The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-26

at 04UdlCS ana OtntI pQEDOnS OF carpets
or carpeting, made in whole or in part Of
wool, the specific square yard duty i'm
posed on each of such articles by said
act approved Oct. !, 1880, and subject TO
all the conditions and limitations thereof
IN addition to the ad valOrem duty i'm
posed on such articles by said act, which
became law Aug. q, 1894.
sec. ). That from and after the passage
or this act, and until Aug /, 1898 there
shall be levied, collected and paid on all
lumber and other articles designated in
paragraphs 674 10 6S3 inclusive, of an act
entitled, An act to reduce taxation, to
provide revenue for the government and
Tor other purposes, which became a law
Aug. q, 1894, duty equivalent TO 60 per
cent. OF the duty imposed on each of such
articles by an act entitled, AN act to re-
quce the revenue and equalize duties on
imports and for other purposes ap-
proved Oct. 1, 1890 and subject to all the
conditions and limitations of said last
named act; but pulp wood shall be CLASH
ned as round manufactured timber eX-
empt from duty; provided, that in case
any foreign country shall impose any ex-
port duty upon pine, spruce, elm or other
logs, or upon StaVe bolts, ShIngle wood,
pulp wood or heading blocks exported to
to the United States from such country,
then the duty upon the lumber and other
articles mentioned in said paragraphs GA
10 6SS, inclusive, when imported from such
country, shall be the same as fixed by the
law in force prior to Oct. l. 1880.
Sec. 4. That on and after the passage of
this act and until Aug. /, 1898, there shall
De leNleus corrected ana pdlu on all Lue
imported articles mentioned in schedules
A, B, c, d, +, G, H, j, J, L, NJ, and n, of
an act entitled 'An act to reduce taxation
to provide revenue for the government and
for other purposes" which became a law
Aug. q, 1894, duty equivalent to fifteen
per centum of the duty imposed on each
of said articles by the existing law in ad-
dition to the duty provided by said act OF
Aug. q, 1891: Provided, that the ad-
ditional duties imposed by this section
shall not in any case increase the rate
Of IHnewr til g.
imposed thereon by the said act of Oct.
l, 1890, but in such case the duty shall be
the same as was imposed by said act; and
provided, further. that where the present
rate of duty on any article is higher than
was fixed by said last named act, the
rate of duty thereon shall not be further
Increased by this section, but shall remain
as provided by existing law.
The full text of the finacial bill, which
Is also to be reported tomorrow, Is as
follows:
A bill to maintain and protect the coin
redemption fund and to authorize the is
sue of certificates of Indebtedness to meet
temporary deficiencies of revenues:
Be it enacted, etc, that in addition to
the authority given to the Secretary Of
the Treasury by the act approved Jan.
IA, 1875, entitled an act to provide for the
resumption of specie payments, he is au-
thorized from time to time, at his dis
cretion, to issue, sell and dispose Of, at
not less than par, coin, coupon or regis
tered, bonds Of the United States to an
amount sufficient for the object stated
in this section, bearing not to exceed 3
per centum interest per annum, semi
annually, and redeemable at the pleasure
of the United States in~coin, after five
years from their date, with like qualities,
privileges and exemptions provided in said
act for the bonds therein authorized. And
the Secretary of the Treasury shall use
the proceeds thereof for the redemption
of the United States legal tender notes,
Secretary of the Treasury shall offer any
of the bonds authorized for sale by this
act or by the resumption act of 1879, he
shall advertise the same and authorize
subscriptions therefor to be made at the
treasury department and at the subtreas-
uries and designated repositories of the
United States.
Sec. 2. That to provide for any temporary
deficiency now existing or which may
hereafter occur, the Secretary of the
Treasury is hereby authorized at his dis
cretion, to issue certificates of indebted
ness of the United States to an amount
not exceeding $50,00O,OOO, payable in three
years after their date, to the bearer in
lawful money of the United States, of
the denomination of $50 of multiples there
of, with annual coupons for interest a
the rate of 3 per centum per annum, and
to sell and dispose OF the same for not
less than an equal amount of lawful money
of the United States at the treasury and
at the sub-treasuries and designated de-
positories of the United States, and at
such postoffices as he may select.
And such certificates shall have the like
qualities, privileges and exemptions pro-
vided in said resumption act for the bonds
therein authorized. And the proceeds
thereof shall be used for the purpose pre-
scribed in this section, and for no other.
The committee adjourned at ] 20 p. m,
after a session of nearly two hours and
half.
Chairman Dingley made a statement to-
night as to the exact meaning of the
proposed revenue bill. His explanation is
a substantial reiteration of the reports
on this topic as conveyed to the public in
the Southern Associated Press dispatches.
1.-The revenue BILL" said Chairman Ding
ley, lis not intended to be a tariff revision,
but simply an exigency bill to raise about
100000 900 of revenue to meet the deficiency.
The main object is revenue, although in
cidentally the increases will help Ameri-
can industries to some extent. The bill
lis limited to two and a half years, the eX-
pectation being that by that time the re-
publicans will be in full power and able to
revise the tariff on their own lines. Woods
are taken from the free list and clothing
wools given a duty of 6O-lO cents go per
cent. of the duty provided by the act of
1890 and woolen goods are given a spe-
cifc compensatory duty, 60 per cent. of
what they had under the act of $780, in
addition TO the ad valorem duty OF the
present law. Carpet woods are placed
where they were under the act of 1890,
and the same specific duty given to car
pets as under the act of 1890, in addition
to the ad Valorem duties of the present
law The articles of lumber placed on the
free list of the tariff of 1890 are transferr-
ed to the dutiable list with 60 per cent.
of the duty they naQ Qnuer tne act OF
1890 Then all the other dutiable schedules
Except sugar, which is not touchedD have
all the duties raised 10 per cent. The COM
mfttee had not the time to treat articles
separately, and hence a horizontal in
crease became necessary as to all articles
now on the free list.
THE bond BILL" added Mr. Dingley
gives the Secretary of the Treasury au-
thority to issue a per cent. five year
coin bond to maintain the redemption
fund, in addition to the authority he now
possesses. but provides that the proceeds
Of all bonds held under this act and un-
der the resumption acts shall be used only
for redemption purposes. 1t also pro-
yides that all bonds shall be first offered
to the people of this country. The bill
also authorizes certificates of indebted
ness bearing = per cent interest and pay
able within three years, 10 be issued, to
meet any temporary deficiency of the
revenues The only object Of the bond
bills Is to reduce the rate Of interest
and the time they run as the bonds which
the Secretary Is now authorized to is
sue bear four or five per cent The bill
practically separates the redemption fund
from the cash IN the treasury and Is in
tended 10 put a stop 20 the practical use
OF the proceeds Of bonds 20 meet the de-
lciency IN the treasury
Az ESCYCLICAL on ARMENIA.