The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-24
RELIEF BY HEROIC REMEDIES.
HIGH DUTIES TO BE SLAPPED ON
IMPORTS.

An Increase of S4O,OOO,OOO Per An
mum in the Revenues of the Gov
ernment to he Secured by This
Means-LOw Rate Interest Bonds
and Certificates of indebtedness
Also StiII COntempIated-The Bills
to BE Pushed Through the House
with the Greatest Possible Dis
patch.
Washington, Dec. 2s.-Four hours were
occupied by the republican members of
the ways and means committee this after
noon in preparing a measure of relief
for the treasury department. There was
sufficient 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 Sc
cure revenue in the line Of republican
policy, which is by duty on imports.
When the conference ended very material
amendments were made to the present
tariff law, which it is estimated will in
crease the revenues about $l0,O0O.OOO an
nually.
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 viii not
be amalgamated, but Will be brought be-
fore the House separately This conolu-
sion differs radically from the sentiments
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 present favored one
general bill, which, 1t was contended.
should stand or fall with the Senate and
the President, upon its merits. To-day
however, the disposition was so general 10
report two different measures that the
agreement was reached without delay.
The reason for this was obvious IL 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 feature of the
measure. Il was primarily to secure the
support Of the silver 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 will
sibly two days, may be devoted to their
consideration but it Is not improbable
that they will be passed before the close
of the session Thursday, which may be
prolonged to extend the time for discus
sion.
The substantial features Of the tarin
Dill are these; Making 60 per cent rate
on wool, with a 90 per cent compensatory
duty on manufactured cloth, over the act
Of 1891. A 60 per cent. rate of duty over
the 1890 law (dcKinley) on lumber A 70
per cent. increase over the act OF 1894 (Wil-
son bilD on live stock, cereals and dairy
products, and a horizontal increase Of 10
per cent in the rates of duty on all other
schedules, over the law of 1894.
In this connection a proviso is added
that in no case shall the rates Of duty
exceed those of the Mckinley law, except
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 Aug. /, 1893.
The increase of duty on farm products
was made at the request of the members
representing distinctively agricultural
states, stheir contention being that the
present law Is ruinous to their granger
constituents.
The accompanying bill provides for an
issue OF per cent iye-year bonds to pro-
tect the gold reserve In the treasury, with
a proviso that the currency redeemed by
the bonds shah not be paid out while a
deficit exists in the treasury. This differs
from the original purpose of the republi-
can leaders which was to give authority
to the Secretary OF the Treasury to issue
per cent. bond as a popular loan, to
maintain the gold reserve and for no other
| purpose, with proviso that the redeemed
| greenbacks shall not be used to meet cur
rent 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 bank circu-
| lation; and authority for the issue of GER
| tificates of indebtedr ess to meet any tenn
| porary deficiency in the receipts until the
revenues can be provided.
In addition to the sale of bonds, the bill
viii also authorize the Secretary of the
| Treasury to issue certificates of indebted
ness bearing two per cent. interest, not TO
| exceed $4,000 in amount to meet current
| deficiencies of the revenue.