Reporter and farmer. [volume] (Webster, Day County, Dakota [S.D.]) 188?-1946, 1895-12-26
TARIFF AND BONDS
AN EMERGENCY BILL Is PRACTICAL
LY AGREED UPON.
1t VIII Provide for Higher Tariffs
and the Issue of Longtime,
Low-Rnte Bonds to Protect the
Gold Recommendations Back SAL
isbury as soIidIy az the Amer
leans Back President Cleveland.


leans Back President Cleveland.
Washington. Dec. 24.-This promises
to he an evcntful week in the house.
Before adjournmciS is reached next
Saturday the Republican leaders Of
the house intend that a bill shall be
sent to the senate in response TO the
demand of the presidents message OF
Friday for some means of relieving
the treasury situation ard protecting
the gold reserve. The Republican
leaders determined to act promptly as
soon as the message was sent in, and
all idea of taking Il recess for the holi-
days was abandoned ~ the face of
the situation presented. The ways and
means committee was organized. and
! last night the Republican members
held a Secret meeting at the capitol, at
which Speaker Reed was present, to
discuss the details of a bill which in
their opinion would furnish the de-
sired relief.
AS a preliminary it was decided that
while the situation in the senate as
to the fate there of any measure
passed by the house should be kept IN
mind, the house must act indCpend-
emily Of the result in the upper branch
Of congress. The general outline of a
measure was practically agreed upon,
but the details have not been COM
pleted. The sentiment was unani-
nous that no gold bonds should be
authorized, but t. q bill on the lines
of Mr.. Reeds amendment of last year
should be drawn up. and with that
should be coupled some tariff changes
for the purpose Of raising additional
revenue. Mr.. Reefs bond proposition,
which the committee will adopt, pro-
vides first for the reduction of the rate
of interest on bonds to be issued under
the acts of 1870 and 1875 for the pur-
pose of resuming specie payment and
protecting the specie reserve from 4
to 3 per cent, ard. second, for a low
rate. denOminat:0Nal bond which
would practically lie a debt certificate
to be used to supply deficiencies in
! the revenue BY the terms of the
bill 1t Is probable that the proceeds of
any bonds issued under the act OF
1870 and 1915 as amended shall go TO
the reserve, and of the latter bonds
to pay current expenses. In this way
a separate account can be Kept and
the proceeds of bonds sold to maintain
the reserve cannot be used to pay
current expenses. The details of the
tariff changes will furnish the most
difficult task In framing the bill.
There is some discussion of a propo-
sition to make a horizontal increase on
all Of the schedules except sugar, of
from Is to 20 per cent, but that is OPP
posed In certain quarters as being not
on protection lines. While there Is, 1t
is said, some difference of opinion on
this point, it seems certain that there
will be Il time Limitation of two years
or thirty months on the life Of the
tariff propositions Of the bill. As to
the attitude of the Democrats toward
the bill, Ii seems probable that it will
be opposed by most, If not all. Of the
| Democrats. The overwhelming Re
publican majority insures its passage,
however.
Wall Street Fevcrish.
New York, Dec. 24.-The tradingf
the opening of business on the stock
exchange was d~emoralized. London
cables showed lower prices. but re-
ported a better tone prevalent at that
center. Nevertheless. the foreign
houses continued to unload American
securities and the decline Of values in
the DESt uudTttE VI jill HDuI was very
severe and extended to . per cent in
Lead preferred. Subsequently Cord
age guaranteed reacted 13 per cent.
The decline in the leading railways
was headed by Lake Shore with a
break of Z per cent. The other Wander
bilt stocks sagged Sharply. The furry
then subsidized and prices took an up
ward turn.
Backing Up Salisbury.
Copyright. 1895. by Associated Press.)
London. Dec. 24.-No excitement has
. been manifested here in political cir
cles over the Venezuelan complica-
tons. although the effect has been felt
on the stock exchange. There has
been some unloading of American Sc
curities, but the cabinet ministers are
all enjoying the Christmas holidays in
the country, and outside the utter
ances of the newspapers, there is moth
ing to indicate that war is apprehend-
| ed. OF course. the strained relations
| between Great Britain and the United
| States have been .uppermost in the
public mind, especially during the lat
ter part of the week. and the matter,
which was at first treated lightly, is
| row more deeply discussed and there
are indications that the gravity of the
| affair Is now fully graspcd by the
| people at large. A striking fact is
that, without exception, If the utter
ances of the press and those OF the
| representative mel WHO have spoken
\ on the subject can be relied upon. the
whole country stands solldly behind
| the marquis of Salisbury as the Uni
ted States is understood TO stand soiii-
\ iy behind President Cleveland.