Birmingham state herald., 1895-12-28
THE DINGLEY BILLS.

The plan of the two bills introduced by the ways and means committee of the house. of which MT. Dingley is chairman, is first a tariff bill The tariff bill will be entitled "a bill to increase the reve-
 nues and to prevent deficits in the treas ury" If it becomes a law it will remain
 in effect until August 1, 1898, when, by it's
 provisions, it's operation will cease. Its items follow:
 "A duty on wool of 60 percent of the Mckinley law rates A compensatory duty on woolen goods of 60 per cent of the Mckinley law rates. A duty of 50 per cent of the rate of 1890 on lumber, which will be from 10 to Is per cent ad valorem. An increase of 25 per cent from the Wilson-German act rates on cereal breadstuffs, dairy products and live stock, including poultry. A horizontal increase of 15 per cent from the Wilson, German rates on all other schedules, with the provision that in no case shall the duty exceed the Mckinley rates except where the Wilson-Gorman rates exceed those of the Mckinley law"
 The second bill provides for two issues of bonds The first will be an unlimited | amount of 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 are in excess of the reve- | nues, which, it is expected, they will not be if the first bill is in operation.
 The second bill will also provide for l one-year per cent treasury certificates | of indebtedness not to exceed $50, 900 | in amount and to be disposed of at the discretion of the secretary of the treas ury to meet current deficits in the reve- nue. These are to be offeyed for sale at | the sub treasuries and Repositories of the government.
 It is possible also that there may be added to this bill plan to increase the currency by authorizing national banks | to issue. circulation to the par value of all the government bonds deposited by them with the government as security l for their notes.
 This plan was not agreed upon without much reconciliation of differences and | compromises, but the leaders are assured | that both bills will pass the house with out material opposition, having made a | thorough canvass by state delegations, | and there are strong hopes that the sen ate will act upon them favorably. It will be observed that the first part of this plan, the tariI bill, is upon the protective lines of the Mckinley tariff, which met the rebuke of the people in 1892 No revival of protectionism for the benefit of trusts will be permitted by the American people. They may submit to | incidental protection where great indus
 tries are concerned, but not to a bounty | system as a rule of our government or | principle of the constitution.
 The second bill differs from the presi- dents plan in that the administration l proposes to extinguish the legal tenders | outright and thus contract the currency l by 500,000,000, whereas, the Dingley plan is to lock up the greenbacks when
 turned into the treasury and keep them locked up until gold is offered in ex. | change for them. It seems to us that the Dingley plan would bring about the retirement of the greenbacks and a con 1 traction of the currency just about a! l effectually as the presidents plan. | What currency will be offered us 1T place of the retired treasury notes doe: | not satisfactorily appear. Over that 1 question will be the battle royal, if i
 should not wage furiously over the ques tion of retiring the non-interest bearing
 | notes.