The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-24
The DEMOCRATS.
Unanimous In Ine.r Opposition to Pro-
posed Revenue Bill.
OUTLINE OF REPUBLICANS PLANS
Their Leaders Express Confi-
dence In the Result.

I Of the house Will oppose unanlnousiy, 50
Tar as can be ascertained, the revenue bill
which the Republicans will bring in on
Thursday. Both the silver and anti-silver
Democrats assert that there ia no neces-
atty for an increase in the revenues, as
they claim that the available cash in the
treasury over and above the gold reserve
Is amply sufficient TO meet any deficiencies
that may occur for the next two years,
when they expect the receipts from the
present tariff law TO equal or exceed the
expenditures. Up to this point the DEM
ocrats seem TO agree. AS 10 the author
ization for coin bonds they differ.
Tho gold men would be willing to vote
for bonds preferably gold bonds, to for
tify the reserve, but they point out that, in
their opinion. no bond bill will meet the sit
nation. The trouble, they declare, Is the
existence of the greenbacks, which can be
used to pump gold out OF the treasury,
and unless their redemption and retire
ment is provided for, the gold purchased
with bonds would simply be piled up to
be drawn out again, and the only practi-
cal effect would be TO increase the inter
est-bearing debt without removing the &c
tive agent for weakening the reserve.
IL is not improbable that some Of the
~
prehensivc plan for the retirement of the
greenbacks including an authorization
for an issue of $500, ,000,0 900 in bonds for
that purpose and the reduction OF the tax
on national bank circulation and the in
crease Of currency 10 bo issued on deposits
of bonds from 90 to 100 per cent. This
latter, they say, would increase the ma
tional banking system and prevent con-
traction of the currency.
siIverites of Both Parties United.
The silver Democrats of course are OPP
posed to bonds to increase the gold reserve,
and will resist the measure reported by
the Republi ,ans both on that and the
tariff grounds. The silver Democrats OF
the house, after discussing the situation.
have about decided to offer as an amend
ment, or substitute for the bill, joint
resolution making 1t mandatory on the
secretary OF the treasury TO redeem green
backs and treasury notes In silver when
the gold reserve falls below a certain
point. Mr.. Bailey of Texas will probably
offer the resolution.
The Republican members OF the house
from the far west, to the number of Q or
10 held a conference yesterday, and deter
mined to oppose any bond measure or
anything looking to an increase of the In
debtedness Of the country. They will also
support any silver BILL and IL tho bond
bill should be consolidated in one meas ure
they will likely vote against IL. The sill
YER strength OF the Republicans has not
yet been ascertained but it includes all
the states In and west of the Rocky mouse
tains, with supporters in some OF tKe
Mississippi valley states
The banking and currency committee
also held meeting and formulated sew
eral requests for information TO the comp
troller of the currency, to be used in prep
aration of the currency bil that will be
formulated after the holidays Among
the Inquiries is one calling on the comp
troller of the currency for Information as To
the relative stability of large and small
banks. Mr.. Walker. the chairman of the
committee, expects the bill reported TO fol-
DOW closely the lines of the bill he offered
in tho last congress, whicn provided for
an extension Of the national banking sys-
tenn and the issue Of circulation against
deposits of greenbacks.
Republican, Plans Outlined.
The house Republicans will introduce
on the day after Christmas, and pass
within the week, two bills In response to
President Cleveland's message of appeal
for help for the treasury. One OF these
two bills will be tariff bill to increase
the revenue; the other, a financial plan to
maintain the gold reserve and prevent al
legged existing trouble with the greenbacks.
This party plan has been perfected by
two meetings of the Republican members
Of the ways and means committee; the
first held Saturday night with the CO.
operation OF Speaker Reed and other lead
ers; the second, yesterday afternoon. Al
though strong efforts were made To pre-.
serve secrecy concerning the details OF the
plan it's features have been obtained from
unquestionable authority.
The tariff bill will be entitled, "A bill to
increase the revenues and to prevent de-
f1cits in the treasury" Will go into effect
when signed by the president, II no signs
1t, and will remain in effect until Aug i,
1893, when by its provisions It's operation
will cease.
Its items follow: A duty on wool OF 60
per cent Of the Mckinley law rates. A
compensatory duty on woolcn goods of
20 per cent OF the Mckinley act rates A
duty of 20 per cent of the rate of 1890 on
lumber, which will be from 10 to Is per
cent I'D valorem. An increase of - per
cent from the Wilson-Gorman act rates
on cereal DreaustuHs, uhlry prOuuctS ana
live stock, including poultry. A horizon
tai increase of Is per cent from the Will
son-Gorman rates on all other schedules,
with the provision that in no case shall
tho duty exceed the Mckinley rates, ex-
cept where the Wilson. German rates ex-
cecd those Of the Mckinley law.
The second bill will provide for two
issues of bonds. The first will be an uu-
limited amount OF 3 per cent five year coin
bonds to protect the gold reserve, with the
provision that the currency, redeemed by
the proceeds, shall not be paid out for
current deficits In the revenues, unless the
expenses Of the government are In excess
Of the revenues (which, 10 is expected.
they will not be II the first bill is in op-
eratiop).
In addition the second bill will provide
for only per cent treasury certificates OF
indebtedness, not To exceed $50, 600, 600 in
amount and To be disposed OF at the dis
eretion Of tho secretary of the treasury. to
meet current deficits In the revenue.
These are 10 be offered for sale AT the sub.