able sixty days after date, and
$22,468,100 payable in two years. This measure indicated the
disposition to provide for pressing exigencies by devices which
covered only the present hour, and left heavier responsibilities
to the future. An incident of this period was the settlement of
the debt incurred in the war in Oregon against the Indians, by
giving to the claimants or their representatives six per cent.
bonds redeemable in twenty years. The bonds were taken to the
amount of $1,090,850, showing that such securities were welcome to
claimants even at par.

The chief dependence of the United States for revenue had always
been upon customs. But no real test had ever been made of the sum
that might be collected from this source. The aim had been to see
with how small an amount the National Government could be supported,
not how large an amount might be collected. The time was now upon
us when this critical experiment was to be tried, and the initial
step in that direction was the Morrill Tariff which went into effect
on the first day of April. It radically changed the policy of our
customs duties from the legislation of 1846 and 1857, and put the
nation in the attitude of self-support in manufactures. Although
introduced before secession attained its threatening proportions,
it was well adapted to the condition in which the country was placed
at the time of its enactment. It was a measure carefully elaborated,
and based upon principles which were applied with studious accuracy
to all its parts. Under it the imposts which had averaged about
nineteen per cent. on dutiable articles, and fifteen per cent. on
the total importations, mounted to thirty-six per cent. on dutiable
articles, and to twenty-eight per cent. on the total importations.
Thus, although the goods brought into the country fell off unavoidably
by reason of the war, and especially of the difficulties encountered
by our vessels from the rebel privateers, the customs duties rather
increased than diminished, and something was thus secured in the
way of a basis of credit for the immense loans which became necessary.
The measure, Mr. Sherman of Ohio stated, would in ordinary times
produce an income of $65,000,000 a year to the Treasury.

The Morrill Tariff was found to meet the exigencies of the situation
to such a degree that when Congress came together in response to
the call of President Lincoln, Mr. Thaddeus Stevens, as head of
the committee charg