Proceedings of the Century Association in Honor of the Memory of Gulian C. Verplanck, April 9, 1870
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Verplanck was one of the parties in bringing about. As chairman of the Committee of Ways and Means, he re- ported a bill for the diminution of duties until they reached the revenue standard. As the passage of this 1 rill in the House was apprehended by Mr. Clay, the lead- er of the protectionists, action upon it at their request was delayd. Consultations followed, and a compromise for a gradual diminution of duties over a period of more than two presidential terms was privately agreed upon, a b...ill was prepared to that effect and introduced in the Senate by Mr. Clay, and discussed. Pending its discus- sion, the bill of the Committee of Ways and Means came up in the House, when the one which had been pri- 54 vately agreed upon was offered as a substitute. It was referred to Mr. Verplanek' s committee, was reported by him the next morning, and passed the House. It was immediately thereafter brought to the Senate, and, hav- ing the united support of Mr. Clay and Mr. Calhoun, was adopted. The chief difference between it and the bill of Mr.
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