The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1895-12-24
TO INCREASE REVENUES.
ways and Means Committee VIII Report Two
Measures for the Treasurys Relief.
SECURE REVENUE BY DUTY ON IMPORTS
Wiii Increase the Revenues Forty
Millions Annually Bonds and Ger.
hhcnfes OF Indebtedness to sIeot
Present Einergencies-I -Iicpubiicans
WIFI Vote With Party on Tarin.

Washington, Dec. 23-Four hours
were occupied by the Republican mem
pefs OF the Ways and Means Commits
Tee thls afternoon III preparing meas
ment. -i1PNe'E'
Naturally the first suggestion was to
secure revenue in the line of Republi-
can policy. which Is by a duty on i'm
ports. when the conference ended
very material amendments were made
to the present tariff law. which It Is said
VIII Increase revenues about forty mil
lions annunllyS TiHli
AhGthef measure will also be report
Ell at the same time looking to an issue
of bonds and certificates Of indebted-
ness. bearing II low rate OF interest to
meet the present emergencies.
me Two measures Will not be ANAL
gamated, but viii be brought before the
fiouse separately. This conclusion DIFF
lers radically from the sentiments adj
vanced at the secret caucus held at the
Capitol Saturday night last.
Io-day the disposition was so general
70 report Two different measures that
the agreement was reached without de-
lay. The reason for this was obvious.
1t was explained by some of the mem-
beTi5 present that the silver Republic
cans IN the House and Senate would
vote with their party on the tariff mea-
sure while they would be forced by
the very nature of things to- oppose the
bond features OF the measure. 1t was
primarily ITO secure the Support of the
Republicans and not put them In an
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
and possibly two days. may. be de-
voted TO, their consideration, but 1t is
not improbable that they will be pass
ed before the close Of the session
a h tp1N
extend the time for discussion. l5i
The substantial features OF the. tariff
bill are these: Making a 90 per cent rate
on WOOL, with a GO per cent compensaS
the act of 1894; n GO per cent. rate on
duty over the 1890 law tMcKinley)i on
lumber; a 25 per cent increase over the
act OF 1894 (Wilson bilD on live stock,
cereals and dairy products and q hori-
zontal Increase OF 10 per cent in the
rates of duty on all other schedules over
the law OF 1S49.
In this connection a 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 duties are higher than those Of the
Mckinley tariff. The proposed amend
mcnts Will remain until August l. 1898.
The increase OF duty, on farm products
was made at the request of the mem
bers representing diStlnctvQly agrtcul-
tural States, their contention being that
the present law is runiouS to their gram
ger constituents. @s#
The accompanying bill provides for
an issue of per cent. five year bonds
to protect the gold reserve In the Trea-
sury with n proviso that the currency
redeemed by the bonds shall not be
paid out while Il deficit exists in the
Treasury. This differs from the original
purpose OF the Republican leaders,
which WIS to rive authority to the Sec.
retary of the Treasury to issue q per
cent. bond IS n 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 Z
meet current expenses. but be retained
as long as necessary as a part Of the
redemption fund; authority to issue to I
national banks circulating notes UP tto9
the par of the bonds deposited as seSa
curity therefor, and to. reduce the tax;
on national banks circulation, and a1ls3
thority for the issue of certificates OF
Indebtedness to meet temporary deflS9
cheney in receipts until the revenues
can be provided. Us ~
In addition to the sale Of bonds. the
bill will also authorize the Secretary
Of the Treasury to issue certificates Of
indebtedness bearing Q per cent inter-
the present law Is runious. to their gram
est not to exceed deficiencies of the reye
Z ( 4