The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-12-24
BOND AND TARIFF BILL
AND THIsIS HOW REPUBLICANS
PROPOSE TO RELIEVE
THE PEOPLE.
IT WILL Be PASSED IMMEDIATELY


That the Senate Will Also Ac. pom
1t Favorabiy--SiIver M en- Oppose the
Bond dFeature--Debate TO be Cut on
WASHINGTON, Dec. 23.-The House
Republicans will introduce on the day
after Christmas and pass within the
week two bills in response to presi-
dent Cleyeland's message of appeal for
help for the treasury. One of these will
be tariff bill to increase the revenue,
the other financial plan to maintain
the gold reserve and prevent alleged
existing trouble with the greenbacks.
This party plan has been perfected
by two meetings of the Republicans of
the WAYS and Means Committee; the
first held Saturday night with the CO
operation of Speaker Reed and other
leaders; the second this afternoon.
Although strong efforts were made to
preserve secrecy concerning the de-
tails of the plan its features have been
obtained by the Associated Press from
unQuestionable authority.
The tariff bill will be entitled: a
bill TO increase the revenues and 10
prevent deficits in the treasury. ltwilt
go into effect when signed by the
President, if ne signs it, ard viii re-
main i'm effect until August 1st, 1898,
when. by its provisions, its operation
will cease.
It's items follow:
4 duty on wool of sixty per cent OF
the Mckinley low rates.
4 compensatory duty on woolen
goods Of 90 per cent Of the Mckinley
act rates
a duty of 60 per cent of the rate OF
1890 on lumber from ten TO fifteen ad
yalorem.
An increase of % per cent from the
Wilson German Act on cereal bread
stuffs, dairy products and live stock
including poultry.
Ahorizontal increase of Is per cent
from the Wilson-Gorman rates on all
other schedules, with the provisions
that in no case shall the duty exceed
the Mckinley except the Wilson-Gor-
man rates exceed those of the MckiD-
lev Law.
The second bill will provide for two
issues of bonds. The first Will be an
unlimited amount of three per cent
five year coin bonds to protect the gold
reserve, with the provisions that the
currency redeemed by the proceeds
shall not be paid out for current def
cits in the revenues, unless the eX-
penses of the government are IN excess
of the revenues (which it is expected
there win not be when the first bill is
gone into operation).
In addition the second bill will pro-
vide for one year two per centTreasury
certificates of Indebtedness not to eX-
ceed fiftv million in amount and to be
disposed Of at the discretion of the
Secretary of the Treasury to meet cur
rent deficits in the revenues.
These are TO be offered for sale at
the sub-treasuries and repositories OF
the government. 1t is possible that
there may be added to this bill plan
to increase the currency by authoriz
ing national banks to issue circulation
to the par value of all the government
bonds deposited by them with the GOV
ernment as security for their notes
The plan outlined above was not
agreed upon without much recogni-
tion OF difference and compromises,
but the leaders are assured that both
bills will pass the House without ma
terial opposition, having made a thor
ough canvass by State delegations, and
there are strong hopes that the Senate
will act upon them favorably. Satur-
day nights meeting showed a general
sentiment in favor of Incorporating
this whole plan into one bill but rea-
sons were advanced to-day which led
10 the division of the tariff and bond
schemes. Several western free silver
Republicans held a conference during
the day and decided to oppose any bill
containing bond features. Their votes
will be cast against the bond bill but
it is expected that it will draw enough
votes from the Democratic side to of
set the Republican detection. On the
other hand the tariff bill probably viii
be passed by a strict party vote.
by the same division the House Re
publicans hold some hopes that their
plan can carry in the Senate, muster
ing all the Republican and two Popu-
list votes for the tariff BILL and COM
bination of Republicans and Demo
Gratis for the bond bill, although the
supposed free silver majority of the
Senate makes the success of the sec
ond bin much more doubtful.
There have been conferences of Re
publiean% from both houses prelimi-
nary TO the present plan, so that it is
not altogether the product of Speaker
Reed Among the rank and file of the
House Republicans there is move
anent 70 hold a caucus Thursday
morning 10 pass upon the bills, but the
leaders look upon the caucus with dis
trust. for their combinations may be
formed 10 change the tariff features;
and once the special interests find the
doors 10 tariff changes open, much
time is likely to be consumed. TO all
of the members who have come to him
to-day To secure consideration for the
particular interests Of their constitu-
ents, Chairman Dingley has replied
that the bin under consideration was
not tariff bill, but temporary reve-
me bill. The same argument has been