The herald., 1895-12-26
An Increase Proposed of All the
Revenue Schedules
TREASURY CERTIFICATES
Will Form the Subject of the Debate
on Friday
Chairman Dingley Hopes That President
Cleveland Will Sign the Bills
Forty Millions is Expected to be Realized
from Increase Of Tariff and the Treas.
ury Certificates viii Bring
Fifty Millions More
Associated Press Special Wire.

fifty milli0nS more
Associated Press Special Wire.
WASHINGTON, Dec. 25.-The house ways
and means committee devoted several
hours of Christmas to a final consideration
of the two revenue bills which are to be
presented tomorrow. Printed copies we're
laid before the full committee, the plan
being announced to the Democratic men,
bers for the first time, although they were
familiar with its details through the &C.
curate forecasts presented by the Associ-
ated Press.
The bills were formally accepted as
committee measures, motions to lay them
on the table being overruled by party vote.
Each bill was read by sections, and mo-
tions were made by the Democrats to
strike out each section, which, of course,
failed to carry. 1t was voted to give Thurs-
day to the consideration of the tariff bill
by the house and Friday to the bond bill,
with q vote on each at the end Of the days
debate upon 1t. The Democrats endeavored
to secure three days debate to gain q
postponement of two or three days in
which to study the probable effects of the
ulod6uT69, eHdCtcus hIBO 10 uAV6 the
bond bill debated before the tariff bill, and
the Republicans adhered to their original
arrangement.
The committeeman present were Ding
ley, Dolliver, Payne, Tawney, Hopkins,
Dalzell, Russell, johnson, Steele and
Evans, Republicans; Crisp, Mcmillan.
Wheeler, Tarsiiey and Turner, Democrats.
Chairman Dingley stated to the COM
mittee that tile bills were not framed as q
Republican measure, but as one calculated
to save the credit of the government,
which, according to the presidents mes
by Secretary Carlisle to members, was en-
dangered. The condition of the treasury,
from their representations demanded i'm
mediate action, and the Republicans had
prepared emergency bills on lines which
seemed most expedient.
Mr.. Dingley laid particular stress on the
fact that the first bill did not constitute
and was not intended for a revision of the
tariff. Consequently there was no neces-
sity for a long discussion of the bill. The
tariff bill had been taken as the basis. An
estimate of the probable increase of the
revenue to be derived from the tariff bill
had been made, based on importations un-
der the Wilson act in 1894.
This showed probable increase in the
revenue of $4O,OOO,OOO which may equal
the deficit Of the past year. Twelve mill
lions, it was estimated, would be derived
;irom the increase: :on raw wool; $14,COO,-
900 from manufactured woods and $14,-
100000 from the fifteen per cent horizon
tai advance on other schedules.
The Republicans waived their protection
principles for the time in preparing these
bills, as Mr.. Dingley said: $50 they
hoped that President Cleveland would
waive any antagonistic views that he
might hold and sign the bills"
One of the Democrats asked why the Re-
publicans had not gone to the full extent
of the Mckinley bill, to which Mr.. Dingley
replied that they would have done so if
they had tile power. The Democrats on
their part commended that the effect Of the
bond scheme would be to retire the green en-
backs by holding them in the treasury and
the Republicans propose to do indirectly
just what the president had recommended
and what they (the Republicans) de-
nounced. The tariff bill, they claimed,
was a strictly Republican measure, and a
measure for which President Cleveland
had not asked.
Mr.. Mcmillan asserted that there was no
need for additional revenue as the treas
ury statement showed cash balance of
$17O.OOO,O0O. Mr.. Dingley replied that
seventy millions of this was in greenbacks
which had not come in as revenue, but had
been redeemed by gold. While on their
face they constituted part of the balance,
to pay them would continue the endless
chain. The Republican plan would pro-
vide for the expenses of the government
without encroachinR on the gold reserve or
employing redeemed greenbacks.
Amendments were offered by Mr.. Turner
TO strike out the second section of the bond
bill, providing for treasury certificates of
indebtenedss and by Mr.. Mcmillan to make
these certificates subject to taxation as are
greenbacks and other currency; both were
lost.
Chairman DingIey will present a report
explanatory of the bills. The Democrats
say they have not had time to prepare a
minority report.
The two bills to be presented to the
house tomorrow and their text are as fol.
lows:
No. IA bill to maintain and protect the
coin redemption fund and to authorize the
issue OF certificates of indebtedness to
meet the temporary deficiencies of rev.
enue.
Be it enacted, etc., that in addition to the
authority. given to the secretary of the
treasury by an act entitled IAN act to pro.
ments," he Is authorized from time to
time, at his discretion, to issue, sell and
dispose OF, at not less than par, IN coin. |
coupon or registered bonds of the United
states to an amount sufficient for the oh. |
ject stated in this section, bearing not to |
exceed 3 per cent per annum, payable I
semi-annually and redeemable at the |
pleasure of the United States in coin after |
five years from their date, with like quail |
ities, privileges and exemptions provided
IN said act for the bonds therein author
lied.
And the secretary of the treasury shall
use the proceeds thereof for the redemp-
ton OF United States legal tender notes
and for no other purpose. Whenever the
secretary OF the treasury shall offer any of
the bonds authorized for sale by this act,
or py the resumption act of 1875, he shall
advertise the same and authorize subscrlp-
tions therefor to be made at the ,reasury
department and at the sub-treasuries and |