we should act on that question before we dispose of this bill. I say so without meaning to put a single clog in the way of the pas sageof the bill, if the Senate is disposed to ss it. I really do not wish to unnecessarily retard the transaction of business; and, if a majority of the body desire to pass the bill, theymay as well do it at once; but if the contrarypolicy is to prevail, if we are to reduce theinternal taxation and then adjust the tariff to the excise taxes, this is the proper course to pursue. n the remarks I made the other day I indicated that at the proper time, after Senators hadgot all their interests fastened upon the bill, or else when it had been demonstrated that a majority of the Senators would not considerthese special and local interests, and after the bill had been perfected to the satisfaction of the Senate and they had fully discovered the factthat it was not the measure required by the true and the best interests of the country, I should move to postpone it until we should considerthe question of internalrevenue. The ComFinance seem to differ with me as to the general policy. They think there ought to be an increase of the tariff rates: I think not. If the Senate has made up its mind to thiseffect, of course the bill may as well be Pressed to its passage now. That view is contrary to my judgment; and I shall of course votefor this motion, not because I believe the ComFinance has not discharged its duty, but simply because the bill itself is pred icatedupon a wrong principle. If we pass this bill we may as well make up our minds at once that nothing is to be done in regard to the excise taxes. It is useless to speak of a reduction of the excise taxes after the passage of this bill. A reduction of excise taxes is but equivalent to an increase of the tariffin one sense; and if you reduce the excisetaxes after having increased the tariff the result will be that, instead of putting the amount of the reduction of the excise taxes into the treasury, we should payit as a bounty to the domestic producers. Is not that a clear proposition? Prices are not going to be reduced under this bill; on the contrary its effect will be to enhance them. If you do reduce internal taxation after the passage of this measure, prices will still maintain a higher rate; labor will be higher; the raw material will be higher; everything will be advanced, making it absolutely essential to keep this high, stilted condition of affairs in this country while all of us say that we ought to be looking to and soon should approach specie payments. Sir, it is chimerical and idle to talk aboutspecie payments when we pursue this system of legislation. We cannot arrive at it in that way. I do not want to foree specie paymentsall at once. I think a great many personsare talking wildly on that subject. I do not desire to force specie payments in a moment, but to let the operations of businessbring about that state of affairs. All that we have to do is to discharge our duty, relieve the country of its Present burdens in theshape of excise taxes, which come home to every manufacturer, come home to every farmer. Relieve the country from the opPress ive weight of those taxes. That being the burdenwhich holds business down, take it off, and business springs up as if it had new life, as if it had new energy. It will be revived from one end of the country to the other. The manufacturer will make money and be satisfiedwith the Present tariff. I am rePresented as having said the other day thatthePresent tariffis exactly what the country needs. "I said no such thing. I said that this ablecommittee who have digested the Present bill and placed it before us, after they have reduced the internal taxes will be perfectly able in my judgment to Present a tariff bill foundedupon the reductions thus made in the internal taxation, which will secure the confidence of the country as well as the approbation of this body. That is my judgment, and therefore I sincerely hope that the Senate will recommit this measure to the committee. It is the proper motion. Let it go to the committee, not with instructions to make any specific decrease, but to make a partial decrease anyhow in internal taxation, because we do not need the amount that we must collect under the internalrevenue law. I have said that if you adopt this bill you cannot reduce internal taxation. If you do not reduce internal taxation you get more money than you want. Why is it necessary now to opPress the people of the U.S. with high, excessive duties in the shape of excise taxes for the mere purpose of filling up the Treasury? Mr. President, as long as you increase the prices of labor and material you cannot arrive at what we all desire, and that is a contraction of the currency; and as long as you keep up the Present condition of affairs you cannot secure a better credit for your government than you have got today. Gold, as has been properly said, is the cheapest article today in the American market, and why? Because all of us want specie payments, and gold tends in that direction. We all want it. Gold moves more rapidly than other metals. If we want to bring about that desired state of affairs let us begin at the right end and reduce intermal taxation, thereby relieving the country. What is the object of filling up the Treasury with a vast amount of currency and gold” Will any gentleman tell me? Why are our public securities today less valuable in the market than the English securities? Can anybody tell me? GreatBritain has double our wealth; but GreatBritain has nearly double our public debt. Her securities, stand 20%. higher in the market than ours, and i. interest is only 3%., while ours is 6%. Does GreatBritain undertake to pay any part of the principal"of her debt? Surely not. She looks to the future to pay the principal. Is there any man in the U.S. in any doubt about the ultimate payment of our securities? Mr. President, let us pay the interest on the public debt, and, the principal will be paid in due time. All we want to do now is to relieve the burdens of the community. We have imposed excessive taxes in the shape of impost duties and internal duties for the last 5 or 6 years, the country looking forward to the termination of hostil ities with the cherished idea that taxes would then cease, except so far as are necessary to maintain the credit of the Government; and now we pursue a system which instead of decreasing will increase them. I sincerely hope that the Senate will put this measure back before the committee and let us act upon the internalrevenue laws 1st. That is the true plan. If that is not done, the senate will find that after debating this bill for another week or ten days we shall be just where we are now, with a continual clash of individual interests.