When this bill came from the House of Representatives, it contained a tax of one cent a pound on cotton. The Finance Committee of the Senate reported against this tax. Mr. Sumner, though never disposed to spare Slavery, was unwilling to bear hard on an interest so important as cotton to the whole country, especially to the South when redeemed, as well as to the manufactures of the North, and therefore exerted himself against the tax. May 27th, he spoke as follows. MR. PRESIDENT,--I am in favor of the proposition of the Committee, which seems to me sound in principle and policy. There are reasons against taxing cotton,--first, from the character of the product itself, and, secondly, from the effect of the tax on manufactures. If we look at the character of the product, we find, in the first place, that it is agricultural,--peculiar, indeed, to one section of the country, but as much an agricultural product as grain, hemp, and flax, which are left untouched by this bill. There should be reason for adopting the tax in one case and not in the other. No such reason exists. But cotton is not only an agricultural product, it is also a leading export. Now I raise no constitutional question on the power to tax exports, although it may not be entirely easy to reconcile such tax with the language of the Constitution: “No tax or duty shall be laid on articles exported from any State.” The object of this clause was to prevent discrimination among States through the taxing power. But not questioning the power in the present case, it seems to me that its exercise is of doubtful policy, according to principles of political economy. I do not think that it is the policy of civilized nations to tax exports, which play an important part, first, in quickening commerce, and, secondly, in furnishing the equivalent of imports. Then there is difficulty arising from the condition of the country. Until the Cotton States are restored to the Union, little or no revenue can be expected from any such tax. But if their representatives were once more here, can anybody suppose it possible to tax this great staple of the South, while the great staples of the West--grain, provisions, and wool--are free? It seems to me unadvisable to attempt, in the absence of these representatives, what we would not attempt, if they were present,--in other words, to do what is of doubtful equity, simply because we have the votes. Our tax, at best, can be little more than prospective. Is it not better to wait till it may be a reality? Even if at another time the tax on cotton seemed politic, I doubt if it can be so regarded for some time to come. Considering the peculiar condition of things, there is small doubt that the country for the next five years will have greater interest in encouraging the production of cotton than in taxing it.