The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-17
THE rIMEs-RICHMoND va SUNDAY DECEMBER II 1893
A HEAVY REDEMPTION.
AN ExTEA IORCE OF CLERKS Ar
WORK IN the TREASURY.
Caucus 10 Consider the Tariff Bill VIII Be
Postponed Until After the Holidays.
Deficit Caused BY the Bill.

WASHINGTON, ID. C., Dec. 17.-Secre-
tary Carlisle to-day detailed fifteen clerks
from other divisions to assist the eighty
clerks In the redemption division Of the
Treasurer's office, 10 count and redeem
the United States money which is now
being placed for redemption. This extra
force will commence work on Monday.
This division is now 100000 behind In
It's work although for the past six weeks
the clerks have been working over hours.
and redeeming money at the rate Of
I,25O,C0 a day. In spite Of this heavy
redemption, the United States money
has accumulated and all such money
IN the process Of redemption is not only
withdrawn for the time from circula-
ton, but also from the Treasury cash.
As the net available currency Of the
Treasury is now only about sS,5O0000. IL
is desirable 10 facilitate redempions as
much as possible. The plethora Of money
now held by the banks is given as the
reason why redemptions al this time are
so unusually heavy. The redemptions
referred 10 above do not include the
redemption Of national bank notes.
which are always very heavy. requiring
overwork to keep up with the process
of converting old money into new.
TsriT Caucus Postponed
Mr. Holman, the chairman Of the Demo
cratic Caucus Committee, said to-day
that the caucus 10 consider the tariff
bin would probably be postponed until
after the holiday recess. The revised
bill has not been printed and laid before
the members yet, and he thinks that it
ought 10 be carefully studied by them
before It Is considered in caucus. Holman
thought it would be better 10 postpone
~ ha
home and talked with their constituents,
so that they could more intelligently
represent their wishes when the bill
came before the caucus. He added, how
ever. that quorum Of the House would
not be present after to-day. and that
II would not be well 10 caucus upon so
important subject as the tariff unless
all or nearly all the Democratic mem
bers were in the city.
SO much Of the time Of the Democratic
members Of the Ways and Means Com
mittee is occupied i'm hearing the com
plants Of the representatives Of the in
terests affected by the tariff bill. that 1T
is difficult TO say when the remaining
parts of the mcasure-the internal reve-
nue. schedule-will be completed and laid
before the full committee. Mr. McMiliin,
the chairman Of the subcommittee hay
ing the internal revenue schedules IN
charge. has been hopjng to finish this
work by Tuesday. but the chances are
greatly against IT, Several members Of
the committee. i'm anticipation of the ad-
iournment for the holidays next Thursday,
are likely to leave the city within the
next forty-eight hours, or by Tuesday
evening at the latest. There Is fair
presumption. therefore. that uncompleted
parts of the bill will not be finished until
after the holiday recess.
Mr. McMillin said to-day that the sub
committee have already reported their
conclusions 10 the Democratic members
Of the fun committee on cigarettes. play
ing cards. and inheritances. The tax on
cigarettes has been increased TO Sl50 per
thousand. On playing cards a tax Of
per cent is imposed. Upon inheritances
the committee suggests two rates-a maxi
mum rate on inheritances descending 10
collateral branches OF a family. and a
minimum rate where the Inheritance is
direct The proposed rate was left open
by the subcommittee. and has not been
determined by the full Democratic ma
jority
To Wipe Up Deficiencies.
1lr. McMnlin also said today: "The
deficit caused by the Wilson tariff bin
viii be- i'm round numbers. about $50 900 600.
/ don't think our necessities will demand
more than from 100000 TO 100000.
We can save q great many millions by
insututing a system Of rigid economy in
our national expenditures. and no incon-
siderable amount viii result from in
creased importations consequent upon the
flush times and reduced custom rates.
Every penny of this money can be raised
from an income tax. So greatly has the
country developed i'm population and
wealth that an individual income tax
exempting incomes Of $1,000 and less, at
one-half the rate charged on all incomes,
the law which was formerly in force viii
net up a corresponding income-an income
large enough TO supply all deficiencies.
We can obtain all the money we need
from this source without doing any one
an Injustice / hold the same views to-
day that I did several months ago, when
/ wrote a paper on this subject that was
published i'm a well-known Eastern ma
gazine. / then made the argument that a
legacy tax never makes its eXactness
until the party who worked for the money
no longer needs il. until one Is 10 get it
who never earned IL. The legacy tax,
I'm my opinion. is the fairest Of all taxes.
and personally I have no hesitation in
saving that ! am equally favorable TO a
tax on individual incomes and corpo-
raffonc