Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-12-09
LIMITED IN AMOUNT.
Issues of Currency by
the Comptroller.
HITCHES IN TARIFF BILL
Being 0verhauled by Experts From
the Treasu y Department.

WASHINGTON, Dec. 9.-The bill to repeal
tion. as framed by the subcommittee on
banking and currency, will be reported TO
the full committee for final action before
repoI ted TO the house.
It does not report the tax uncondition-
ally but provides that issues of currency
sha be under the direction Of the comp
troller of the currency and shall be lin
tied In amount The Q mptroller's super
visions will prevent the issue Of currency
which is not amply secured and tend TO
prevent wildcat issues.
1t Is understood that the bill has the ap-
proval Of the president, who desires the
repeal IL IL Is surrounded with proper
safeguards. The report says that In con-
nection with the bill to be presented six
points may be n ted:
First-The unconstitutional use Of the
taxing power for purposes other than
revenue) Il abandoned.
Second-The effectual federal interven-
ton provided 10 ba ed upon the admit edly
between the states.
Third--The details Of the federal duties
prescribed are MINED as nearly a. may be
TO admi is,rative functions, none OF which
materially interfere with the elasticity
of the curreD y or with the organization
of business Of the ba ks which would be
provided for by state laws
Fourth-Special redemption facilities
are doubtless desirable. These, however,
arc matters of con venience and detail
rather than Of principle, hence are re-
served for later suggestion.
Fhh-The privileges given inure TO
national banks ~ we'll ~ to state banks;
but do not Interfere with the present ma
tioual bank currency.
Sixth-The aims sought by the plans
proposed are, So to free our bank note
currency from federal control as to leave it
"a elastic a. possible and as promptly ss
may be available for legitimate local de-
mands BY thus relegating currency sup
ply to local Institutions, u ider conditions
which ensure su ample supply OF sound
currency to forestall those demands for
6et money. which are logical and actual
consequences Of the present system by
which the federal government has as
sumed the exclusive duty Of providing for
our bank note currency.
Other propositions may be submitted,
including the outline Of a very voluminous
and com prehen measure by Represen-
tativs Walker Of Massach usetls A favor
able report was authorized by the commit
tee upon bill exc empting from the oper-
alton Of the 10 per cent tax all clearing
house certificates, checks and notes which
were used and circulated as money during
the panic. This includes those issued in
New York, Connecticut and South Caro-
lima, although 1t is thought that clearing
house certificates could never be made
subject TO the 10 per cent tax.
Experts Remedying Errors.
Chairman Wilson and his associates
thought they had formulated thoroughly
practicable tariff revision bill, and sub
mitted most Of it to the full committee.
In the mrantime experts from the treasury
department and statistical bureau who
had given the measure a partial examina-
tion discovered that the bill was full Of
errors and needed a large amount Of prun-
ing and revision In order to carry out the
administrative features.
The Republican minority has not yet
been able to give the bill thorough con-
sideration, but IL outlining it's report,
which will be ready in few days. While
the tariff bill Ia being whipped into shape,
the Democrats Of the committee are en-
gagged night and day on the internal rev.
enue branch. They are again talking OF
making this a separate bill. Up to dave
they have not agreed upon the items Of
taxation. The items which were at first
selected, It was discovered. would not
bring in the amount Of revenue required.
They are therefore struggling over other
sources In order to realize the amount re-
quired
Repre- entative McMllin, chairman Of
the subcommittee, said that the commit
tee had not entirely abandoned the tax on
individual incomes. He sti ongly favored
1t, but WAS only q, feated by one majority,
two of the Democratic members being
absent He may attempt it again wnen
they find that they cannot make up the
amount from any other source.
There are two propositions which the
Democratic members of the house would
accept outside Of the income tax: an adj
ditional tax on whisky and the reimpos-
ton Of duty of one cent q pound Oh raw
sugar.
1t Is understood that Secretary Carlisle
II favorable to the latter proposition
coupled with the repeal of the sugar
bounty. This would re lie not less than
e25, ,0OO, 900, which would be increased fll,-
1000 by the abolition of the sugar
bounty. He IS unalterably oppos-d to in
creasiug the TAX on whisky to IS a gall
Ion, as this would not afford imm edlate
relief He does not recommend taxation
which will My be available in q year or
two. He thinks that by that me the
conditions will have so improved that the
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