The Portland daily press., 1895-12-25
FRAMED SOLELY TO MEET AN
EMERGENCY.

revenue measure, hurr1edly prepared, 10
meet the exigenoy in our national
finances, and in response to the presi-
dents plea that some measure for relief
must be affor ded by congress- There has
been no attempt at a tariff revision. Our
measure is purely q revenue measure. The
correctness of this declaration was shown
by action of the committee today in de-
clining to hear Judge VIM. Lawrence of
Ohio, president of the National. Wool
Gorwer's association, who desired to be
heard in support of a higher rate on wool
than that previously agreed upon.
Applications have been made to the
committee, in collective and individual
capacity, from Eastern manufacturers,
who deprecated hasty action in the prep
aration of bill and that postponement
in it's preparation be had, until their
arguments could be presented. 70 all
these applications the oommitte turned a
deaf ear. The bill will have the unusual
distinction of being presented to the
house as the sole result of the committee
labors, uninfuenced by outside consider
ations.
| At this afternoons s session of the Re
! publican members of the committee
several changes were made in the rate
of the bill is completed and nothing re-
mains, but to put it in proper form. At
yesterdays meeting it was decided that.
farm products, including live stock,
should enjoy % per cent horizontal in
crease of the present law, because of the
suinous competition the grange element.
along the Northern frontier. claimed to
| CIT IF for from THAR Canadian 11aioh borc
across thet line.
| This led some Eastern members today
to ask a corresponding increase on manu-
| features of iron and steel This precipi-
tated spirited discussion, in which
the committee were divided, practically
on geographical lines, the Western men
| strongly opposing higher rate than Is
per cent. After some debate, an agree
ment was reached that the agricultural
| schedule be placed in the same category
as other schedules, namely q Is per cent
| horizontal increase. This was The only
serious difference of the day. 1t was
| speedily settled. The sugar schedule was
alone exempted from a change. 1t was
deemed inexpedient to include sugar in
the horizontal increase. owing to the
| en- mbarrassment which might arise from
an increasing dlfferential duty on refined
sugar.
| The most important change made at
| today's session was relating to carpet
| wools, which in the new bill will be re-
stored to the Mckinley rates. On all
| other woOls the duties stated in last
nights dispatches will be 60 per cent of
that of Mckinley law. with compensa-
| tory duty on the manufactured products
| also 60 per cent of that of the previous
| law.
| The duty on all grades Of lumber will
be placed at 60 per cent OF that of the Nc
Kinley law.
| The bond bill was completed today and
will be sent tonight to the government
printing Office. Both it and the revenue
bill will be laid before the full committee
at II o'clock tomorrow morning. When
the committee adjourns. the Democratic
members will hold q secret session, at
which they will decide upon policy to
be pursued by them,- when the two
measures are called up in the House.
| Both bills, as previously reported. will
be presented to House Thursday. The
committee on rules will report and past
| through the House resolution sitting
aside Thursday, for the consideration I
the tariff bill and Friday for the bond
| measure. This latter bill is understood
to have the approval of Secretary Carlisle
and the President, this and encourages the
| Republican leaders to believe it may
pass the Senate, Notwithstanding
preponderance of the free silver sentiment
in that body, but with the President
favorable to the proposition, it is believed
the whole power of the administration
will be exerted upon certain Democratic
Senators from the South with the possi-
bility that a sufficient number may be
secured to join the sound money Repub-
licans and pass the measure. 1be bond
bill is simple in detail. 1t provides for
the issuance of bonds, interest and
| principal payable in coin, and redeemable
LAT the Ont1nn nf fha a n ar ha
end of five years.
| 1t changes the rate of interest provided
in the act of 1875. under which the bonds
| now issued to three per cent, which is the
rate of interest that the $50, 900, 700 coupon
certificates of Indebtedness, which will be
used only to meet the deficit In the treas
ury will bear. No provision is made in
| the bond bill regarding the legal tender
notes. The bill by simply separating the
redemption fund from the general assets
of the treasury, puts it in the power of
the Secretary OF the Treasury to tempo
rarily isolate the legal tender when re-
deemed. The two bills will go into effect
upon their passage and remain in opera
tion until August l, 1898.
The Bills for Revenue.
Washington, December g4.-The Repub-
lican mem bers of the ways and means
committee are driven in self defense to
formulate their revenue and financial
bills at the earliest moment 1t is believ-
cd that this will be accomplished soon.
The protected interests of New England
and the North are filling tho mails of
tho Republican members of Congress,
particularly those assigned to the ways
and means committee, with the request
! for the restoration of the Mckinley rates.
| AS this is deemed expedient at this
time owing to the attitude of President
Clevelad, il is thought only the revenue
bill which can by any possibility run the
without the Presidents signature, is the
one substantially outlined in the United
Press dispatches of last night. The
members of the committee fear, if the
work of finishing this measure be delay
ed, the pressure from the manufacturers
will become intolerable and 1t is this
consideration which moves them to