with a view to protect the interests of both parties. The passage of
this important law is due mainly to the energy and perseverance of
Thomas A. Jenckes, of Rhode Island.

The subject of the tariff occupied, first and last, a considerable
share of the time and attention of the Thirty-ninth Congress. In the
early part of the first session numerous petitions poured in upon
Congress in favor of a protective tariff. In June and July the subject
was discussed, and a Tariff Bill passed the House by a vote of
ninety-four to fifty-three. The friends of protection said of this
bill that though not perfect, it was "a decided improvement on the
tariff in existence." The bill, on its introduction to the Senate was
postponed till December.

There was soon after introduced into the House a revised Tariff Bill,
entitled a bill "to protect the revenue." Gradually many of the
features which the advocates of protection regarded as most important,
were eliminated from the bill. This was passed in the Senate on the
24th of July, with amendments in which the House was unwilling to
concur. A Committee of Conference was appointed, who made a report
which was accepted by both Houses of Congress. The bill greatly
modified and "enfeebled" as its original friends regarded it, finally
passed on the day before the close of the first session.

The subject of diminishing taxation, as far as consistent with the
obligations of the nation to its creditors, early enlisted and
occupied the attention of the Thirty-ninth Congress. The principle
upon which Congress acted was announced by the distinguished chairman
of the Committee of Ways and Means, Mr. Morrill, to be "_The abolition
or speedy reduction of all taxes which tend to check development, and
the retention of all those which like the income tax fall chiefly on
realized wealth._"

In the midst of many conflicting interests, and in the face of
remonstrances, protests, and prayers from every trade and profession,
Congress proceeded to work out the difficult question. As a result of
most patient and careful investigation, Congress found itself able to
reduce to the extent of one hundred millions of dollars per annum, the
taxation resting upon the shoulders of the American people.

On the subject of finance and the national currency great diversity of
opinion existed among leading members of the Thirty-ninth Congress.
Unanimity prevailed upon the opinion that the currency should sooner
or later