1st. Wool to the agriculturalist at a lower price in gold than has almost ever before been experienced. 2d. A decrease in the number of sheep in the United States, estimated by the Commissioner of Agriculture at four millions for the single year of 1868, while other authorities place the total decrease as high as 25 per cent since the passage of the wool tariff. 3d. A condition of the woollen manufacture characterized by a greater depression than that of any other branch of industry in the country, with the exception of ship-building; small profit accruing to a few, heavy losses to the many, with numerous and constantly recurring failures. 4th. An increase in the importations of foreign fabrics of wool; the imports of the fiscal year 1868 being returned at $32,458,884, and for 1869 at $34,620,943. 5th. Encouragement of smuggling and its apparent reduction to a system. “In short,” concluded Mr. Wells after a full discussion of these points, “what is now needed to restore prosperity to the woollen industry, is a removal of all duties on the importation of foreign wools and dyestuffs, and a general reduction of the duties on manufactured woollen fabrics of every description to 25 per cent ad valorem. On this basis the most experienced woollen manufacturers in the country assure the commissioner that they can at once extend, diversify, and secure prosperity in their business. On this basis the cost of domestic fabrics will be so far reduced as to give great relief to the consumer, and lead to an immediate and largely increased consumption. And on this basis only can the wool-growers expect any immediate increased demand for his staple product of merino fleece; while in respect to the combing and the finer wools it is sufficient to say that the supply of these wools has not for the last few years increased in proportion to their consumption, and that the extension of their use in the American industry, which would inevitably follow a remission of the duties upon their import, would so far increase their demand as to give to the domestic producer all the encouragement that would prove necessary.”