The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1893-12-04
M'PHBRSON'S OPINION.
Endorses the Wilson Tariff
Bil1-The Financial
Situation.

WASHINGTON. Dec. 4. 1898. Senator
McPherson OF New Jersey has arrived
here. He Is second on the Senate FL
nance Committee, and. representing as
he does a manufacturing State. his part
in the contest for a revision Of the tariff
is certain to be prominenr and inf1uen-
tial. It has been intimated that he will
preside over the subcommittee of the
Finance Committee that swill pass upon
the schedules Of the Wilson bill before
that measure 10 reported back to the Sem
ate for nna action. A C respondent
called Mr.. MePherson's attention 20 this
matter today.
THAT gossip is premature" the sens
tor said. "fhsre has been no discussion
Of the question as yet. Mr.. Voorhees,. as
Chairman Of the Finance Committee, will
take charge of the tariff pill when 1t is
received from tue House aud direct the
work OF examination. The bill is oDe In
which | take N lively interest. aud / ex-
Dect to contribute my share OF the Sen.
ate's work on II.
ENDORSES THE BILL
Have o examined the oill2"
mot thoroughly sneug to discuss 1t
at any length. Many Of it's features |
cordially endorse. We nave promised
the people q lower rate OF taxation, and 1t
Is our duty TO keep our word. the Ways
and Means Committee mas done we'll not
to consider the result of the recent eiec-
tions. Our Instructions from the country
were received a year ago, and they ere
very specific. / hope, however, to see
both the Tariff bill proper and the bill for
raising internal revenue merged into q
comprehensive measure, so that the
one time. In my judgment provision
ought TO be made for Il large
deficit. With the conditions, both at
home and abroad, as they now are, our
impertatjons are not likely to increase
much for some time. Until affairs
brish' an materially u duty of 80 per cent.
is likely TO prove as prohibitory as 60 per
cent"
"WilI the Senate be likely to change
the bill materially"
Probably not. / expect to see the
hardest knots all united in thu House.
The Senate will, OF course, subject the
bill to a thorough examination and a fe "
han ges may be made here and there.
Tne finance Committee may decide to
give hearings. This will not be In
criticism of the Ways and Means Com4
mittee. but merely to afford manu-,
facturers an opportunity to nrrsent vie ws
that have grown out of a study of what
che House bill proposes. No great
amount OF time need be consumed in this
a and, first and last, the Senate ought
to be aole TO dispose of the bill IN two,
months. Ii the House sends it over early
In January the bill ought to be ready for
the Presidents signature by the middle OF
March. Democratic Senators will not
care to take up time in speechmakfng.
Tine bill Will be a good Democratic
speech in Itself. A vote will proba oily be
called. therefore, as soon rs our Repub-
lican friends conclude their criticism of
iL. What we should contspt ourselves
with doing is 10 write a tariff law on the
books that will stand for at least ten
points involved The people are tired
of this long agitation. They bave
declared themselves on the su ject
OF the tariff, and we should give them a
bill that will ut once afford them cheaper
living, and be sn assurance that they can
safely adjust their business to the new
~scheduies. Once that ID done, the peo-
pie themselves will see to the rest. We
peed not fix our eyes either on the recent
elections or on those to take place hex
November. The thing for the Demo-
era lc party to do is to revise the tariff
justly and fairly on revenue lines, and
let all consequences TAX care OF Ihsm.
Selves"
THE FINANCIAL QUESTION.
what about the tinanrial Question?D
THAT Is still a very important uues-
ton. and | expect this session to produce
soine Legislation bearing on It,. The fact
is the situation is grave. There Is a large
deficit in the Treasury, gro wing month
by month. and it must be provided for.
II seems to me that Mr.. Carlisle will
be obliged to ask Congress either
for bonds or for permission TO cnin the
seigniorsRe. Beads on short time and at
N iow rate of Interest. 9 y TO the amount
of sl0o, 900. 900. would meet the case. They
could be disposed Of on good terms TOR
the Government, aud the present diff
Guilty would entirely eisao Dear. Tn
coming of seigniorage would afford the
Treasury an asset of at least $50, 600, 600.
and that woIld bring relief. OF these
two plans. however. bonds would be far