The morning times., 1895-12-25

Let the country understand said a
leading Republican member of the Ways
and Means Committee to The Times last
evening, that the bill we shall present
to the House on Thursday is a pure revenue
measure, hurredly prepared to meet the
eXigency in our national finances and in
response to the Presidents plea that some
measure for relief must be afforded by
Congress. There has been no attempt at
tariff revision. Our measure is purely a
revenue measure
At yesterday afternoons session of the
Republican members of the committee
several changes were made in the rates pre-
viously agreedupoD. NEenan ad journment
was mad at O'Clock the frame work OF the
bill had been completed, and nothing re-
manned but to put II II proper form. AT
Mondays meeting 1t was decided that farm
products, including live stock should en-
JOY u % per cent horizontal increase over
the present law, because oil the ruinous
competition which the granger element
along the Northern 1rontier claimed to
suffer from their Canadian neighbors
across the line.
ON IRON AND STEEL
This led some of the Eastern members
yesterday to ask corresponding increase
on manufactures of irou and steel This
pTecipitafcd a spirited discussion in which
the committee divided, practically, on
geographically lines, the Westernmen strongly
opposing a higher rate than . per cent.
After some debate an agreement was
rea ched that Lne agricultural schedule
should be placed IN the same category as
the other schedules, namely, at a 5 per
cent horizontal increase. This was the
only serious difference OF the day. and ii
was speedily settled.
The sugar schedule alone is exempted
from Change. IL was deemed inexpedient
to include sugar in the horizontal increase
owing TO the embarra ssments which might
arise from increasing the differential
duty ON refined sugars.
The most important change made at
yesterdays session was that relating TO
carpet woods, which in the new bill will
be restored 10 the Mckinley rate. On all
other woods the duty. as stated in The
Times on Monday, will be 60 per cent of
the Mckinley law, with the compensatory
duty on the manufa Ctured product also
60 per cent of the previous law. The
duty ON all grades of lumber will be
placed at so per cent of the Mckinley
law.
BOND BILL COMPLETED.
The bond bill was completed yesterday
and sent last night 10 the Government
Printing Office. Both it and the revenue
bill will be laid before the full committee
at IL O'Clock this morning. When the corn-
mitlee adjuurns the Democratic members
viii hold Il secret session. al which they
Will decide upon the policy to be pursued
by them when the two meas sures are
called up in the House. Both bills. as
mas been previously reported. viii be
prosecuted to the House on Thursday.
The Committee on Rules will report, and
aside Thursday for consideration OF the
tariff bil, and Friday for the bond measure.
II may be sa - in passing. that this latter
bill is understood TO have the approval of
Secretary Carlisle. and consequently, OF
the President as well. This encoura yes the
Republican leaders TO believe that IL may
pass the Senate, Notwithstanding the pre-
poDderance of free silver sentiment in
that body.
With the President favorable to the
proposition. il is believed. thai the whole
Iiower OF the administration will be exerted
upon certain OF the Democratic Senators
from the South, with possibility that a
sufficient number may he.secured TO join
the sound money Republicans and pass
the measure.
FIyE-YEAR LOAN.
The bond bill is simple in its details
1t provides for the issuance of bonds,
interest and principal payable in coin and
rrdeenabie at the option of the government
a the end of five years.
II changes the rate OF interest provided
in the act Of 1875, under which bonds are
now issued, to 3 per cent, which is also
the rate OF interest that the $50, GOO, 900
coupon certificates of Indebtedness which
VIII be used only to meet the deficit in the
Treasury, will also bear. No provision is
made in the bond bill regarding the legal
tender notes.
The bill, by simply separating The re-
deInption fund from the general assets of
the Treasury, puts 1t in the power OF the
Secretary of the Treasury temporarily to
isolate the legal tender when redeemed.
The two bills will go into effect upon
their passage and remain in operation until
August 1, 1898.