The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1895-12-27

for export which our treasury has been
called 10 supply. For 50 long IA she bal,
oucc of trade Ia against us on account OF
eNeessivo imports. we must export gold or
tat lenst sOuicthingl promise To pay gold
foi the excess OF imports over exports.
Your committee have not undertaken n
general revision OF the eRriW on protection
l.ncs. AS majority hope can be done Ia
lN9f.qS. not only hccnusc they know that
such tariff LEGISLATION would stand no
chance OF becoming a law, but also he.
cause general tariff revision would require
many months. aud the need Is morc icvc-
nue. NJ once. We believe however, that
this need OF NOR, revenue Is SO great THAI
n simple measure increasing all duties OF
he dutiahlo list and taking from the free
l,st OF the present tawn a few articles
that wcrc always on the dutiahle list unui
August q. 1891. aud which have always
been such important revenue producers,
ana limiting the operation Of such lesis,
lntion TO about two years AND hair '-uhul
me present doholencN Of revenue - over
ccino--ouCht To receive the Hppp,Vu even
OF thcsc Who do not favor protective du-
ties Nu patriotic grounds. and the fact that
II nay Incidentally encourage tho produc-
ton Of many artlclca that we require at
houc instcCd of abroad will not be re-
fardcd rs a ground Of opposition under
pres ent circumstances
Ia framing the bill submitted FOR your
consideration II has been necessary, " nc.
tiOn WAS Ia be taken promptly, TO resort
10 a considerable extent TO horizontal
raise OF dutics for the reason TINT It
would have required months to denl win
hg with tariffs ear tot I've Justified III
Ordinary times. hut In such an cNigency
cent felt Il HIS duty to send Us special
message OF ,Atrcme urgcpcy--nud especial
lY tor II limited time. u Is not only uc'
tcnstllc hut Il ~ the only alternative. hut
while We have prosecuted In the brief nica.-
urc reported e horizontal tucrHnsc Of IL
per cont OF existing duties on all schcd-
ulcs but two. which f. an addition Of less
than per cent to tho average nd tlcrnn
rate. GIVING about si5u1ooJQ revenue from
that sourcc. Vet moro than So Ooo,pNo NJ tue
SO O0O 900 which II X estimated this would
adl to our annual revenue VIII come mn'n-
~ from wool, hitch IL taken from the
trcc Us, and given moderate duty aud
from manufactures OF wool. which arc
rlN On compulsory duty equivalent 60 the
aus OF wool (Which is always necessary
wher a DUG H. placed on woon I'm ord,r 10
NV, The wool grower n hCncnt and max,
home
The hlll reported Ivy Your committee pro-
poses to make the duty on imported cloth.
NIX wool 90 per cent OF the duty imposed
10y the act OF 1880. which would give an
cp1NnlCnt OF $40 u a cent PER pound on
unwauhcd wool or about 20 per cent ud-
Nnlurcm Tha reduction from the duty
Of the net pt lSN has been made brcausr
the restoration uf duty In that act might
econ TO b. too great n change n nm Inv
present law to those whose coop ration
II is necessary To- secure In order to have
any legislation and no, as 4 measure Of
what might be done whom all branches OF
majority of the hous, on protection linea
Tho duty on Manufacture on Wooi u N
creased by II Hpccinc duty equivalent 10
the duty ON wool
Tho duty on carpet wool f. left at n per
ccutum ad val rom, whore II was plnccd In
~ This y a purely revenue duty, a. we
ns were placed on the free liat by the net
OF 1894 without the alightest in9inra Ion.
Is itatorrd 70 IN d1tnllr ~ but WIN
Nidrd by the net OF 1890 glvOn nu cqutNa-
tent OF only about n per cent Such u re
duction from thc low rates. VI 1890 is lusti
fed only ON the ground that the ,hlrCt OF
your committee has hccn to frame bin
mainly on revenue grounds IN the hope
TINT Il would nccure the approval OF those
IN official place whose cooperation f.
essential to legislation and WHO may be
supposed to feel that IN such an cxigency
MS now exists the public necessity must
Relieving that such nm iucrctn, ~ rcv-
cnuc as s proposed 50 essential az u hrat
step IN Tie restora Ion OF conhd ne aud
as u restoration of the treasury to n RJuud
condition ana That other lcE Station ~ b.
proposed to thiH End can not h" rlrectye
without adequate revenue t. m ,ot Tho
committee recommends the passage of tho
accompanying hill 20 temporarily Increase
revenue 70 mcol The expenses ~ Hpvorn-
mont nnd provide aPnInTt The deficiency.
The report on tho bond hll FnYH that the
secretary now has the authority under the
resumption net OF 1915 20 issue an sell
years per cent bonds 70 maiutatl the
fund Tor IN" redemption u United States
notes and that he has aoll N)nU $40 Of
the former description Of bonds aud about
81. 0e1opn Of the latter description Of honda
In the past two years and m he announces
HE Intention to avail hun Of the nu-
ihority given by the rrsumption act inl
Hcll more high rate ana long term b nds
If necessary, the only question ~ whether
II Is not clchrv for ihe puhlic interest
that he should have authority tG sall n
lower rate and shorter term bond
The committee think that II IN clearly
In tho public interest that he should hn 80
thls authority and nd Ia.
In granting this authority, however
we haYo included In the bin y provision
that the proceeds uf bonds aDid phn1 b.
used exclusively FOR redemption piitpDacp
our object being to secure "A separation OF
the redemption fund from the nee esnaiy
cash In the treasury ns VIII maintain ana
protect tho reserve We llsp provide that
such bonds shall h. offer,d FOR sale In
such manner az 10 invite immediate In
vesiment among the MASSES Of the pea
pie"
or the certificate OF Indebtedness the re
port says.
ln nur judgement tho secretary Of the
treasury should always have such a way
nS 70 meet tom p0r1fy deficiencies that are
liable 10 arise. iiicps this authority Is
given. the FeorctarN VIII Indirectly uvo tho
procef ds If bonds sold under the reaiimp.
tlon act for red omptipn purposes to meet
the deficiency IN ihe revenue. ~ he haH
been doing the past two years and a
half.