MD. 5l.
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'.'hN' 'tlfit1hiEd alO HUI to De ezAtfisAI

 n'odntable. He thought 1t would Be I difficult to ascertain the legal value of ! Cotton. lie took q view oi tic diifor- 1 ent values attached 10 cotton, and of

 tho professional constructions 10 which

 lie caese { ,,iss;,ssi ;s;;a.ll;a h l #fsnbiected. h relation 10 iron also, he

 thought that the difficulties in aseer-

 timing tic value would be such as to

 fender the provisions concerning that articie ifoperatiye. The duties oniroa

 having hitherto been specific, 10 prifi-

 ciple of valuation had been laid dowil.

 lie considered tlat there was no lcgis-

 lativc provision hy which the value on

 iron could De assessed, The same re-

 marks were applicable tosugar, and te stated a case 10 show the difficulty

 which would exist in roaolinga Il proper and fixed value as a basis for duty.--

 supposed ike answer would s;, ;tttit ttss ! II difficulties arise, tho Secretary must gat throughtliem as well us lie can; aid Il he cannot he must come 10 Congress-

 Asa measure of finance, he had 10 idea that thc bill would be aal efficient measure. He had not heard the asser- ton that the bill would at all reduce tho rcvenHe. He denied that the re- duction ot duties on boots and shoes and clothing would reduce therevenue. The bill would, in these branches, fs- daee thousand Of mechanics to ruin, and by this operation would ipcrease tue revenuc. fn this point, thc bill aims q deadly blow on the poor, tic

 Yeang, the eiftefptisiig is- tic II!!sss;;s and the Ingenuity Of the country. Ey the introduction of foreign alcohol, at a reduced rate of duty, the revenue. would be increased; but lie thouglit gentlemen should pause before they

 sanctioned tnis change. The entire breaking up of the printing establish lishmcnts for printing calicocs would be one of the consequences of the passage of the bill; and a proof he read I me laniial of the Lowell mapufacfnrals.-- These institutions might. survive the three first reductions, bui the fourth would be fatal to them. On the spif- hing and weaving, the effect, if not se. disasterots, would scarcely De less o,- iecionable. 'l'fic large capitalists in that branch would be ablo 10 make mo- ney by breaking down all young and apterprising establishments. Fn reicr- cHee to uoellens. with a. duty, of sO 4a4ei!ess ,std 2sl s2s on wool | IS impossible that they can stand. I,hc Appreciation of property would De the first eonscauenee. and fle l depreeiatlonof credit tic next; ;aand hy the surrender of their interests, long be-

 fore this bcnchecnt home valuation can come to their relief, their eyes will le sealed in death. As to iron, English iron or Wales, cost, 26 dollars . ton, and the supply is inexhaustlhle. Iron in Russia and Sweden costs 10 dollars a ton. English iron has been taxed 3O dollars, ard Baltic iron IS dollars a ton. The change from specific 10 ad saloreps

 will work aH injurious change. He be- ficyed that this surrender once made, VIC could never return 10 the present lsstate of things, without sucl, struggle as would shake tic country much more tfian any thing has yet slakcnit

 He might he wrong. Thcre might he.no pledge 10 constitutional objection, but if so, why tlsis bill? The People will not expect the passage Of this biii. There Has no expectation at the come tnencement of this short session that srch a bill would he passed. The Se

 nate had not had time to know the pleasure of their masters. No opportu- nity had been offered for obtaining q knowledge of eilhcrthe course of pub- lie opinion, or tie effect of this meas- ure on the public interests. It wassaid tho next Congress would pass this bill if il wns Dot passed now. He did not fear the next Congress; but if That body should choose 10 undo what was now done, il would have the power so to do.

 fit was true, as the Senator from Kentucky believed, that inc intention of South Carolina was merely 10 enter into a law suit with tho United States, then tiIere was TO necessity for this sac

 rifce of great interests. He believed that if this bill should become law there will be an action on the part of the pconle at the next session 10 oycr- throw if. It will not be all requiem and lullaby when this shall be passed. On the contrary, ilc thessicycd there woait. be discord and diseontent. He bad al- ready expressed his views as 10 redue- tion in his resolutions. lie believed there ought to be q reduction 10 the point of necessary revenue; ana lhat, as soon as that point could be ascertain fs.eg oo.lid he able fO