The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1888-03-06

IN tiiat congress were responsible for it, and
whatever was the measure of responsibility to
be divided between the parties or individual
members OF party. it was not for them to
take, and with attempted logic and mean
spirit OF coWardlce to throw it OF on anybody
else Applause on the democrat side.
-. Gentlemen on the republican side in the
49th congress had predicted that there would
be no surplus, and had tahulated figures to
show that when the first of July, 1887, opened
the new fiscal year, there would be no surplus.
Under the lead of such prophets and calcua-
ions the republican party had with entire
Immunity, (save five gentlemen from Mime
sota) refused to pass any act that would reduce
the revenues. But the surplus had come
III like the memorable tide. There was
poiicy OF prudence which would
ordinarily be called wisdom in the chief exec
tive and the president had but to adopt some
new phases of general political economy and
ne would have been considered prudent po-
lltical leader. But putting the presidency and
all the temptations at the risk of an honest
utterance OF his Judgment and of his belief,
whether it was an utterance that his entire
party agreed with or not. The president had
delivered message which had by its very
un1queneSs been taken out of the mere dull
sequence OF official documents and caused dis
cussion from one end of America to the other,
winch neither the wit of the gentleman from
Maine, nor the eloquence of the gentleman
from Ohio, would cause to cease until this pro-
tective iniquity had been reformed. Applause
from the democratic side
Mr.. Breckenridge was supported by Messrs
Randall and Hooker
Mr.. Randall said that the best characteristic
10 brlng INTO action was common sense. He
didn't believe that this legislation was essntial
nor absolutely necessary, but it did no harm to
duplicate the existing law. The house was
confronted with administrative views that
there was doubt as to its full authority. He
was ready to reatirm the law without hesita-
ton. The policy pursued by the administration
had been to purchase bonds at premium for
the sinking fund. Further, it adopted the
pollcy OF increasing the number of public
repositories and augmenting the amount of
deposits. He did not consider that that policy
was wise, The government should recognize
its bonds in its statutes as a worth par-noth-
ing moro Or less. The government should
cease to increase deposits in banks, and adopt
a more business like policy proposed by the
bill. 1t should go into the market and pur-
chase bonds, subject only to the economical cal
culation that it was more profitable
to buy them than to pay interest for series of
years. Therefore. he favored the bill. Now,
something had been said about conspiracy
against the protective system of the United
states. He did not believe that such a con-
spiracy ever existed. Applause ON the demo-
cratic side. Or that if it should exist, it had
the slightest chance of success. Said Mr..
Randall
81 beg to say to those who have an affrighted
fancy that, so far as American industries are
concerned, they are not today in any danger"
In conclusion, he said that he did not wish
to traverse the remarks of his friend from
Kentucky (Mr. breckenridge when
he spoke of the past except to say that he had
one regret. He was more reconciled in that
connection when he heard from the gentleman
from kentucky, prompted by more liberal
spirit than had ever heretofore existed, that
there was hope land he declared that there
would be fruition to that hope if justice
was had) of united party on the democratic
side. Loud and long applause by the demo-
Gratis. ~
At its conclusion Mr.. McCreary, of Kentucky,
offered the following amendment, which was
accepted by Mr. Mills
Provided that the bonds so purchasedor redeemed
shall constitute no part Of the sinking fund.- but
shall be cancelled by the secretary OF the treasury
The committee the arose and reported the
bill to the house, and it was passed, together
with Mr. MeCreary's amendment, without di-
vision. Following is text of the bill:
That the secretary of the treasury is Hereby au-
thorized to apply the surplus money now in the
treasury, andsueh surplus money as may hereafter
be in the treasury, and not otherwise appropriated
the purchase or redemption Of United States bonds
provided that the bonds SO purchased or redeemed
shall constitute no part of the sinking fund but shall
be cancelled by the secretary of the treasury.
CHAIRMAN MILLS,
of ithe ways and means committee: "We pre-
pared the bill with a great deal of thought and
labor. Hardly expect to please everybody, but
we consulted the interests of the many rather
than the few. We have arranged an extensive
free list, which will accomplish total reduc
ton of $50 100000 without seriously disturbing
any important industries of the country. The
next largest reduction is probably made upon
woolenS and raw wool. This is likely to aggre-
gate at least $12,000,000. Here is where we
are very apt to excite the strongest opposition
that the bill will have to face. Even my own
people are difficult to convince on the subject
They fear that the wool grower is menaced by
the reduction we propose to effect. | am con-
Il ar,f, do
wholesome effect OF breaking the sugar trust.
AS yet we have made no provision for a reduc-
ton OF the internal revenue taxes. A sepa-
rate measure will be introduced to cover this
department Of the subject.
while cannot sayiexactly what course will
be followed by the committee in formulating
this bill / do not think that any one desires
to touch the whisky tax. AS to the prospect
of the passage Of the bill / hope we shall be
successful. The bill will doubtless reach the
house in the course of two weeks. 1t will
have early consideration. / am not greatly
disturbed by the criticisms that have been
made upon our course in keeping the provis-
ions OF the bill secret from the republican
members the committee. We certainly had
nothing to expect from them in the way of as
siBtance."
MIR. BRECKENRIDGE, OF ARKANSAS,
said: The cut on sugar takes away a large
part OF the margin heretofore allowed to REIN
cries for the conversion of raw sugar into re-
it will at least deprive it of all power to extort
excessive profits from the consumer. The bill
is considered eminently conservative in char
acter, We have corrected some inequalities
such as the worsted trouble, the inequalities in
metal, in linens, in cottons and ready made
clothing. Where the base of industry could
not be SO cheapened as to do full justice, we
have made slight relative increase on the rela-
tive product, desiring to hold the hand of JUS
tice between manufacturers, and not permit
one to betray or consume the other.
MR., BRECKENRIDGE, OF KENTUCKY:
owe have tried to remove every obstruction
in the way of our manufacturers competing
with the foreign producer Of the same class of
goods. The administrative features of the
bill have been drawn with view Of putting
stop to underyauations and frauds of every
description, to the end that we may give the
| honest manufacturer the protection Of just
aw and provisions for a careful collection of
duties
MIR. M'MILLAN, OF TENNESSEE,
said: "Our effort in the bill has been to so re-
duce the duties as to leave this amount with
the people instead of locking it up in the treas
ury and keeping it out Of the channels Of COM
merce. think the bill will be favorably re-
ceived by the masses Of the people when they
fully understand it. and that 1t will give gen
eral satisfaction. We cannot hope to please
ONO hut baIiava tho oaiorit,y