The Forrest City times. [volume] (Forrest City, Ark.) 1871-1919, 1895-12-27

VI the republican Mem
oers OF the Ways and Means Committee
TO Bridge the Financial Crisis VIII
increase the Tarin and Issue Low Rate
Bonds and Certificates of Indebtedness.
WASHINGTON, Dec. 24.-Four hours
were occupied by the republican MEM
bers OF the ways and means committee
yesterday afternoon in preparing
measure OF relief for the treasury de-
partnent. There was satisfactory
unanimity of opinion among the mem
oers as to the course to be pursued in
order to meet the deficit in the ma
tlonel finances. Naturally the first
suggestion was to secure revenue In
the line of republican policy, which is
by duty on imports. When the con-
terence ended very material amend
ments were made to the present tariff
law, which it is estimated will in
crease revenues about SAC, 1000, 900 an
nually.
Another measure, which is still in
complete, will also be reported at the
same time, looking to an issue of bonds
and certificates of indebtedness, bear
ing low rate of interest, to meet the
present emergencies. The two meas
ures will not be amalgamated, but
will be brought before the house sep
arately.
This conclusion differs radically from
the sentiments expressed ut the secret
caucus of the republican members held
at the capitol on Saturday night last.
AT that time nearly all the repub-
licans present favored one gem
eral bill, which, it was contended,
should stand or fall with the senate
and the president upon it's merits.
To-day, however, the disposition was
SO general to report two different meas
ures that the agreement was reached
without delay.
The reason for this was obvious. It
was explained by some of the members
present that the silver republicans in
the house and senate would vote with
their party on the tariff measure while
they would be forced, by the very ma
ture OF things, to oppose the bond fea-
lures of the measure. 1t was primarily
to secure the support of the silver re-
publicans, and not put them in an an
tagonistic position to their party, that
the decision was reached to divide the
two propositions.
The two bills will be reported to the
house on Thursday of this week, and
will be passed with delay. One, and
possibly two days may be devoted to
their consideration, but it is not inn
probable that they will be passed be-
fore the close of the session Thursday,
which may be prolonged to extend the
time for discussion.
The substantial features of the tar
iff bill are these:
Making so per cent. rate on wool,
with 60 per cent. compensatory duty
on manufactured cloth, over the act of
1894. A 0per cent. rate of duty over the
1890 law Mckinley on lumber A 25
per cent. increase over the act of 1894
(Wilson billy on live stock, cereals and
dairy products, and horizontal in
crease of Is per cent. in the rates of
duty on all other schedules, oyer the
law of 1894.
In this connection a proviso is added
that in no case shall the rates of duty
exceed those of the Mckinley law, ex-
cept in cases where the present rates
of duty are higher than those of the
Mckinley tariff law. The proposed
amendments will remain in effect un-
til Augut l, 1898.
The increase of duty on farm prod
ucts was made at the request of the
members representing distinctively
agricultural states, their contention
being that the present law is ruinous
to their granger constituents.
The accompanying bill provides for
an issue of three per cent. five-year
bonds to protect the gold reserve in
the treasury, with a proviso that the
currency redeemed by the bonds shall
not be paid ont while deficit exists in
the treasury. This differs from the
original purpose of the republican
leaders, which was to give authority
to the secretary of the treasury to is
sue three per cent. bond as popular
loan, to maintain the gold reserve
and for no other purpose, with pro-
viso that the redeemed greenbaclxs
penses, but be retained as long as nee
essary as part of the redemption
fund; authority to issue to national
banks circulating notes up to the par
of the bonds deposited as security
therefor, and to reduce the tax on ma
tional bank circulation; and authority
for the issue of certificates of indebted
ness to meet the temporary deficiency
in the receipts until the revenues can
be provided.
In addition to the sale of bonds, the
hill will alco authorize tba Sacrata,,v
of the treasury to issue certificates of