The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-23
.ILLDOITSDUTY
House intends to Promptly Handle the
Financial Question.
The REMEDY PROPOSED BY REED
Likely to Be Adopted and Sent
to the Senate.

WASHINGTON, Dec 23.-This promises
to be an eventful week in the house. Be
fore adjournment is reached next Satur-
day the Republican leaders of the house
intend that bill shall have been sent TO
the senate in response TO the demand of
the PRESIDENT -fffeSsage or Friday Tor
some means OF relieving the treasury situ-
alton and protecting the gold reserve
The Republican leaders determined to
ret promptly rs soon as the message was
sent In, and all idea OF taking recess for
the holidays was abandoned in the face of
the situation presented. The ways and
means committee was organized Satur-
day, and Saturday night the Republican
members held a secret meeting at the
Capitol, at which Speaker Reed was pres
ent TO discuss the details of bill which,
In their opinion, would furnish the de-
sired relief.
AS a preliminary IL was decided that
while the situation in the senate as to the
fate there Of any measure passed by the
house should be kept in mind, the house
must act independently of the result in
the upper body. The general outline of n
measure was practically agreed upon, but
the details have not been completed. The
sentiment was unanimous that no gold
bonds should be AUTHORIZED, but that a
bill on the lines of Mr.. Reeds amend
ment of last year should be drawn up, and
with that should be coupled some tariff
changes for the purpose OF raising adj
ditional revenue.
Last winter the Republicans took the
stand that the menace to the gold reserve
was caused primarily by the lack OF rev.
enue To meet the expenses of the govern
ment, and that is still their position.
Reed to the Rescue.
Mr.. Reeds bond proposition, which the
committee will adopt, provides first for
the reduction of the rate of interest on
bonds 10 be issued under the acts of 1870
and 1875 for the purpose of resuming
specie payment and protecting the specie
reserve from 4 to per cent. and. second,
for low rate, low denomlnational coin
bond which would practically be debt
certificate to be used to supply deficiencies
In the revenues.
BY the terms OF the bill It Is probable
that provisions will be inserted TO provide
that the proceeds of any bonds issued un-
der the acts of 1870 and 1875. as amended,
shall go to the reserve, and of the latter
bonds To pay current expenses. In this
way separate account can be kept, and
tho proceeds OF bonds sold TO maintain
the reserve canno. be used to pay current
expenses.
The details OF the tariff changes will
furnish the most difficult task i'm framing
the bill. There is practical unanimity of
-septinaat,- -sa Car ~ can La learned among
the Republican members of the committee
for duty on wool and compensatiny
duties on wooens. The western mem
bers want the duty on wool to be mt least
cents pound, but the indications are
that it will not exceed cents. There is
some discussion of appropriation to make
n horizontal increase on all the schedules,
except sugar, of from 10 to 90 per cent,
but that is opposed in certain quarters as
being not on protection lines.
with q Limit.
II seems probable, therefore, that wool
and woolens, lumber and various articles
will be selected. While there is, it is said,
some difference OF opinion on this point, it
seems certain that there will be time
limitation of years or 80 months on the
life of the tariff provisions of the bill.
The point will DO made that IL is an emer-
EtntN lUtuStIC lOE IdlsiiiS ltNtHut,
therefore, could meet with the approval of
all who believe that the treasury needs
additional revenue, no matter what the
individual opinions may be regarding
protective duties.
. The house I'd ionrned Immediately today,
and the Republica of the ways and
means committee went 10 work to perfect
the details of the bill. II is hoped that it
H. I.. l.. s,,,N
will probably be passed under "a special
order of the committee on rules or possibly
under suspension of the rules. Speaker
Reed and his lieutcnants are not disposed
to brook delay. They believe the house
should do its duty pro mptly.
After the bill has been passed and sent
to the senate, the question of whether con-
gress shall remain in session for the re-
mainder OF the holidays will rest with
that body. If the senate will proceed 10
consideration of the bill the house will re-
main i'm session, probably adjourning from
day TO day, but IL the senate should, after
the passage of the house bill. show that 10
did not propose To 30 ahead with IL, and
should deliberately pass u resolution for n
holiday recess, IL is probable that the house
would agree TO II.
Opposition From Democrats.
As TO the attitude of the Democrats
toward the bill IL seems probablc that it
viii be opposed by most IL not all OF tho
Democrats The silver Democrats are not
disposed to vote for any bond proposition,
nrst, because they believe there Is another
remedy in tho hands OF the executive
the redemption Of notes in silver. They
might vote for coin bonds 90 borrow
money IL tho executive said that mopey
was needed 10 meet cur rent expcnses;but
~ the demand for authority 90 issue
bonds is not based on that ground-whch
In fact is distinctly disavowed-their OPP
position to the bond feature OF the bill is
certain.
They would probably also resist the
measure on account OF the increase in tho
tariff schedules. The administration and
kuund money mon -lninhL Ia dismissed 10
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