Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-12-24
TWO GOOD PLANS
Formulated By Republicans for the
Relief of the Treasury.
Will Probably Be Passed and Go 10 The Presi.
dent Thursday.

Washington, Dee 9S-Four hours wer,
occupied by the Republican members o
the ways and means committee thi
| afternoon, In preparing measure of relic
Tor the treasury department. There wa.
a satisfactory unanimity Of opinion among
| the members as to the course 10 hc pursued
to meet the deficit in the national finances
Naturally the first suggestion was e
| secure revenue in the line OF the Repuhli
can policy, which is by duty on imports
When the conference ended those preseut
had agreed upon material amendments 10
the present tariff law, which it is csti-
mated, will increase the revenues about
$40, 600 600 annually.
Another measure, still incomplete. will
be reported at the same time looking ia
an issue of bonds and certificates of in
debtedness bearing low rate of interest
TO meet the present emergencies The two
measures will be brought before the
House separately.
Al the caucus of the Republican mem.
hers held Saturday night. nearly all pre-
sent favored the general bin. which. 81 Ma,
commended, should stand or fall with the
Senate and President upon its merits. To.
day, the disposition was general TO report
two different measures
Ii was explained by some of the mem
beers 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 tho very nature
of things, to oppose the bond feature of
the measure. II was primarily to secure
the support of the silver Republicans and
not put them in an antagonistic position
70 their party, that the decision was
reached TO divide the two propositions
The two bills will be reported to TIE
House Thursday, and Will he passed with
little delay. One, and possibly two days.
may be devoted TO their consideration, but
il Is not improbable that they will he
passed before the c'oie Of the session,
Thursday, which may be prolonged 10 ex.
tend the time for discussion
The substantial features of the tariff bill
are these: Making sc per cent rate on
wool with go per cent. compensatory
duty on manufactured cloth over the act of
1891; a 10 per cent. rate IL duty over the
1890 law (Mckiuleyl on lumrcr: % per
cent increase over tho act of 1884 wilson
hilD on live stock, cereals dairy products.
and horizontal increase Of ID per cent in
the rates of duty on all other schedules
over the law Of 1891
In this connection a proviso is added
that in no case shall the rates IL duty tx
coed those of the Mckinley law, except ia
the cases where the present rates Of duty
are higher than those Of the Mckinley
tariff. The proposed amendments are to
remain in effect until August /, 1898.
The increase Of duty in farm products
was made at the request of the members
representing distinctivcly agricultural
states, their contention being that the
present law is ruinOus to their granger
The accompanying bill
provides for the issue of 3 per cent five
years bonds to protect the gold reserve in |
the treasury with the proviso that the |
currency redeemed by the bonds shall not |
be paid out while q sdcficit exists in the
treasury.
This differs from the original purpose
of the Republican leaders, which was 10 |
give authority to the secretary Of the treas
ury to issue a 3 per cent bond rs popu
lar loan, to maintain the gold reserve and |
no other purpose with the proviso that |
the redeemed grepnbacks should not be
used to meet current expenses, but be re-
taned a. long as necessary as part Of
the redemption fund; authority 10 issue
TO national banks circulating notes up TO
the par of the bonds deposited as security
therefor, and reduce the tax on the ma
tional bank circulation; authority for the
issue of certificates Of indebtcdnc.- to meet
the temporary deficiency in receipts until
revenue can be provided.
In addition to tho sale Of bonds, the bill |
will authorize the secretary OF the treasury
% issue certificates Of Indebtedness bearing
per cent. interest, not 10 exceed $50. 600.
300 in amount, to meet the current
deficiencies Of revenue.