The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-12-27
THE PURPOSE or THE BILL.
An Elaborate Statement by the Woys
aud Means Committee.

aud Mean. Committees.
Washington City. Dec. 8-Chairman
Dingley, OF the ways and means Commit
tee today reported TO the house the tarln
and bond bills agreed upon by the MAJOR
ity Of the committee. They were accom-
panied by the following report:
The committee on WAYS and means. 70
whom was referred 30 much Of the pres.-
dents annual message and 50 nuch az
the annual report Of the secretary Of the
treasury as relates to revenue and to the
cOnd tiou Of the treasury. and also the
presidents special message prese ntfng the
urgency OF immediate action by congress
in a direction calculated TO bring relief.
report that the committee appreciates the
seriousness Of the situation and the Inn
portance OF prompt remedies SO far as
congress can give them.
Your committee regard the chronic de-
ficienCy OF revenue for the past two years
and half as a most potent cause OF the
difficulties which the treasury mas encouu-
tered and an important factor in the ere
alton and promotion OF that serious dis
trust which has paralyzed business and
dangerously shaken confidence even in the
financial operations Of the gOVernment.
II * as impossible for a gOvernment TO
have a continuous deficiency of revenne
for two years and a half without ah1tm&
its financial standing as Il is for an indt-
meut to continue in this condition WITHOUT
casting shadow Of doubt and discourage-
mcnt over ali business operations within
its borders.
The serious fact which we are called
upon to confront is that in the tao and q
half years that have elapsed since July !.
1898 this government has had an Insult
fic.ency Of revenue 10 meet current ex-
penditures amounting In the aggregate TO
about sl33 asa 6so. and in the first 1aIf Of
the present fiscal year even. the de-
ficiency WI reach about So 10000 and
about $50o"o0o in this present month.
Up TO the present time there Is no suf-
fc.ent ground for opin'ng that his insult
h.lency of revenue VIII not cont rue dur-
Ing the remainder Of the fiscal year. and
how much longer no one can safely pre-
dict II the consequences Of such a ahronic
deficiency We're only the necessity Of bor-
rowing money to meet current expeuses
IN time Of peace, even tas would anord
abundant reasons for Increasing the rev.
enue But the consequences are more
vide -rea ching than that The Efficiency
OF revenue has made Il necessary to use
the redeemed United States legal notes TO
pay current expenses and thus 10 supply
additional means 10 draw gold from the
greeuback redemption fund-iu short, 20
create the endless chain of which the
secretary Of the treasury complains and
which has made q necessary 90 sell issue
after issue Of bonds 70 replenish the re-
serve
This will be clearly seen when II Is
remembered that the secretary OF the
treasury has issued and sold a little over
tlfe on 000 of per cent. ten-year and 4 per
cent. thirtv-yelr bonds from which he
has realized about SlS2 oar tsa. and after
rcdccuing SlN2 90. .e1N - United = ties legal
tender notes with the proceeds he has been
-. G
OF those demand notes to meet cilrrent ex-
penses. and Thus has furnished sl53.so.oQo
Of governmental demand notes 70 be again
and gain used - draw eoli rom the
treasury. II is evident that 50 long as
there is insufficient revenue this PERFORM
aUce VIII go on. and bond sale alter bond
sale viii ne required IL is also evident
that if there had heen a sufIlcisncy Of rev.
euue these redeemed legal tender notes
would not have b,en paid ont az 0nce. and
there would have been so much the less
opportunity 70 draw gold from thc treas
ury. Indeed. there Is good reason to be-
lieve that IT, in the first six months OF the
eis,i~lst which in8ugurated the run on the
rcdc1ntiOu fund. the treasury had been re-
ceivfng revenue more than adequase 10
meet eNntnses. 81 as 20 temporarily hold
the redeemed government notes. the dis
position 10 pYaseut these notes for reismp-
ticu would SeJn have been 0veTcOme. That
would undoubtedly have been the case II
the re.Iemption fund had been creased Ia
tho s-rine Of 1SSa and never aIlowed 10 fan
below the SIfo NJ 81" minimum
"A7t the necessity for more revenue.
from tNe uoint ~ visw II the maintenance
~ the re,Iernat{1n fund. IS rot AIKEN away
r.- th.. fact that We have 81 .,sH 20 OF cash
jn the treasury ln addition 60 RIO Siea.o1esn
IN roll REQUIRED for the redau piion fund
ami the tweutv-o1d millions rFCfliired az
.f "a. .a-H fr
81 asstoss Il redeemed CaiteI states legal
tender notes for whose redtmrtt1n we bcT-
rou,el 5000 at3 tn gold - c0ntinue 20
nav theul ou; O. meet "a GerolEn ncy OF rev.
enua. then presently they Will coTnc back
a.a5a ID draw $1apsoe0 more from tho
treas su~v. which we must supply by selling
S-t.,o 6C1 more = bonds. The scgEeStic,.
therefore that We need no more rpyenca
ht..sus. W. have cash balance Il SSooo.Geo
II government notes .r The trcasury that
can b,. -sas 10 pay any d.nclecry for tho
ueNt six " twelve months. l~ IN effect
rre,--sitt.n te ISSUE Uore bonds 20 meet q
a-.,frt.0,v which 81 7ul8 De- rnes az o5ce hy
providing that revenue. I'm 0ther words.
rr-sa 7vho OPPOSE raising more revenue II
SSH a situation in effeet--R ether they
I~ta~s ~ 30 50 aT uot-faVcr borrpEs1g
ir u~, fe~r-ce 10 saying as we % along.
Your committee relieves II IL Is the
Ge-v OF the house - Tepres atnffvcss TO
which hadv the constitution -o-1Efts the
inauguration % revenue iiits. 20 frame
anu uass h measure thar UIi yield not
FAR fvoru 81. .aollfa additional Efficient TO
yu- an end IN a 3ehc. en-y-an3 20 do this
without DELAY. t3o-l-ss41g ct1eks
whose cooperation e required 10 Gralix
-'ae- such lsEtzlatlon on thc statuta bccs<s
u fn-et tze responsibility iu heir cv1
-say ana the presidents su-l5i r-scssa-e
settfHz forth 50 poinrrsilv tne scriSs.zsss@z
o. the situation snj tae nec~ssty Fer tSe
rr.rus.esr astloG. only en1ahs~zes tie ests-
Is ~ me house In response 70 -ee ts-fse-st
rAU * 7. president. yolr c1ri E-ssstee E1s
felt .1.lslt~1 60 act witl All f-2sS-ss1e cts-
pa.rh
..-rvo facts have le3 yo9r cen>-ssssec -
fsek 90 an increase - custom 1ts<ses -
-ta r4a4- sv.n~auFsat@ t@ source q rsssasse-
Ceauaasa q sseoal Psta,