The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-12-26
COME TO HIS AID.
Congressional Committees Offer
Help for the President.
Measures to Save Our Nations
Credit Reported
By the Ways and Means Com
mittee to the House.
TARIFF AND BONDS.
Horizontal Increase in Tariff of
About Fifteen Per Cent.
Power to Issue Low Rate Short
Time Bonds.
TARIFF AND BONDS.

WASHINGTON, Dec. 26. - Chairman
Dingley, of the ways and means commit
tee, today reported to the house the
tariff and bond bills agreed on BY the
majority of the committee They we're
accompanied by the following reports:
Your committee regard the chronic
deficiency of revenue for the past two
years aud a half as a most potent cause
of the difficulties which the treasury
has encountered, and an important factor
in the creation and promotion of that
serious distrust which has paralyzed
business and dangerously shaken con-
fidence even in the financial operations
of the government.
In the two and half years that have
elapsed since July l, 1898, this govern
ment has had an insufnciency of revenue
to meet current expenditures amounting
in the aggregate to about S133, 3,000,000
And even in the first half of the present
fiscal year the deficiency will reach about
42O 600 900 and about $4,000, 600 in this
present month. Aud uD to the present
time there is no sufficient ground for
Opining that this insuffcieucy of revenue
will not continue during the remainder
of the fiscal year, and how much longer
no one can safely predict.
Insuficiency of revenue has made it
necessary TO use Lu6 T6Q66meQ C0lt6Q
States legal tender notes to cay current
expenditures and thus to supply addi-
tional means to draw gold from the
greenback redemption fund-iu short 10
create the -endless chain" which has
made it necessary to sell issue after issue
of bonds to repienish the reserve.
It is evident that SO long as there is
insufficient revenue bond sale after bond
sale will be required.
Those n HofE inn Vl1nF ror
enue in such q situation in effect
whether they intend to do so or not
favor borrowing in preference to paying
as we go along.
Your committee believe that it Is the
duty Of the house of representatives, to
frame and pass measure that will yield
not far from $41, ,000. .000wsuficie to
put an end to a deficiency-and TO do
this without delay, leaving to others,
whose cooperation is required, to final
ly place such legislation on the statute
books to meet the responsibility in their
own way.
Two facts have LED your committee to
look to an increase of customs duties as
the meet appropriate source of addition
al revenue They are, first, the fact
that we are already raising a dispropor-
tionate amount from internal revenue,
which has always been regarded as a
war resort
And, secondly, the fact that by increas-
ing customs duties on imported ar
ticles, which we can and ought TO pro-
duce or make at home, for revenue pur-
poses we can at the same time incident
ally encourage stricken industries and
materially aid in turning in our favor the
balance of trade, which has been so
heavily against US all through this cal
endar year, and which has caused de-
mand for gold for export, which our
treasury has been called to supply. For
SO long as the balance of trade is against
US on account of excessive imports, we
must export gold, or what is the same
thing, promises to pay gold, to pay for
the excess of imports over exports.
While we have presented in the brief
measure reported, horizontal increase
of 10 per cent of existing duties on al
the schedules but two, which is an addi-
ton of less than per cent. to the aver
age.advalorem rate-giving about $15,-
100000 revenue from that source; yet
more than $25 100000 of the $40, 900, 900
which it is estimated this bill would add
to our annual revenue will come mainly
from wool, which is taken from the free
list and given a moderate duty, and from
manufactures of wool which are given a
compensatory duty equivalent to the
duty on wool.
The bill reported by your committee
proposes 10 make the duty on imported
clothing wool, sixty per cent of the duty
imposed by the act of 1890 which would
give an equivalent of 6 $40 of a cent
pound on unwashed wool or about per
cent ad valorem. The duty on manufac-
lures Of wool is increased by a specific
duty equivalent to the duty on wool.
The duty on carpss woods is left at 80
per cent ad valoEem, where it was placed
in 1890 This is a purely revenue duty
as We raise very few carpet woods. Such
lumber as was placed on the
Tree list by the act of 1890,
without the slightest justifca-
tion, is restored to the dutitabls list but
with duty of only Is per cent of the
duties provided by the act of 1Sg0-giv-
ing an equivalent of only about 10 per
cent.
Believing that such an increase of rev.
euue as is proposed is essentially the frat
step in the restoration of confidence and
the restoration of the treasury to a sound
condition and that other legislation to be
proposed TO this end cannot be effective
without adequate revenue to meet the
expenditures of the government, your
committee recommend the passage of
the accompanying bill"to temporarily in-
crease revenue to meet the expenses of
government aod provide against a de-
aciency."
THE BOND BILL.
zt is for Low Rate, Short Term Bonds for
Redemption Only.