The record-union., 1895-12-24

tfmated VIII Increase the Revenue
About Forty Millions of Dollars
Annuany-Another Bill Also I'm
der Consideration Looking to the
Issue of Bonds and Certificates of
indebtedness to Meet Present Emer-
gencies.
WASHINGTON, Dec. 23.-Four hours
were occupied by the Republican mem
bers of the Ways and Means Committee
this afternoon in preparing measure
of relief for the Treasury Department.
There was a satisfactory unanlm1ty
of opinion among the members as TO
the course to be pursued in order to
meet the deficit in the national finances.
Naturally the first suggestion was 10
secure revenue in the line OF Republl-
can policy, which is by duty on i'm
ports When the conference ended very
material amendments were made to the
present tariff law, which it is estimated
will increase revenues about S4O,OOU,-
600 annually.
Another measure which is still in
complete, will be reported at the same
time, looking to an issue of bonds ana
certificates of indebtedness, bearing a
low rate of interest, to meet the present
emergencies.
The two measures will not be ANAL
gamated. but will be brought before
the House separately. This conclusion
differs radically from the sentiments
expressed at the secret caucus OF the
Republican members held at the Cap
itol on Saturday night last. At that
time nearly all the Republicans present
favored one general bill, which, 1t was
contended, should stand or fail with
the Senate and President upon its
merits To-day, however, the DISPOSE
ton was so general to report two d1r-
ferent measures that the agreement
was reached without delay.
The reason for this was obvious. 1t
was explained by some of the members
present that the silver Republicans in
the House and Senate would vote with
their party on the tariff measure, while
they would be forced, by the very ma
ture of things, to oppose the bond feat
ures of the measures. 1t was primarily
TO secure the support of the silver Re
antagonistic position to their party
that the decision was reached to divide
the two propositions
The two bills will be reported to the
House on Thursday of this week, and
will be passed with little delay one
and possibly two days may be devoted
to their consideration, but it is not I'M
probable that they will be passed De-
fore the close of the session Thursday,
which may be prolonged to extend the
time for discussion. The substantial
features of the tariff bill are these;
Making a 60 per cent. duty on WOOL
with a 80 per cent. compensatory duty
on manufactured cloth over the Act or
1894: a 80 per cent. rate of duty over the
1890 law mckinley on lumber; %
per cent. increase over the Act OF 1894
CWilson bilD on livestock, cereals and
dairy products, and horizontal IN
crease of - per cent in the rates OF
duty on all other schedules over the law
of 1894. The proviso is added that in
no case shall the rates of duty exceed
those of the Mckinley law, except in
cases where the present rates of duty
are higher than those of the Mckinley
tariff law The proposed amendments
will remain in effect until August L,
1898.
The increase of duty on farm pro-
ducts was made at the request of the
members representing distinctively ag-
ricultural States, their contention being
that the present law is ruinous to their
granger constituents.
The accompanying bill provides for
an issue of ) per cent. five-year bonds
to protect the gold reserve in the treas
ury, with a proviso that the currency
redeemed by the banks shall not be paid
out while deficit exists in the treas
ury. This differs from the original pur-
pose of the Republican leaders, which
was TO give authority to the Secretary
of the Treasury to issue a 3 per cent.
bond as popular loan, to maintain the
gold reserve, and for no other purpose,
with a proviso that the redeemed green
backs shall not be used to meet current
expenses, but be retained as long as
necessary as a part Of the redemption
fund; authority to issue the National
banks circulating notes up to the par
of the bonds deposited as security
therefor, and to reduce the tax on Ma
tional bank circulation, and authority
for the issue of certificates of indebted
ness to meet temporary deficiency in re-
ceipts until the revenues can be pro-
vided
In addition TO the sale of bonds. the
bin will also authorize the Secretary OF
the Treasury to issue certificates of in
debtedness bearing per cent. interest,
not to exceed 500. .000, 600 in amount, to
meet current deficiencies of the reve-
nues
WAITING FOR CONGRESS TO ACT.
WASHINGTON. Dee. 23.-Untn Con-
gress acts. or ii be demonstrated that
it will not act. no issue of bonds is an
ticipated at the Treasury Department.
Nothing has occurred to-day or dur
ing the past few days to change the
opinion of officials there as expressed
i'm these dispatches last week following
the Presidents message TO Congress,
that the President would allow Con-
gress reasonable time to formulate fl
nancial relief measures, and If it failed.
and the situation demanded il he would
sell bonds under the Redemption Act to
build up the Treasury gold reserve.
That opinion still prevails.
kilograms have been pouring in on
Secretary Carlisle and the President all
day long from financial centers regard
ing the Treasury situation and the
Venezuelan matter. Secretary Carlisle
conferred with the President several
times, and both were much relieved AT
the apparent return of confidence. as
evidenced in the rise in the price of
American securities at home and also
abroad.