Daily Kennebec journal., 1895-12-25
READY FOR BUSINESS,
Republicans Have Completed the Rev
enue and Bond Relief Bills.
Will be Presented to House. thursday and
Probably Promptly Passed.

| understand, said a leading Republican
member of the ways and means commit.
tee, today, :. that the bill we shall present
to the House, Thursday, is a pure revenue
measure, hurriedly prepsr,d to meet tbs
ex gency in our national finances and in
response TO the Presidents plea that some
measure for relief must be afforded by
Congress, and that there has been no at
tempt at tariff revision. Our measure il
purely revenue measure
The correctness Of this declaration i.
shown by the action of the committee. to.
day, in declining to hear Judge VIM.
! Lawrence Of Ohio, pre- esident of the Ma
| tional Wool Growers Association who
| desired to be heard in support of a higher
| rate on wool than that previously agreed
| upon.
Repeated applications have been made
to the committee in collective and in
dividual capacity from Eastern manufact-
| urers, who deprecated hasty action in the
preparation of bill, that a postpone
| inent in its preparation be had until their
| arguments could be presented To all
these applications the COMMITTEES turned a
deaf ear, and the bill will have the un
usual distinction of being presented to the
House as the sole result of the commit
tees labors, uninfuenced by outside con
sidcrations F
At this afternoons session of the Re
publican members of the committee, sew
eral changes We're made in the rates
agreed upon. yesterday. The frame work
of the bill is completed and nothing re
mains but to put it in proper form.
AT yesterdays meeting it was decided
that farm products, including live stock.
should enjoy % per cent horizontal in
crease over the present law, because of the
ruinous competition which the Granger
element along the northern frontier
claimed to suffer from their Canadian
neighbors across the line.
This led some Eastern members. today.
to ask for corresponding increase en-
manufactures Of iron aud steel This
precipitated spirited discussion in which
the committee was divided. Practically.
on geographical lines, Western men are
strongly opposing Il higher rate than Is
per cent.
After some debate an agreement was
reached that the agricultural schedule
should be placed in the same category ms
the other schedules, namely, Is per cent.
horizontal increase. This was the only
serious difference of the day, and it was
speedily settled \.
The sugar schedule alone is exempted
from change. 1t was deemed inexpedient
to include sugar in the horizontal in
crease, owing to the embsrrassments
which might arise from increasing the
differcntial duty on refined sugars.
The most important change made at to
days session was relating to carpet woods.
which, in the new bill, will be restored to
the Mckinley rates. On all other woods
the duty, us stated in last nights dis
patches, will be go percent. of that of the
Mckinley law, with q compensatory duty
on the manufacturea .pfoduct, also go per
cent of that of the prcvisus law.
The duty on all grades of lumber will
be placed at go per ceft., or that of the
Mckinley law. 50
The bond bill was .cbmpleted, today,
and will be sent, tonight to the govern.
ment printing office Both it and the
revenue bill will be laid before the full
committee at IL, tomorrow morning
When the committee adjourns the Demo-
cratic members will hold secret session,
at which they will decide upon the policy
to be pursued by them, when the two
measures are called up in the House.
Both bills, as previously reported, will
be presented to the House, Thursday. |
The committee on rules will report and
pass through the House a resolution set |
ting aside Thursday for the consideration |
of the tariff bill, and Friday, for the bond
measure This latter bill is understood |
to have the approval of Secretary Carlisle |
and the President
This encourages the Republican leaders |
to believe that it may pass the Senate, |
the preponderance of |
free silver sentiment in that body.
With the President favorable to the |
it is believed that the whole |
power of the administration will be ex-
erted upon certain Democratic senators |
from the South, with possibility that
sufficient number may be secured to join
the sound money Republicans and pass
the measure.
The bond bill is simple in Its details.
It provides for the issuance Of bonds, in
terest and principal payable in coin and
at the option Of the govern
ment at the end of five years.
1t changes a rate OF interest provided in
the act of 1875, under which the bonds
are now issued, to 3 per cent which Is
the rate of interest that the $50, 900. coo
coupon certificates of indebtedness, which
will be used to meet the deficiency IN the
treasury. will bear.
No provision Is made In the bond bill
legal tender notes. The bill
by simply separating the redemption fund
from the general assets Of the treasury.
puts it in the power Of the secretary OF
treasury to temporarily isolate legal
tenders when redeemed
The two bills will 60 into effect upon
passage and remain in operation unit!
a