The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-12-26
hIch has always been regarded as


as sources Of revenue in time OF peace,
and the Democratic National Conyen-
| tion maintained the same doctrine IN
| 1884 And, secondly, the fact that by IN
creasing customs duties on imported ar
| ticles which we can and ought TO pro-
| duce or make at home. for revenue
purposes we can at the same time in
| cidentaEly encourage stricken industries
and n,aiteriaily aid in turning anour Ia. "a.
been so heavily against US all through
! this calendar year and which mas
@bgs a dea rsy fof has golfb bee1 enr eeeHd eeed
upon to supply. For so long as the
balance of trade is against us on ac-
count Of excessive imports. we must ex-
port gold for what is the same thing
! promises to pay for the xcess CT I'M
ports over the exports.
| a general revision of the tariff on pro-
| lection lines, as a majority hope can
Know T VIZ that SUI Such tariff iesisafion would
| stand no chance of becoming IaW,
| but also because general tariff revision
| need is more revenue at once. We be-
| lfeve. however, that this need OF more
revenue Is So great thas a. simpe I'M d,1es meas
| list, and taking from the. free list of the
| present tariff a few articles that We're
| always on the dutiabie list, until Aug
| ust 27. 1894. and which have always been
! important revenue producers. and limit
| ing the operation OF. such legislation to
about two years and half-until the
| present deficiency of revenue is over
come-ought to receive the approv-
fective tive duties, sIe on pa'triotic grounds; ana
| that the fact that 1T may Incidentally
encourage the production Of many ar,
| ticlets that we require at home instead
| of abroad will not be regarded as a
ground of opposition under present cir
In framing the bill submitted for your
| consideration it has been necessary, if
action was taken promptly, to resort to
raise of duties, for the reason, that It
would have required months to deal with
each article separately. Horizontal deal
dinary times. but in such an exigency
as exists now, so serious that the Presi-
dent felt it his duty to send US special
message of extreme urgency and es-
| pecially for limited time, 1t is not only
deeensible but is the only alternative;
bysf we we naye soraontal tn
| on all schedules but two, which is an
ssl average adyaiorena ira rate-giving about SIS
more more than s25.6oo,on Of the s2o9OoeoS
which 1t is estimated this bill would add
to our annual revenue viii come mainly
| from wool which is taken from the free
list and given moderate DUTY, and from
| a compensatory duty equivalent to the
duty on wool (Which is always neces-
sary when duty is placed on WOOD IN
| fit and make it possible to manufacture
| Woollens at home
The bill reported by your committee
| proposes to make the duty on imported
| clothing wool 80 per cent emit OF the GUY
| imposed by the act of 1890, which would
give an equivalent of I SO, SO Of f. cent cent
| 10 per cent. advalorem. This REDUCTION
| from the duty of the act of 1890 has been
made because the restoration Of the full
| duty in that act might seem to be too
great a change from the present law 10
those whose cooperation it Is necessary cS az.
| to secure in order to have any legislation
and not as a measure of what might
| be done when all branches of the gov
/ ernment are in harmony with the ma
| jority of the House, on protection nneS s
! The duty on manufacturers of wool is
! increased by a specific duty equivalent 10
| the duty on wool. :,
| 80 per cent. advalorem, where It was
placed in 1890 This is a purely revenue
duty as We raise very few carpefh nI ths WOES sre
| list, by the act of $780, without the sIgni-
| est Justification, is restored to the duti-
M but dgteg T5e paotKded agtK 9f Sgy Sg the ae
of 1SeoNgiving an equivalent of only about
IS IS per per Cent. Such a reduction from tne
gro GROUND that the object of your com
mittee has been to frame q, bill mainly
| on revenue grounds. in the hope tnat !:
would secure the approval Of those in
! offieial place whose cooperation ss es-
| sential to legislation, and who may De
| supposed to feel that in sucn an exig-
| ency as now exists the pupiic HecesSieS
Bei Beiieving wing that such an increase of
! revenue as is proposed is essentlai as :. a
dence and the restoration of the Treas
| ury to a sound condition, and that other
legislation to Pc RIrep9SGfqb u adeauat 1 e
| revenue to meet the expenditures OF 1s Ins
government, your committee recommelniSd1 lliS1
Il. r. stTo temporarily Increase revenue
| to meet the expenses of government
and provide against ~ deficienSGy.M enc Means
| to whom was referred SO much Of the
| Presidents annual message and OF the
report Of the Secretary OF the Ireasf of
the e. redemption fund and the conditions
| of the Treasury. report that the Seere-
tay Of the nder fhe act Of
| 1875 to issue and sell ten-year five per
| cent. bonds and thirty-year four per
eedmpton psRas o2 6f nnea states s @ So
| that he has sold s1O0,00o,0Q0 of the for
Of Sonds ahd a00of o
5onds Soa,Vis'V'i in Il the past two years AS the
redemption re5,s1 fund has declined to almost
sixty millions ssa the oWer rafe and
shorter soiaa time bond in lieu Of the higher
rate and longer time bonds, in sxpecta-
CURED olIi al to sell additional bonds to pro-
| cure coin for this end,
The question involved Is not whether
pose. The Secretary announces his IN
| tention to avail himself Of the authority III,
| given by the resumption act ana sell
| the high rate and long term ponds and
| the only question Is whether II IS not
| should have authority 70 sell lower
| rate and shorter term bond.
Your committee think that it is clear
| ly in the public interest that he should
| iiave this authority. In granting tnls
| in the Bill a provision that the proceeds
| Of bonds sold under the act of 1875 and
under the bill which is PROPOSED, snall
| he used exclusively for redemption pur-
poses, our object being to secure such
| q separation of the redemption 1und
as viii maintain and protect the reserve
i We also provide that such bonds shal
be offered for sale in such manner as as
/ to invite investment among the masses
/ or the people.
| The second section of the act report
ed authorizes the issus q Gef1ida[es afns
| per cent. interest, not to exceed S50,-
| 600 600 in the aggregate to meet tempoe
] rary deficiencies in the treasury and
to be used for no other ax4l purpose ,s +l,a IN
treasury should always have such az au-
/ thority as to meet temporary deficien-
4 cies that are liable to arise. Unless the
authority is given the Secretary Will n,
/ directly use the proceeds of bonds sold
nader the resumption act act fofcency foT redsmp p
/ the revenue as he mas been dong IN
'nT Your pas Committee therefore, recon-
mend the passage of the ACCOMMODATING
bill H Ito ma1nffaln fs,d ana and pro 70
e.s+l, or;~e tl,a iss1le of certificates of