TARIFF LEGISLATION.

An unusually large audience assembled in Sever last night to hear Mr. Taussig's last lecture on "Tariff Legislation." The preceding lectures have taken up and described the legislation prior to the war of 1861, and it was with the act passed in this year that Mr. Taussig began. The act of 1857 had so far reduced duties in general that temporary loans had to be made, and this fact gave rise to the preparation of the Morrill bill in 1861. The object of the bill was to cause duties to return to what they were in 1846, and it was intended to be protective. Its distinguishing feature was the substitution of specific for ad valorem duties. The chief changes in the taxation were upon wool and pig iron. For the first time in the history of tariff taxation "compensating duties" were introduced. The general effect of this bill was to raise duties above those fixed by the bill of 1846.

In 1862 the government was pressed for money, and a general system of internal taxation was determined upon and put into action by the bill of this year. Mr. Morrill, in order to compensate for this tax upon the people, proposed a bill, which was passed, raising the tariff rate. Two years later the great "Tariff Act of 1864" was passed, which is said to be the largest financial transaction in the world's history. Internal taxes were considerably raised, and tariff duties were made much larger than ever before.

At the close of the war internal taxation began to be considerably lessened, and has by this time practically ceased altogether. The general feeling was that a reduction in tariff duties should also be made, and Mr. David Wells introduced such a bill. The Senate favored his scheme, but the bill was killed in the House.

In 1867 an act was passed for the protection or wool and woollen goods. This act introduces the highest and most unreasonable of all tariff duties. Two years later an act was passed over President Johnson's veto, putting a high tariff on copper. In 1872 Mr. John Hayes proposed a reduction of ten percent. on all duties, a scheme which so pleased Congress that it was passed only to be changed, however, in 1875, when the tariff rate went back to what it had been prior to 1872.

The changes made in the tariff rates by the act passed last week are for the most part indicative of a more liberal policy. The duties are lowered on many articles by this bill, and many errors and irregularities which had crept into the duty list have been rectified. On the whole, the bill is the first point of the gradual change of sentiment which has been gaining ground throughout the country.

The lecturer then spoke briefly of the objections to sudden revisions of the tariff. At the close of the war it was well understood that the high rate of duties was merely due to the unnatural state of affairs brought about by internal commotion. As soon as the country was again at peace it was expected that the tariff would be at once reduced. Had this been done at that time, there would have been no injustice done any one. But as no changes of consequence were made, and high protective duties still remained in force, capital sought investment in industries which were well protected, trusting in the continuance of these duties. As a result several new industries, notably the manufacture of silk, have arisen, which would be ruined at once if a sudden lowering were made in the tariff on these articles. As these investments were made in good faith, justice demands that no sudden action be taken looking toward abolition of duties on these articles, but that the duties be lowered gradually.