Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-25
FOR REVENUE ONLY.
Republican Financial Bill Not an
Attempt at Tariff Revision.
BOND MEASURE COMPLETED.
Morrow.

Morrow.
WASHINGTON. December 2i.-"Let the
country understand" said leading Re-
publican member OF the Ways and Means
Committee to-day. that the hill we
shall present to the House on Thursday
Is pure revenue measure hurriedly pre-
pared 10 meet the emergency In our ma
tional finances and in response to the
Presidents plea that some measure for
relief be afforded by Congress. There
has been no attempt at tariff revision.
Our measure is purely a revenue meas
ure."
The correctness Of this declaration was
shown by the action Of the committee
today in declining TO hear Judge VIII
liam Lawrence Of Ohio. president OF the
National 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 its collective and in
dvidual capacity from eastern manufac-
turers. who have deprecated hasty action
i'm the preparation of the bill. that
postponement i'm its preparation be had
until thci~ arguments could be presented.
To all these applications the committee
have turned deaf ear, and the bill
will have the unusual distinction Of being
presented to the House as the sole re-
suit Of the committees labOrs, unified by
outside considerations.
At this afternoons meeting Of the Re
publican members Of the committee seve-
raj changes We're made in the rates
agreed upon yesterday. When an adjourn
ment was had at O'Clock the frame
work OF the bill had been completed,
and nothing remained but to put II In
proper form. At yesterdays meeting II
was decided that farm products, in
cluding livestock. should enjoy a zl-per-
cent. horizontal increase over the present
law. because Of the tuinOus competition
which the Granger element along the
frontier claimed TO suffer from their
Canadian neighbors across the line. This
led some of the eastern members to-day
TO ask a corresponding increase on manu-
features of iron and steel. This precipi-
tated a spirited discussion, in which the
committee divided. practically. on geo.
graphical lines. the western men strong
ly opposing a higher rate than ID per
cent.
After some debate an agreement was
reached that the agricultural schedule
should be placed in the same category
as the other schedules-nameiy at a lo-
per cent. horizontal increase. This was
the only serious difference OF the day
and 70 was speedily settled.
The sugar schedule alone is exempt
from change. II was deemed inexpedient
10 include sugar in the horizontal change
owing to the embarrassment whlcn might
arise from increasing the dineren1al
duty on refined sugars.
The most important change made at
to-dav's session was that relating 10 car
pet-wools. which I'm the new bin will be
restored TO the Mckinley rate. on all
otler woods the duty will be- ~ per cent
OF the Mckinley law, With the COM
pensatory duty on the manufactured
product also go per cent. Of the previous
law. The duty on all grades of lumber
will ba placed al 90 per cent OF the Nc
Kinley law
BOND BILL
The bond bill was completed to-day
and will be sent tonight 10 the Govern
ment Printing-Ofice. Both il and the
revenue bill will be laid before the full
committee AT II o'clock tomorrow morn
ing When the committee adjourns the
Democratic members viii hold secret
session. at which they Will decide upon
the course 70 be- pursued by them when
the two measures are called up IN the
House.
Both bills. as has been previously re-
ported. will be presented TO the House
on Thursday The Committee on Rules
will report and pass through the House
"A resolution setting aside Thursday for
N.HNN Il IfFH-
dav for the bond measure. IL may be
said In passing that this laSer bill is
understood 10 have tho approval of SEC
retarv Carlisle. and consequently Of the
President. az well This encourages the
Republican leaders 10 believe that it may
pass the Senate. Notwithstanding the pre-
ponderance Of free-siiver sentiment in
that body.
with the President favorable to the
proposition, il Is believed that the whole
power of the administration will be eX-
erted upon certain Of the Democratic
senators from the South. with a pos
sbillty that a sufficient number may be
secured TO join the -sound-mOney Repub-
licans and pass the measure.
The bond bill is simple In its details
IL provides for the issuance OF bonds, in
terest and principal payable in coin, and
redeemable at the option OF the govern
mental the end of five years. II changes
the rate Of interest provided in the act
Of 1875 under which bonds are now is
sued, 10 per cent, which Is also the
rate the s50.0O00OO Of certificates of in
debtedness. which will be used only 10
meet the deficiency 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 redemption
fund from the general assets Of the Trea-
sury puts il i'm the power Of the Secre-
tary temporarily 10 isolate the legal-ten-
ders when redeemed. The two bills viii
go into effect upon their passage. and