The Wichita daily eagle., 1893-11-19
TARIFF REDUCTION.

WASHINGTON. Nov. 1S.-It has been
definitely settled that an income tax is to
! be favorably recommended to the COM
mittee on ways and means by the sub
committee having the matter in charge
The subcommittee on internal revenue
Will make such report at the next meet
ing of the full Democratic membership,
which was expected to take place today
The whole policy of the committee now de-
pends on the question of an income tax
If the plan for an income tax shall pre-
vail, the committee will have no further
difficulty in making such radical reduc-
tioDs in the tariff as will fully satisfy the
national Democratic platform. So far the
great difficulty of the committee has been
TO re'iuce the tariff without creating a
deflclt In the revenues, and this embar
RAISING condition DaS all along been the
Chief nope OF the Income tax men. The
protests that have come up from every in
dustry As The contemplated tariff reduc-
lions have been announced, and the open
threats OF the southern Democrats. who
have lodged vigorous objections against
removing the bounty on sugar and against
adding coal, iron ore and rice to
I the free list. have finally caused
the Income tax proposition to be given
The serious consideration that indicates It's
hnai adoption The plan will come to the
committee with the unanimous recon-
incubation of the Democratic memb bers of
The sub-com mittee having it in charge,
and it is stated that the proposition is in.
dorsed by every Democratic member of
the main committee except Mr.. Cochran
OF New York aud possibly Chairman Will
son. Those favorable to the provision
constitute majority of the full COM
mittee, and could, OF course, carry their
plans without the aid of their TWO Dem
ocratlc brethren. But it is expected that
the Democrats will act unanimously in
whatever policy may be finally adopted.
1he plan to be recommended hy the sub
committee leaves most of the details to
be settled after the final approval of the
poncy. Ii Is contemplated, however, that
no man shall be subject to an income tax
who does not have an annual income of
more than 81 900. 1t is suggested that the
Tax shall he per cent of the excess up
to so. COO The excess over $40, 900 per an.
mum up TO so, 0O0 snail be taxed ) per
cent, and the excess over $4,000 per an
mum shall pay tax of 10 per cent. La It's
essential features this system = practi-
calIy the same as tne one III vogue during
ana after the close OF the war, and which
proved 50 efficacious In raising the revenue
necessary TO meet the enormous oblisa-
tons or the government at that time.
The financial question also seems likely
to receive attention. The ways and means
subcommittee on public debts has Just
ordered a favorable report to the main
committee on the bill of Mr.. Bryan of
Nebraska, providing for the redemption of
ali outstanding per cent United States
bonds. There are outstanding at this time
about s22 000, 600 OF these bonds. Mir.
Bryan urges the bill on the ground that it
VIII relieve the government OF the interest
now accrulng annually, ana also Increase
the volume of currency in circulation to
the value of the bonds. IL viii thus tend
to relieve the present financial strinsency.
The various sub ommitteeS this after
noon presented their reports on the various
schedules assigned them. The results
show that the tariff bill Is now practically
completed and only awaits the approval
of the Iuli Democratic membership. The
Subcommittee on internal revenue wa.
the only committee not fully prepared to
report. The income tax scheme, however,
was favorably reported by the Sub-com-
mlttee, and tnls question absorbed most OF
the discussion of The day. Mr.. McMiilu
chairman OF the o-commIttee, took a
strong stand in favor of an income tax, and
was warmly supported by Messrs. Bryan.
Bynum, Whiting aud others. Ii developed
that some members felt considerable
anxiety over the reported opposition 10
the policy, and final action on the matter
was deferred until next week. At that
time there viii be spread before the com
mlttee detailed report showing 4 he ope-
ration OF the iucome tax during aud after
the close of the war. This report may con.
tain the views OF the treasury officials AS
To the wisdom o. such law.