The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-12-26
BOTH BILLS READY
REVENUE MEASURES TO BE SUBMIT
TED TO THE HOUSE TO-DAY.
Formally Adopted by the Ways and
Means Committee Over the Pro-
test OF Democratic Members.
PROVISIONS OF THE BILLS
TARIFF CHANGES EXPECTED TO
INCREASE REVENUES s4ooO0, 900.
Statement by Chairman Dingley-ORer
of $4OO, 900, 900 I'm Gold from the
Government Of Russia.
PROVISIONS OF THE BILLS
TARIFF CHANGES EXPECTED To
INCREASE REVENUES $40, ,0O0, 900.

WASHINGTON, Dec. 26.-The House ways
and means committee devoted several hours
OF Christmas to final consideration of the
two revenue bills which are to be presented
TO the House tomorrow. Printed copies of
the bills were laid before the full commit
tee. the plan being announced to the Demo-
cratic members for the first time, although
they were familiar with its details through
the accurate forecasts presented by report
ers. The bills were formally adopted as COM
mittee measures. motions to lay them on
the table being overruled by party votes
Each bill was read by sections, and mo-
tions were made by the Democrats to strike
out each section, which. of course. failed to
carry. 1t was voted to give Thursday to
consideration of the tariff bill by the House,
and Friday to the bond BILL with vote on
each at the end of the days debate on 1t
the programme outlined in these dis
patches yesterday The Democrats en-
deavored to secure three days debate; to
gain postponement of two or three days
in which to study the probable effects of the
measures If enacted; also to have the bond
bill debated before the tariff bill. but the
Republicans adhered to their original ar
rangements. The committeeman present
were: Dingley, Of Maine; Dolliver, of Iowa:
y
Hopkins, of Illinois; Dalzell. of Pennsyl-
varia; Russell. of Connecticut; johnson, of
North Dakota; Steel, of Indiana; Evans. of
Kentucky, Republicans. and Crisp, of Geor-
gia; McMillin, of Tennessee; Wheeler. Of
Alabama; Tarsney. of Missouri; Turner, of
Georgia, Democrats
Chairman Dingley stated to the commit
tee that the bills were not framed as a
Republican measure, but as one calculated
to save the credit of the government. which
according to the Presidents message and TO
personal communications made by Secretary
Carlisle to members, was endangered. The
condition of the treasury, from their repre-
sentations, demanded immediate action. and
the Republicans had prepared emergency
bills on lines which seemed most expedient
Mr.. Dingley laid particular stress on the
assertion that the first bill did not consti-
tute, and was not intended, for a revision of
the tariff. Consequently there was no neces-
sity for long discussion of the BILL The
wilson act had been taken as a basis for
the tariff bill
PROBABLE INCREASE OF REVENUE.
An estimate of the probable increase OF
revenue to be derived from the tarifr hill
mad been made. based on importations un-
der the Wilson act Of 1894 This showed a
probable increased revenue Of $4,000 OO0
which about equaled the deficit of the past
year Twelve million dollars, 1t is esti-
mated. would be derived from the increase
on raw WOOL s14,000.00O from manufactured
wools and $4.OC0,O0O from the fifteen-ner-
cent. horizontal advance on other sched-
ules The Republicans had waived their
protection principles for time in prepar-
ing these bills, Mr.. Dingley said, and thew
hoped that President Cleveland would
waive any antagonistic views that he
might hold and sign the bills
One OF the Democrats asked why the Re-
publicans had not gone to the full extent
OF the Mckinley bill, to which Mr. Ding
ley replied that they would do SO IL thev
had the power. The Democrats, on their
part, contended that the effect of the bond
scheme would be to retire the grenbacks
by holding them in the treasury, and said
the Republicans proposed to do indirectly
just what the President had recommended.
and what they 0he Republicans de-
nounced. The tariff bill, they claimed. was
strictly Republican measure, and a meas
ure for which President Cleveland had not
asked.
Mr.. McMillin asserted that there was no
need for additional revenue, as the treas
ury statement showed a cash balance of
s17c, 600, 900.
Mr.. Dingley replied that $40, 900 of this
was in greenbacks, which had not come in
as revenue, but had been redeemed by
gold. While on their face they constituted
part Of the cash balance. to pay them out
would continue the endless chain. The Re-
publican plan would provide for the ex-
penses OF the government without en-
croaching on the gold reserve or employing
redeemed greenbacks.
Amendments were offered by Mr.. Turner
to strike out the second section Of the
bond bill providing for treasury certificates
Of Indebtedness, and by Mr.. McMillin to
make these certificates subject to taxation,
as are greenbacks and other currency.
Both were lost, but Mr.. Tarsney voted
with the Republicans against Mr.. Turner'S
amendment. Chairman Dingley will pre-
sent a report explanatory Of the bills. The
Democrats say that they have not time
to prepare a minority report.
THE BOND BILL.
The bond measure is entitled: "A bill
to maintain and protect the coin re.
demption fund. and to authorize the issue
of certificates IL Indebtedness to meet tenn
porary deficiencies CT revenue" The bill
follows:
BE 1t enacted. ETC., That In addition 10
| the authority given TO the Secretary of the
| Treasury by the act approved Jan. IA, 1876,
| entitled. An act to provide for the resump-
| ton CT specie payments he Is authorized
| from time to time, at his discretion, to is
| sue, sell and dispose of. at not less than par
| in coin, coupon or registered bonds of the
United States, TO an amount sufficient for
| the object stated in this section, bearing
| not to exceed per cent. interest per an
mum, payable semi-annuaEy, and redeem
| able at the pleasure of the United States in
| coin, after five years from their date, with
| provided in said act for the bonds therein
| authorized. And the Secretary OF the Treas
| ury shall use the proceeds thereof for the
| redemption of United States legal-tende,
notes. and for no other purpose. Whenever
| the Secretary of the Treasury shall offer
| any of the bonds authorized for sale by this
| act or by the resumption act Of 1885, he shall
| advertise the same and authorize suSscrip-
| tions therefor TO be made at the Treasury
| Department. and at the sisb,reasuries am
designated repositories of the United States
| Sec. 2. That TO provide for any TEN.
porary deficiency now existing, or which
| may hereafter occur, the Secretary of the
| Treasury is hereby authorized, at his dis
cretion, to issue certificates OF Indebtedness
| of the United States 10 the amount of no.
| exceeding fifty millions of dollars, payable
!! In lawful money of the United States. on
| the denomination OF twenty dollars. or mul
i tiples thereof, with annual coupons for in.
l terest, at the rate OF per cent. per annum
| and TO sell and dispose of the same for no
less than an equal amount OF lawful money