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Matters before the Federal Congress

--The Cotton Supply, &c.--We take the following extracts from a late Washington letter to the Baltimore Sun:

‘ The session of Congress appears to be drawing to a close. The tax bill has passed the Senate with remarkable unanimity, and it is believed that the House will concur in the Senate amendments. The tariff bill has been prepared by the Committee of Ways and Means, and will pass with little alteration. What remains to be done is to pass a bankrupt bill, which is loudly called for by the Northern and the Western business interests. As to the confiscation and emancipation schemes, it is still doubtful what shape they will assume, if they pass at all. A number of the more radical Senators are in favor of a protracted, if not continuous, session, but it is thought they will be voted down.

The tax bill will give, as is computed, about a hundred and twenty millions. It is admitted, however, that the subject is one for experiment, and that it must be left to experience to show its effects upon revenue and industry.

The new tariff about to be proposed in the House will, it is estimated, give a revenue of eighty millions, provided business revives and the Union is restored. Sixty millions, after making all allowances, are expected from it — making an aggregate annual revenue of one hundred and eighty millions, besides the land and income taxes of the last session.

Cotton manufactures, under the tax bill, will pay a three per cent. ad valorem duty; while raw cotton will pay half a cent a pound. It is stated by Eastern mill owners that all the mills will cease to work by the 1st of July for the want of stock at any price.

But some of them are so sanguine of the future as to believe that cotton will now come freely from Southern ports, and that of the crop of last year, amounting to nearly five millions of bales, three-fifths will escape the torch. Others again calculate upon only one million of bales from the gathered crop, and another million from the succeeding crop.

It is reported, with probability, that the money seized at New Orleans by Gen. Butler, as the property of the Confederate States, will be handed over to the Dutch bankers as its rightful owners. It is necessary that this Government should avoid some mistakes which the Mexicans have made in seizing the money of foreigners.

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