Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1896-01-02
In Congress.

n Au wig 800
4 The special message Of Presiden
Cleveland to Congress calling for re
lief for the financial situation has beer
met with promptness characteristic
Of Republicans, though not exactly II
the manner that the Democratic exec
utive hoped. The Republicans believe
that much OF the present distress fell
by our treasury results from the con
slant deficit in revenues, which fol-
two years have fallen far short of ex-
penses. The deficit has been made mp
BY the proceeds from bond sales made
ostensibly to keep the gold reserve up
to the 800, OOO,000 mark. The Dem
ocrats maintain that these bond issues
have really been made for the purpose
alleged, but cannot deny that the rev.
enues are too small.
The Republican House therefore
passed tariff bill last week that is ex-
pected to yield some S40,0OO,0Oo adj
ditional revenues. 1t fixes the duties
on wool, woolens and lumber, which
the Wilson bill put on the free list, at
so per cent of the former Mckinley
rates. Sugar is not included, nor are
iron and steel affected. 1t is merely a
temporary measure and is to cease OPP
Grafton August l, 1898.
1t is expected by Republicans that
if it becomes a law the increased reve-
nue. will place the treasury once more
on sound basis where it will not be
necessary to MAZE bond issues. The
gold reserve will remain intact because
the secretary will not be obliged to pay
out the greenbacks for current ex-
penses but can hold them and use the
other and safer forms of currency.
This tariff bill has yet to pass the
Senate and be acted on by the presi-
dent. The chance of its becoming
law is pretty remote. Ii will, how
ever, give the country an opportunity
to see that the Republicans are ready
to do their part toward restoring our
financial system to the stability that it
enjoyed before the election of '92.
The president in his message favored
the retirement Of the greenbacks and
the substitution Of longtime, low
interest bearing bond by which gold
could be obtained for redemption pur-
poses, these bonds to serve as the basis
for bank circulation. We believe his
plan good one, but neither party
seems to favor it and its acceptance at
present is out of the question.
The president suggested that in case
the grecnbacks were not retired, Con-
gress should pass some act whereby |
The secretary of the treasury could
make better terms for bonds sold to
protect the gold reserve than he can
10 under existing laws. The House
has accordingly sent to the Senate an
vet providing for three per cent five
7ear bonds, payable in coin, the pro-
leeds to be used for redceming the
reasury notes or grcenbacks and for
10 other purpose.
1t is not expected that this bill will
BASS the Senate unless fettercd with
ONE silver provision that will make
t objectionable to the House and
PRESIDENT.
The constitution of the law-mak-
ng body is such at present that little
Elective legislation can be looked for.
t will take about one more election
0 purify Congress and put good
in the chair. The ship of
tate will then be righted and steered
ut from among the dangerous rocks
nd shoals into which the Democrats
ave piloted her. Epeed the hour!