ference
of opinion. We agree that the tariff should be revised and the
taxes be reduced. The only pertinent question involved in this
bill is whether it is best to organize a commission of experts, not
Members of Congress, to examine the whole subject and to report
such facts and information to Congress as the commission can gather,
or whether the proposed revision should be made directly, without
the delay of a commission, by the aid of committees of Congress
and the officers of the government familiar with the workings of
the customs laws. It does seem to me that to decide this question
we need no long arguments about protection or free trade, watchwords
of opposing schools of political economy, nor does it seem to me
that the political bearings of the tariff question are involved
when we all agree that the tariff ought to be revised, and are now
only finding out the best way to get at it.

"Whenever a tariff bill is reported to us we will have full time
to discuss the theoretical and political aspects of the subject,
and no doubt the arguments already made will be repeated and
amplified. I prophesy that then we will have a strange mingling
of political elements, and a striking evidence of the changes of
interest and principle on this subject in different parts of the
country, caused by the revolution of the industry of our people by
the abolition of slavery during the Civil War. The only mitigation
of my desire for a prompt revision of the tariff is the confidence
I have that delay and discussion will make the sectional revolution
more thorough and universal, and leave the tariff question a purely
business and not a political or sectional issue."

The nine commissioners appointed by President Arthur were well
selected, and they were, under the law, required to report on that
subject to the following session of Congress.

It became necessary at this session to extend the corporate existence
of national banks. By the terms of the original national banking
act, banks organized under it continued for but twenty years, which
would expire within two years. A bill for the extension of the
time was introduced and a long discussion followed about silver,
certificates of deposit, clearing house certificates and other
financial matters. There was but little if any opposition to the
extension of national banks and the bill passed. It was approved
July 12, 1882.

The most important financial measure passed by this