Mr. NYE. Perhaps that is wise on the whole; but I think that persons who produce gold and silver should not be taxed for that production. The reason, I suppose, why this taxis sought to be secured is that they take the metal from the land of the Government, and this is supposed to be a remuneration for that privilege. Now, a gold or silver mine is wortfine more tothis Government than agranite mine, unless it is improved, worked, and reduced in the expensive way the miners of the West have to do. A reason why this prod uct should not be taxed and this burden laid on the labor that produces it is this: the government never would have known that within the bowels of halfthis continent are treasured up these rich minerals, this rich material, if i the enterprise of the individual, the daring and suffering of the individual had not developed it. An additional dollar when put into the circulation of the country is so much additional wealth to the country. Unlike almost all other kinds of manufacture. in mining there can be no such thing as cheating about it. Most of the producing mines are owned by large companies where monthly returns have to be made of the exact product and the cost of producing the gold and silver. Therefore each stock holder is taxed for the additional dollar that he acquires in that way as an income tax, and upon the substantial wealth of the country he is taxed upon this additional dollar that the miner prouccs. A year ago, or a little more, I had the honor of submitting a few remarks in opposition to the imposition of a tax of this kind, wherein I tried to show that it was a direct tax upon labor itself. I look upon it in the same way now. I know that the imposition of that tax, small as it was. had an injurious effect upon the development of the rent mineral region of the western coast. I uwe seen it with my own eyes. Towns that were flourishing are drooping. Miners who were vigilant, active, and vigorous in the prosecution of this work ceased their labors to some extent in view of this tax which they regarded as a tax upon their labor. If gold is to be taxed at the mine, it is taxed 3 or 4 times more by the several acts now in existence before it gets through being taxed. The stocks of each company engaged in minin are taxed. Persons who own them individually are taxed in regard to their wealth. This tax, then, upon the production, in my judgment, is an additional tax to that imposed upon any other product of the country or any other product of manufacture. I beg the Senate to bear in mind the fact that every additional dollar of gold and silver that we produce lays the foundation of our financial structure on a more stable foundation. Let it be known that we can produce gold and silver to make our credit always secure and sure, that the interest will be paid in the precious metals, and our credit will stand as high, if not higher, than that ofany other nation of the earth. lf'I only knew as much of finance as my friendfrom Ohio does, I could be eloquent on this subject, but understanding only one brauch ofit and that is disbursin, [laughter] I cannot talk as as he.(Toes; but I have got a sort of Celrouq(uceindtelya that if I wanted to establish firmly the credit of our country I would encourage by every possible means the production of that upon which the credit of the nation rests. I would today, as a financial measure, rather pay a bounty upon the production of gold and silver than tax it in any of its incipient stages. My judgment is that time will demonstrate that I am correct in this principle when I say that the true policy of this Government would be, in I stead of trammeling in any way the production of the precious metals, to pay a bounty to increase their production. Sir, what has iven England her credit above other nations? TVhnt has made this nation and its merchants go and buy bills ofexchange upon London to trade with the Indies or with Uhina? It is the fact that there in that kingdom concen trates the great mass of the precious metals of the world; that she by a wise course of finance has made herself the great lap of the wealth of nations into which all the precious metals have been so amply poured. If this nation at this moment will take a wide and comprehensive view of the policy and conduct of these minerals and these mineral lands, that great law of trade that has so long made us pay tribute to England will make NewYork the london of the world. Let us take such a course as will increase the production of the precious metals; instead of letting it be numbered by 50, 60, or 70 millions, as it is now, let our annual production be 500 millions. as it will be when that great railroad binds our eastern and western shores together, and London will be London no more. Therefore I call upon those Senators who have this pecu liar branch of our country’s interests now in hand to see to it that they impose no taxation that will limit or cripple the production of the precious metals. As I remarked, Mr. President, there is no opportunity for any deception here as there is in most manufacturing business. Ever dollar that is produced is known and every ollar is felt. With this daily drain now for the precious metals upon NewYork for not a ship leaves that port that does not count her treasure by millions, being taken to the great reservoir of the precious metals, London I ask the Senfrom Ohio, and all other Senators who desire to see our credit established upon as substantial a basis as credit can be, to consider well before they attempt to impose a tax upon the production of gold and silver, which is the lifegiving power of this nation at this moment. The Senfrom Iowa, [Mr. Gnmss] always careful and vigilant, wants to know how it is, if each dollar costs so much, that the business is pursued. I can answer him very well, I think, and my friend, the Senfrom RhdIsland, [Mr. Srnaeus] who is an fait upon all manufacturing interests, will hear me witness that I answer truly. Everything in its infancy costs all that it is worth to produce. This mining interest broke upon the U.S. as a great wonder; and as a parallel, for long years, (and I am prepared to vote for it now, reversing the whole teachings of my political life,) the manufacturing interests have ecu in their infancy ever since they were born, and God knows how long they will remain so, and every year we help them. While we tax them on the one hand we give them advantages of market and trade by a tarilf on the other“ The production of gold and silver is nothing but a large scale of manufacturing. It penetrates the mountain; it assorts the ore; it brings it out; and the clatter of the stamps is heard from morning until morning again; and when what they technically call in mining the clean up comes, very often the clean up exhibits the lofty sum of nothing, while 1000s have been expended In the clfort. Would you stop there? Would the Senfrom Ohio have it stop there? Not at all. Try again. The next clean up gives something, and so on until it begins to be remunerative. They ask nothing in this great scale of manufacturin that other manufacturers have not possesse and always enjoyed in this country. But, sir. this is gold and silver, and the fee to the land belongs to the U.S., I am told. I glory in that; and I might as well say here as anywhere that I would rather it would stay there. I think they are the best owners, but I am not going to quarrel about that. But, sir, these precious metals would have slumbered there till the resurrection horn was heard if it had not been for individual enterprise and daring skill; and more hardships' have been n endured in it than in the establishment of all the manufactories whose million spindles are twirled with a velocity that makes you giddy to watch them. It has not been in your marts or towns, but it has been upon the mountain side and mountain top. They have had to take their machinery there, and b the greatest possible exertion the means 0 reducing ore obtaiued. I hope, sir, that the amendment of the Senfrom Ohio will not prevail. I received from warm supporters of this Government, a few days ago, a telegraphic dispatch si ued by a number of miners ol the State of fievada, men whose integrity, energ, and skill are not to be questioned, and whose fidelity to their country and its best interests is not to be questioned by anyone, in which they say that the present tax is onerous, and any higher or further tax will greatly retard the development of the mines of that region of our country. Sir, in behalf of those toiling miners, in behalf of that class of men who are doing today as much as any class of men in this country to uphold its credit, to lay agolden basis upon which it can stand, I appeal to the justice of this Senate whether the will tax them further or higher upon that Ian able and just effort.