the South paid an undue proportion of federal revenues derived from tariffs, and these were expended by the federal government more in the North than the South: in 1840, the South paid 84% of the tariffs, rising to 87% in 1860. They paid 83% of the $13 million federal fishing bounties paid to New England fishermen, and also paid $35 million to Northern shipping interests which had a monopoly on shipping from Southern ports. The South, in effect, was paying tribute to the North. The address of Texas Congressman Reagan on 15 January 1861 summarizes this discontent: "You are not content with the vast millions of tribute we pay you annually under the operation of our revenue law, our navigation laws, your fishing bounties, and by making your people our manufacturers, our merchants, our shippers. You are not satisfied with the vast tribute we pay you to build up your great cities, your railroads, your canals. You are not satisfied with the millions of tribute we have been paying you on account of the balance of exchange which you hold against us. You are not satisfied that we of the South are almost reduced to the condition of overseers of northern capitalists. You are not satisfied with all this; but you must wage a relentless crusade against our rights and institutions." As the London Times of 7 Nov 1861 stated: "The contest is really for empire on the side of the North and for independence on that of the South....".