The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-02-05
FINANCIAL CRISIS.
Speculation in Washington
AS to the Fate of the
Various Measures.
CANNOT AGREE
Administration Banking Bill May
Pass the House Sherman
Reed Idea.

WASHINGTON, Feb. 5, 1895.-There ia
considerable speculation this morning aa
to the fate of the Administration Bank
ing bill which is NOW under consideration
in the House. The Republican program
me was outlined in these dispatches
yesterday. 1t VIII consist of an amend
ment to dhe law of 1875 permitting the
Secretary of the Treasury to issue bonds
to replenish the gold reserve, the bonds
to be redeemable in coin, and authoriz-
ing the Secretary to meet current ex-
penditures, in the event OF deficit, by
issuing certificates of Indebtedness pay
able after a certain term of years. The
plan is understood to be the one sug-
gested by Senator Sherman of Ohio some
days ago.
Some of the Republican members of
the House who are favorable to the Ad-
ministration bill say the substitute Of
Mr. Reed will not carry 1t will, they
believe, receive the support of the Re
publicans generally, but will have little
strength among the Democrats. It is
still asserted by some of the Republicans
that the Administration bill will receive
fair support from the minority, but
those who were spoken with this morn
ing were disposed to believe that there
is little likelihood of the bill passing the
House, although they feel that the vote
upon it will be close.
SENATOR'S FAR APART.
The Senate Committee on Finance this
morning discussed the whole situation
without reaching any conclusion and ad-
journed, as far apart as they have been
at any time since the financial question
came before them. The various meas
ures that were pending came up for con-
sideration, but no vote was taken, and
the result of the session was nothing
more than an interchange of views. The
bill recently passed by the House pro-
Yiding for the repeal of that part of the
tariff act providing for discriminate
ing duty on sugar was also considered,
but nothing was done. All the matters
before the committee went over until
the next regular meeting week hence.
IN THE HOUSE.
The House, under the rule adopted
yesterday, went into Committee of the
Whole on the Currency and Banking bill
today.
Before proceeding with the discussion,
unanimous consent was given to a re-
quest made by. Mr.. Springer Dem., HID
that members, be given leave to print or
was little delay in beginning the de-
bate, which caused Mr.. atch Dem, Mo-
70 remark that if the gentleman from IL
ahead with the bill he would move to
recommit to the Committee on Banking
s'.1 OUR Trade STATISTICS.
In giving out the final figures of the
trade of the United States in the calen-
dsr year 1894 Mr.. Worthington c. Ford,
Chief of the Bureau of Statistics, said
It is almost impossible to Judge of the
course of trade by values alone. In no
single year since 1873 has there been such
u lam or bad fol "
port and import,sa has occurred in the
last eighteen months. Such a sudden
change practically throws out any COM
For example, the value of domestic
exports in theh fiscal year 1894 was only
600 less than the value of the ex-
Of the exports in the calendar year 1894
was Sl50, 1000 less than in the calendar
year 1881.
Quite as interesting difference is
shown in the imports. The value of free
imports in the fiscal years 1894 and 1881
was $579,795 and $966,241, $50, respectively,
a difference in favor of 1894 of $lS, 100000.
comparison of imports for the calendar
years would show difference in favor
of 1891 of SAG 00o,0 900.
Dutiable imports were so greatly af-
fected by the uncertainty of tariff legis-
lation that the calendar year 1894 ap-
pears almost disastrous in it's total, the
difference being Sl06. 100000 in favor Of
the calendar year 1891.
The relation between free and dutia-
BILE has been doubiy disturbed by the ex-
cessive iLnportations of sugar, which ag-
gravated the free total and the marked
reductions in the imports of articles af-
fected by the tariff. All things consider
ed. the, facts might have been much
worse than the figures show.
From a review of general conditions
it is recognized that the United States
has suffered materially in only one di-
rection, that Of dutiable imports. A
derangement of conditions in that one
branch is inevitable, whether a PROPOSE
ton be pending to raise or to lower
duties.
In all else the conditions Of foreign
trade are more favorable here than in
any European country, and in the great
lines of its commerce a gratifying sta
bility and even some development are
shown.
With the first of January the tariff
of 1894 went into full effect and imports
will now become normal and more regu-
lar, and their effect upon revenue more
clearly seen.
The duties paid on imported wooden
manufactures in January nearly made
good a three months income from that
source. while sugar and distilled spirits
are again becoming profitable sources of
revenue