The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1880-05-05
A BILL FOR REVISION OF THE TARI

n
Representative Tucker. Chairman OF the
SUBCOMMITTEE of Seven of the Ways and
Means Committee, with the consent OF the
the full Committe a scneduie which
he has prepared with the under
standing that no member of the
in favor OF the bin In whole or in part, the OBJ
ject being 10 bring IL directly before their full
Committee. Among the articles which IL Is
proposed by the bill to place upon the free list
are "wOOd pulp, chrome, iron ore, rags. salt,
trace chains, halter chains, various manufac-
lures of iron which enter into the composition
of agricultural i'm plements, books. Magazines,
periodicals., etc,, and among those upon
per, printing materials, bichromate OF potash,
wooden goods and wOrsted goods. hats and
straw goods. Mr.. Tucker believes that such a
bill, while 1t is by no means as comprehensive
as the advocates Of the general tariff revision
would desire, will harmonize widely conflict
ing views and obtain sufficient favor 10 secure
its passage by the House.
The bill introduced In the House, some
weeks ago, by Representative Casey Young, OF
Tennessee, providing for a marine hospital at
Memphis, and which came from The senate
with slight amendment, passed the House
sgsin TO day. It appropristes $4,000 to purss
cnase site and erecta a building.
A LETTER FROM SECRETARY SHERMAN REGARD
ING THE PURCHASE OF UNITED STATES BONDS
The following letter has been sent by the
Secretary CT the Treasury:
To Hon. Thomas F. Bayard, Chairman of the
Finance Committee OF the United States
senate.
SIR have the honor TO acknowledge the
receipt of your letter of the 10th inst, trans
mitting the Senate bill TO define the amount
and manner of the purchase OF public loans TO
be made Oy the Secretary OF the Treasury, and
requesting my views in regard thereto. The
bill in question requires the Secretary OF the
Treasury TO purchase the outstanding obliga-
tfons OF the United States bearing interest at
per cent. per annum, to the amount of not
less than 5000 In each week, until he shall
have purchased and extiDguished all such
outstanding obligations, these purchases TO be
made in addition to, and independents of,
any purchases of outstanding obligations OF
the United States made by the Secretary on
account OF the sinking fund. The Dill also
provides that all purchases of bonds hereafter
made shall be advertised in the public press, on
the Monday Of each week, and the purchase
amounts thus advertised for shall be made by
the Treasury Wednesday OF each week.
In reply, have to state that amounts OF .
about $3.50 O00,cl0, which, under the provision
OF this act the Treasury would be Obliged 10
purchase within the next fifty weeks To
accomplish this purpose the surplus revenues
within that period must amount TO the face OF
the bond and premium paid thereon. The
present rate which is about per cent, or the
reserve in the Treasury accumulated for re-
or resort be had to increased taxation
The surplus revenues since the first of Janu-
airy though larger than was expected or can
be expected in the future. have been only
about $40 00OO00 q month, but should they con-
tinue az tile same rate they would provide Tor
the pa yment within tho next nfty weeks OF
less than one half Of the bonds which this
bill requires to be purchased. With the de-
hciency bill now pending In congress, AID