he prudent, cautious sense of the people. Recognizing the
principle of funding the floating obligations, and of contraction as
a means to resumption, Congress only responded to the common sense of
its great constituency, in forbidding reckless haste, and in defining
the rate of speed. The purpose of keeping in Congress the control of
the rate of contraction was only a part of the general determination
that the representatives of the people and of the States shall
prescribe the methods of conduct as well as the principles and broad
measures of administration. Every Government finds by practice the
system of legislation and administration best adapted to its own wants.
While ministerial power and a trained following, such as obtain in
England, may possess advantages under the circumstances existing in
the British Empire, it is the settled judgment of this country that
a perfectly free discussion, enlightened but not restrained by
departmental recommendation or by dictation of committees, is best
adapted to the varied and conflicting wants of the whole people. And
this was never better illustrated than in the financial bill whose
important provisions have been under consideration.

The revenue laws received careful attention during this session. The
chief measure was the Act of July 13, 1866. It came before the House
with the assurance from the Ways and Means Committee that it would
steadily and materially reduce internal taxes. The system of internal
revenue which had been so elaborately and intelligently constructed
for war purposes, yielded $310,906,984 for the fiscal year ending June
30, 1866. Reduction were now made in the taxes on several hundred
articles of manufacture, on savings banks, on the gross receipts of
certain corporations; and the income tax was in some degree mitigated.
The total reductions were estimated at $75,684,000, but an increase
was proposed on raw cotton amounting to nearly one-third of this sum.
Prolonged discussion arose over this tax and resulted in a disagreement
between the two Houses. The bill was finally perfected in a conference
committee and ended by reducing the total internal revenue to
$265,920,474 per annum--with all allowance made for the growth of the
country and the elasticity of Government receipts.

Not satisfied with the large reduction of taxes made at the first
session after the close of the war, Congress resumed the subject at
the second session. Early in Februar