The San Francisco call., 1895-12-24
Augmentation of the Duty on
* Imports Unanimously
Decided Upon.
TWO BILLS TO BE REPORTED
One Raises Tariffs and the Other
=: Provides for Low Interest
Bonds.

WASHINGTON, D. c., Dec. 23.-Four
hours were occupied by the Republican
members of the Ways and Means Commit
tee to-day in preparing a measure of relief
for the Treasury Department. There was
q satisfactory unanimity of opinion among
the members as to the course to be pursued
in order to meet the deficit in the National
finances. Naturally, the first suggestion
was to secure revenue in the line of Re-
publican policy, which is by duty on i'm
ports. When the conference ended very
material amendments were made to the
present tariff law, which it is estimated
Will increase revenues about $40, 900 900 an
nually.
Another measure which is still incom-
plete will also be reported at the same
time, looking to an issue of bonds and GER
titicates of Indebtedness bearing low rate
of interest to meet the present emergen-
cies. The two measures will not be ANAL
gamated, but will be brought before the
House separately. This conclusion differs
radically from the sentiments expressed at
the secret caucus of the Republican mem
bers held at the Capitol on Saturday night
last. At that time nearly all the Repub-
licans present favored one general bill,
which, it was contended, should stand or
fall with the Senate and the President
upon its merits.
To-day, however, the disposition was so
general to report two different measures
that the agreement was reached without
delay. The reason for this was obvious.
1t was explained by some of the mem bers
present that the silver Republicans in the
House and Senate would vote with their
party on the tariff measure, while they
would be forced by the very nature of
things to oppose the bond features of
the measure. 1t was primarily to secure
the support of the silver Republicans, and
not put them in an antagonistic position
to their party, that the decision was
reached to divide the TWO propositions.
The two bills will be reported to the
House on Thursday of this week and will
be passed with little delay. One and
possibly two days may de devoted to their
consideration, but it is not improbable
that they will be passed before the close of
the session Thursday, which may be pro-
longed to extend the time for discussion.
The substantial features of the tariff bill
are these:
Making a so per cent rate on wool with
60 per cent compensatory duty on manu-
factured cloth over the act of 1894.
a so per cent rate of duty over the 1890
law Mckinley on lumber.
A % per cent increase over the act of
1894 (Wilson bilI) on livestock, cereals and
dairy products and a horizontal increase
Of Is per cent in the rates of duty on all
other schedules over the law OF 1894. In
this connection a proviso is added that in
no case shall the rates of duty exceed
those of the Mckinley law except in cases
where the present rates of duty are higher
than those of the Mckinley tariff law.
The proposed amendments will remain IN
effect until August 1, 1898.
The increase of duty on farm products
was made at the request of the members
representing distinctively agricultural
States, their contention being that the
present law is ruinous to their granger
constituents.
o. The accompanying bill provides for an
issue of per cent ive-year bonds to pro-
tect the gold reserve in the treasury, with
a proviso that the currency redeemed by
the bonds shall not be paid out while a
deficit exists in the treasury. This differs
from the original purpose of the Repub-
lican leaders, which was to give authority
to the Secretary of the Treasury to issue
3-per-cent bond as a popular loan, to
maintain the gold reserve and for no other
purpose with a proviso that the redeemed
green backs shall not be used to meet cur
rent expenses, but be retained as long as
necessary as a part of the redemption
funds; authority to issue the National
hanks circulating notes up to the par of
the bonds deposited as security therefor.
and to reduce the tax on National bank
circulation, and authority for the issue of
certificates of indebtedness to meet tenn
porary deficiency in receipts until the rev.
enues can be provided.
In addition to the sale OF bonds the bill
will also authorize the Secretary OF the
Treasury to issue certificates of indebted
ness bearing per cent interest not to ex-
ceed $50, ,o00, ,o00 in amount to meet current
deficien cies of the revenues.