The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-27
RELIEF BILLS.
Report of the House Ways aud
Means Committee,
THE BOND AND TARIFF BILLS
To Provide fortho psaslsnpy ia the Rev
s'inRs,pon's to the President. Call,
ThsqHrtr mn PHrsly Revenue Msa,-
urswlIh Incidental Paoisctlon.

NuJullty OK the committee. They We're
accompanied by the following reports;
Your committee regard the chronic
deficiency OF revenue for the pnSt two
years and u half as most potent cause
OF the difficulties which the treasury
has encountered aud an important fac
tor IN the creation ana promotion Ot
that serious distrust which has para
lyzed business and dangerously shaken
confidence even In the financial opera
ions ( me government
The serious fact which we are called
upon to confront IL that In two and u
hair Years that have elapsed since July
], 1893, this government has had an in
hutticiency OF revenue to meet current
expenditures, amounting In the nggrc-
gate to about Sl3S,OOO00O. And even In
the first hall OF the present fiscal year,
the deficiency will reach about 10000
600, and about $a,OOOOOO In this present
month.
L the consequences Of such chronic
deficiency were only the necessity NJ
borrowing money to meet current eN-
penses In time OF lieace, even this would
afford abundant reason for increasing
the revenue. But the consequences
are more wide reaching than that In
Suttioiency OF revenue has made II me-
ceasary To use the redeemed United
States legal tender notes to pay cur
rent expenditures, and thus to supply
additional means 10 draw gold from
the gTeGnbnck redemption fund-ln
short, TO create that endless chain" OF
which the secretary OF the treasury
complains, and which has made It ne
cessary 20 sell issue after issue OF bonds
TO replenlsh the reserve.
The necessity Of more revenue from
the point OF view OF the maintenance
Of the redemption fund Is not taken
away by the fact that we have $4,000
600 OF cash In the treasury, in addition
to the 800, 100000 (part gold required
for the redemption fund and the TWEEN
" odd millions required as a working
balance. This S500OO.O00 represents
$50, 100000 OF redeemed United States
legal tender notes, for whose redemp-
tion we borrowed $50 900 In gold. II
we continue to pay them out to meet n
deficiency OF revenue, then presently,
they will come back again TO draw
S50.00O,0OO mop from the treasury,
which we must supply by selling Sj1.-
100000 OF bonds. The suggestion, there.
fore, that We need no more revenue be-
cause we have n cash balance OF $780,.
000,0 OF government notes in the treas.
ury that can be used TO pay any deli
cheney for the next six or twelve
months, Ia, in effect, proposition TO
issue more bonds 10 meet dehcien-
cy which should be met nj once by
providing more revenue.
In other words those who oppose
raising more revenue In such a situn-
ton, in effect-whether they intend to
do 80 or not--favOr borrowing In pref
erence to paying as we go along.
Your committee believe that It Is
the duty OF the house OF representa-
tives, TO which body the constitution
commits the Inauguration OF revenue
bills, to frame and pass measure that
will yield not far from S+OOOO.0OO, suf-
flcient to put an end to a deficiency
and to do this without delay. too
leaving TO others, whose cooperation
is required to finally place such legisla-
ton on the statute books, to meet the
responsibility In their own way
In response TO the urgent call OF the
President, your committee have felt
impelled 10 act with all possible dis
patch. Two facts have led your COM
mittee TO look 10 an Increase OF GUS
toms duties as the most appropriate
source of additional revenue. They
are. first. the fact that we are already
raising n disprOportlonate amount from
internal revenue, which has always
been regarded as q war resort-ln-
deed Jefferson took the ground that ex-
else taxes should not be resorted to by
the federal government as sources OF
revenue in time OF peace, and the Dem
ocratic national convention maintained
the same doctrine In 1884 And, sec
ondly, the fact that by increasing the
customs duties on imported articles
which we can or ought TO produce at
home. for revenue purposes, we can ut
the same time incidentally encourage
stricken Industries and materially aid
IL turning In our favor the balance OF
trade which has been so heavily agalnst
US all through this calendar year, and
which has caused n demand for gold
for export, which our treasury has
been called TO supply.
Your committee have not undertaken
a general revision OF the tariff OF protec-
tlOn lines. az n majority hope can be
done In 1898, not only because they
know that such tariff legislation would
stand no chance OF becoming law, but
also because general tariff revision
would require many months: and the
need Is more revenue ut once, We be-
lieye. however, that this need OF more
revenue is 80 CHEAT that simple meas
iire Increasing all duties OF the dutlable
list, and taking from the free list OF the
present tariff few articles that were
always ON the dutlnble list until August
"a, 1895, and which have always been
important revenue producers. ana linz
fling the operation of such Legislation to
about two years and a hnlt-until the
present deficiency az revenue II over.
come--ought to receive the approval
even of those who do not fhvor protec'
tive duties, on patriotic grounds; and,
that the fact that II may incidentally
encourage the production OF any articles
that we require Mt home instead OF
abroad win not be regarded M ground
OF opposition under present circum'
stances.
While we have presented In the brief
measure reported a horizontal increase
OF 10 per cent OF existing duties on AZ
the schedules but two. which II an addl'
lion OF less than per cent TO the aver
nRe ndyRloram rate giving about
az. 200, 900 revenue from TINT source; yet
more than t2j,0O0.000 OF tho fi0,OO.Ow
which n Is estimated this bill would ada
IN MIR annual revenue. Will come main
iy from wool which n taken from the
FREQ jlpt and given q moderate duty. ana
from manufactures Of wool, which hTo
given IL compensatory duty equivalent
10 the duty on wool (Which la always
necessary when duty Il placed on
WOOL, In order 20 give the wool grower
Tho benefit. and make II possible TO
manufacture wOolenB nj home, n,
Tho report on the bond bill says; Tint
tho gecrGtary OF tho treasury now llN
the authority under the resumption act
al 1916 10 issue and sell ton year hyc
nor cont bonds and thirty four per cent
bonds In maintain the FUND for the 70,
donpllon Of United Btntca notes. anu
TINT ho has sold 500, 900 600 Of the torill-
or description aud about f92,0OD'OWoitnc
inter description ~ bondA In The. past
tan yenta. and M he announces his M