THE COLLAR-BUTTON SYSTEM.

51

sage will be detrimental if not disastrous to business inNew York City . The tax there varies from 2*4 to 3 percent. On a firm carrying a stock of half a million of dollars,this would impose a burden of from $12,000 to $15,000,the result of which may be inferred from a statementmade to me to-day. ‘ I am a manufacturer of gangplows,’ said my informant ; ‘ my establishment is in theinterior of this State, and we sell our plows in all partsof the United States , and particularly in California ; passthis law, and we will remove to Pittsburg .’ Many of ourlarge manufacturers now find it to their interest to havetheir factories in Jersey City . Pass this law, and thenumber will be largely increased. How suicidal will sucha policy be! We have in this State the most magnificentharbor on the western coast of the Atlantic Ocean , andone of the finest in the world. But with such hostilelegislation as this that you propose, it will be difficult,notwithstanding our natural advantages, to maintain ourcommercial supremacy. Boston , Philadelphia , and Balti­ more are increasing in their foreign commerce morerapidly than New York , while Chicago , St. Louis , andCincinnati are formidable competitors for the Westernand Southwestern trade, and with every added burdenwe will be less able to cope with them.”

Senator Murphy : “ Do you mean to say that Balti­ more , on a river a hundred miles from the sea, can rivalNew York ?”

Judge ARNOUX: “I mean to say that the foreign com-