New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-03-04

10 order the bill to third reading. and it also re-
iected By a vote of lS9 10 107 substitute otferei
| by Mr. Reed. which authorized the issue 81 hVe-
| wear per cent bonds to maintain the gold re-
serve and OF twOyear per cent certificates 81 IN
| debtedness TO provide against any defclt IN me
| revenues to meet the current expenses OF the
Government This substitute WAS substantially
! the same as the proposition recommended am
urged bv The Secretary OF the Treasury in two
| annual reports with the expressed approval ~
, President Cleveland but it was now opposed win
all the force and influence Of the Administrations
THE BOND SYNDICATE BARGAIN.
On the following day, February s. the Presi-
dent sent another special message to Congress. In
which he announced that "as precaut'on
against the failure OF a Democratic Congress to
do its duty. "A contract had been entered into on
that day for the sale of s65.l16,0Oo OF per cent
bonds on basis which would yield the syndicate
of bankers ga per cent interest, and giving the
said syndicate an option on all bonds that might
be issued prior to October l. 1895. He also in
formed Congress that the right had been re-
served to substitute for the per cents under
the contract 3 per cent gold bonds The Com
mittee on Ways and Means Immediately framed
and brought !n--on February la Joint rcsolr-
tion which was approved by four OF the Demo
cratic members. authorizing the issue OF per
cent gold bonds to amount sufficient to cover
the deliveries required by the secret contract
with the syndicate This Joint resolution was de
bated in the Democratic House of Representa-
| tives on February IA and on the same day that
body. by a vote OF 100 yeas to lCI NAYS re1useu
to order 1t TO englossment ana thlfd itaui" -
| a majority Of the Democrats present voted III
! the negative Thus ended the last attempt III
the House Of Representatives OF the LilId Con-
gress to do something for the rehel 81 the "a
| tiona Treasury and the maintenance OF the pun
| lie credit. LII,
| Every financial recommendation of the Admin
istraton to that Congress except "meMw" @ wa" ;
onlx. nv no a
nored or formally rejected. In the Senate amend
! ments to general appropriation Din Werc Pr
| nosed by Democratic Senator aulhorZihs 'He
issue Of short-time bonds To MAINTAIN thc soIo re-
| serve and OF certificates Of Indebtedness 10 pay
! current expenses of the governmental pan SUI
! stautiallv the same as that proposed ny MY nve'
! anS raiccted by the House of Representatives.
| These amendments excited 50 much Democratic
| opposition which was encouraged ana SuIEnS, II
| encd by threats of a veto Of the Snndry CINh Np-
-iaton hill in case they should pass Congress
| that the amendments were withdrawn IN order u
save that measure from dcieat 49,, ,,
I, ought 10 be remembered tnat tnS heiii
! cb,lv disastrous ana almost wholly dlslepu'tDIe
! record of the party in power in me Llllu o IN,
gress on financial questions was mace a. n.'
when general and deep distress prevailed 'hi'uSh-
out tho cnuntrv when worldwide distruS' threat
| ened and endangered the public credit OF the
United States and when. therefore. there Vas an
urgent. imperative demand LOT WIS., anu P
action by Congress
ROTCHING REVENUE LEGISIATlON
| questions however was not worse in any respect
| IN fact it was not bad In some respects lha''
| it's record on questions relating 10 revenue cs'S'
ton The subjects were so intinhteE Ici'''"
10 and interviewer with each other tnat II Is eN-
ceed.nelv difficult 20 separate them The Demo
ratio party came into power pledged to rcV'sc
the customs laws on basis OF revenue only
and free from any pledge TO Increase internal
taxation As party Il had always opposed IN
ternal taxa ton especially tax on incomes '''"
when the exigenc.es OF the civil War required inc
! imposition OF such taxes Soon after Congress as
! samble1 In August. 1898 the Committee on Ways
and Means OF the House OF Representatives. "hich
| had been promptly appointed and organized began
the preparation of tariff bill TO carry ont the
pledge OF the party in power
| Al the very outset II found Itself 'confron'ed
by condition" Threats OF radical tariff ieS'Sia-
ton had no, only peralyzed and Frustrated domes-
.ic industries but curtailed the revenues TO such
| an extent that the receipts were insufficient 10
! balance the current expenditures The real iroh-
! lem therefore, was TO provide means 70 rcpi"nisA
the failing revenues and II was coolly Ignored by
| the Democratic ma jority OF the Ways and Means
Co.amittee After a fortnight devoted 10 public
hearings the majority OF the committee rciir'i
10 sub-co lar Of the Capitol and began It's laoors
| The statements Of fact and arguments submitted
| during the public bearings were dlsregafd"d ana
east aside worthless. except in the Few cases
urers. we'll foreign manufacturers ana pro-
! ducers themselves. had appeared IN behalf oi
| From that tine until the bill completed and
nSpro gg, o the Exeom,iy The minority OF the
| committee was kept In profound ignorance % KS
provisions In fact the frs, official nformaion nat
| the minority received in regard 10 the BIN was
contained in the annual message o. he president
I, is true however. that ceriain professional
tariff reformers" were consulted anI that few
Of access 10 members Of he majority % the CON-
mtee ana b IN 1es CTT h5 Fa WS M
/ bin was finally reported TO the House Of Kcpr"-
in spots and according 10 the estimates Of some Of
the Democratic members Of jhe commute, IL. el-
| actment would result I'm an increase In the Treas
ury deficit to the amount OF many millions Of dol
/ VAINI.Y TRYING TO KEEP Up THE REVENUE
In order to prevent this the House voted TO i'm
pose a tax on incomes increase the internal tax
| on whiskey 20 cents gallon coupled with an OK
tension tho bonded period to eighr years.. and to
| impose internal tax on playing cards. Nft"T tn"
| bin reached the Senate early in February. 1876
| II was discovered that after the additional
/ internal taxes had been imposed deficit would BE-
! inevitable unless there should be substantial In
crease In rates and the restoration to the dntlabl"
| list Of certain articles that had been retained or
| transferred 20 the free list by the Hous" OF Rep
| resentatives. The Secretary Of III" Treasury m
| sisted for example. tina; duty must he imposed
| on sugar II deficit was to be aNoid.d or pre-
vented Then followed series o' proceeiihgs "h'Gh
! power in the Senate OF the tnited states, ne
Commttee .T by seifconstucd cominttce some Of
whom members Of the former committee. ana
! hawkcd among Democratic Senator's whose votes
| insure Its passage The result
OF this peddling the addition Of several hundred
amendments OF the nature and scope OF which the
minority OF the Finance Committee was kept In
| ignorance until they were offered I'm the Senate
Suspicious Or CORRUPTION
Some Of these amendments excited a strong and
| rather general suspicion that they had been pro-
| cured By corrupt means. For the first time since
1851 a revenue measure in Congress was tainted
with strong accusations and suspicious Of fraud a
I faint which by means removed by the m
vestlgailOn that had and which st!ll cllngs 10
| the measure After the bill passed the Senate. and
before II was considered by a conference committee
| President Cleveland !nterfered ana attempted %
| defeat some OF the Senate amendments By writing