Birmingham state herald., 1895-12-24
T|NKER|NG THE TARIFF Republicans on the Ways and
 Means Committee IN IMPORTANT SESSION Two Financial Measures for Relief Will Be
 Introduced
AND IMMEDIATE ACTION REQUESTED
Committeeman Act in Unison and the Si1 yer Men Are ReconciIed-Five Per Cent Bonds Proposed to Pro-
 tect the Reserve.

Washington, Dec. 23.-Four hours were occupied by the republican members of the ways and means committee this af-
 ternoon in preparing a measure of relief for the treasury. There was a satisfac- tory unanimity 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 to secure revenue in the line of re- l publican policy, which is by duty on imports. When the conference was ended very material amendments were made to the present tariff law. which, it is es- timated will increase the revenue about l $40, 900 900 annually.
 Another measure, which is still incom- plete, will also be reported at the same time, looking to an issue of bonds and | certificates of indebtedness, bearing a low rate of interest to meet the present emergencies The two measures will not be amalgamated, but will be brought be-
 fore the house separately. This conclu- sion differs radically from the sentiment
 expressed at the secret caucus of the re- publican members held at the capitol on Saturday night last At that time nearly all the republicans favored one general bil1 which, it was contended, should stand or fall with the senate and the president upon it's merits. Today, howev- CT. the disposition was so general to re- port two different measures that the agreement was reached without delay. The reason for this was obvious. It was explained by some of the members pres ent 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 nature of | things to oppose the bond features of the measure It was primarily to secure the support of the silver republicans. and not put them in an antagonistic position with 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 l i,e passed with little delay One and pos sibly two days will be devoted to their consideration. but it is improbable that they will be passed before the close of the session Thursday, which may be pro- longed to extend the time for discussion. The substantial features of the tariff bill are these:
 Making a 60 per cent rate on wool. with 60 per cent compensatory duty on manufactured cloth, over the act of 1894. A 60 per cent rate of duty over the 1890 law CMcKinley) on lumber. A 25 per cent increase over the act of 1894 (Wilson bilD on live stock, cereals and dairy products. and a horizontal increase of 15 per cent in the rates of duty on all other Scneu- ules 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 Me- Kinley tariff law. The proposed amend ments will remain in effect until August 1. 1898.
 The increase of duty on farm products Twas made at the request of the members | representing distinctively agricultural states, their contention that the present law is runous to their granger constitu- ents.
 ! The accompanying bills provide for an issue of per bonds to protect the gold reserve in the treasury, with a proviso that the currency redeemed by the bonds shall not be paid out while a deficit ex- ists in the treasury It differs from the original purpose of the republican lead CTS which was to give authority to the secretary of the treasury to issue 5 per cent bond as popular loan to main tain the gold reserve and for no other purpose with a proviso that the redeem ed ereenbacks 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 to national banks circulating notes up to the par of the bonds deposited as security therefor, and to reduce the tax on national banks circulation. and authority for the issue of certificates of indebtedness to meet temporary deficiency in receipts until the revenues can be provided.
 In addition to the sale of bonds the bill w''' also authorize the secretary of the Asury to issue certificates of i'm debt ness bearing 2 per cent interest
 meet current deficiencies of the revenues.