The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-12-24
PROVIDING THE Remedies
Mays and Means Committee Prepar-
ing Plans to Relieve Treasury.
TO INCREASE TARIFF RATES
by Amendments TO Tariff Laws Forty
Million Dollars May DC Gained An.
nually- Bonds Are Suggested to
Protect the Gold Reserve.

Washington, Dec. 23-Four hours
We're occupied by the Republican MEM
bers of the ways and means committee
this afternoon in preparing a measure
of relief for the treasury department.
There was a satisfactory unanimity of
opinion among the members as the
course to be pursued in order to meet
the deficit in the national finances.
Naturally the first suggestion was to
secure revenue in the line of Republic
can policy which is by a duty on inn
ports. When the conference ended very
material amendments We're made to
the present tariff law which il is esti-
mated will increase the revenues about
forty million dollars annually.
Another measure which Is still in
complete will also be reported at the
same time looking to an issue of bonds
and certificates OF Indebtedness bearing
low rate of interest to meet the pres
ent emergencies The two measures
will not be amalgamated but will be
brought before the house separately on
Thursday of this week and will be
passed with little delay. One and per-
haps two days may be devoted to their
consideration but 1t Is not improbable
that they will be passed before 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 go per cent. rate on wool
with a 60 per cent compensatory duty
on manufactured cloth, over the act of
1894. A 60 per cent rate of duty over
the 1890 law (McKinley) on lumber A
% per cent increase over the act of 1894
(Wilson bilD on live stock cereals, end
dairy products and a horizontal in
crease of IL per cent. rate OF duty on all
other schedules. over the law of 1894.
In this connection prOviso Is added
that in no case shall the rates OF duty
exceed those of the Mckinley law ex-
cept 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 |, 1898.
Bonds to Protect Gold Reserve.
The accompanying bill provides for
an issue of per cent. five year bonds
to protect the gold reserve in the treas
ury with the proviso that the currency
redeemed by the bonds shall not be
paid out while deficit exists In the
treasury. This differs from the original
purpose of the Republican leaders
retary of the treasury to issue 8 per
cent. bond as a popular loan to main
tain the gold reserve and for no other
purpose, with a provisO that the re-
deemed greenbacks shall not be used
to meet current expenses, but be re-
tained as long as necessary as part of
the redemption fund: authority to issue
to national banks circulating notes up
to the par of the bonds deposited as
security therefor and to reduce the tax
on national bank circulation; and au
thority for the issue of certificates of
Indebtedness to meet temporary de-
ficiency in receipts until the revenue
can be provided.
In addition to the sale of bonds. the
bill also authorizes the secretary of the
treasury to issue certificates of indebt-
edness bearing 2 per cent interest not
to exceed $5O,0O0,0O0 in amount to meet
current deficiencies of the revenue.