Delaware gazette and state journal., 1896-01-02


ton OF less than per cent to ihe aver
age adyalorem rate, giving about
Sll, 00n, 0Ol revenue from, the source
yet more than $50, 0Qo GOO Of the
$40 00J. COO, which II is estimated
this bill would add 10 our annual
revenue, will come mainly from
wool, which is taken from the free
list and given moderate duty, and
from the manufactures of wool, which
are given compensatory duty equiva-
lent to the duty On wool (which is
always necessary when a duty is placed
on wool IN order to give the woul grower
the benefit and make it possible to
manufacture woolens at home.
The bill reported by your committee
porposes TO make the duty on imported
clothing wool go per cent of the duty
imposed by the act of 1880, which.
would give an equivalent of 6-l0 OF u
cont per pound on unwashed wool, or
about 40 per cent advalorerl. This
reduction from the duty of the act Of
1890 has been made because the restor-
alton Of the full duty IN that act might
seem to be too great a change from the
present law to those whose corporation
it is necessary TO secure Ia order to have
amy legislation ana not as measure Of
what might be done when all branches
OF the government are in harmony with
the majority OF the House on protec-
tion lines. The duty on manufactures
of wool is increased by a specific duty
equivalent to the duty on wool. The
duty on carpet wools is left at 30 per
| cent advalorem, where it was placed in
1880 This is a purely revenue duty,
as we raise very few carpet wouls.
Such lumber as was placed on the free
list, by the act of 1900, without the
slightest justification, is restored to
the dutiable list but with duty of
only 60 per cent of the duties provided
by the act of 1890 giving an equiva.
| lent of only about Is per cent. Such a
| reduction from the low rates OF 1880 Is
| justified only on the ground that the
object Of your committee has been to
4 frame bill mainly ON revenue grounds,
| in the hope that it would secure tho
approval Of those in official place whose
cooperation is essential to legislation
and who may be supposed to feel that
in such an eXigency as now exists the
| public necessity must control. Belev-
ing that such an increase of revenue as
is proposed is essential as a first step in
the restoration of confidence and the
] restoration of the Treasury to sound
condition, and that other legislation
to be proposed to this end cannot be
effective without adequate revenue to
meot tine expenditures of the govern
ment, your committee recommend the
passage of the accompanying bill to
temporarily increase revenue to meet
| the expenses of government and pro.
vide against deficiency.
The committee, to whom was re.
ferred so much Of the Presidents an
nual message and OF the report of the
Secretary of the Treasury as relates tc
tho maintenance of tho redemption
fund and the condition OF the Treasury,
report that the Secretary of the Treas
ury now has the authority under the
resumption act of 1875 to issue and sell
10 years pur cent bonds and 80 wears
per cent bonds to maintain the fund
for the redemption of United States
notes and that he has sold 500, 000, 00l
of the former description of bonds and
about SOP, 600, 600 of the latter descrip-
ton of bonds in the past two years. AS
the redemption fund has declined to
almost $50 900, 600 the Secretary re.
quests authority to issue lower rate
and shorter time bond in lieu of the
higher rate and longer time bonds, in
expectation that at an early date he
Will be required to sell additional bonds
to procure coin for this fund.
The question involved is not whether
or not bonds shall he sold for this pur.
pose. The Secretary announces his in
tcnlion to avail imself Of the authority
gwen by the resumption act and sci
the high rate and long term bonds anC
the only question is whether it is MOI
clearly for the public interests tha
he should have authority to sell
lower rate and shorter term bond.
Your committee think that it i,
clearly in the pubic interest that ht
should have this authority. In grant
\ ing this authority, however wa have
included in the bill a provis on tina
= the proceeds of bonds sold under the
/ act OF 1873 and under the bill which il
proposed shall be used exclusively 70
/ redemption purposes, our object beinl
/ to secure such separation of the re
, demption fund from the ordinary casl
: IN the Treasury as will maintain AM
protect the reserve. We also prnvid
| that such bonds shall be uhrfnd TO
a / sale In such manner as to invite in
/ vestments among the masses OF tic peo
: pie.
, The second section Of the act re
I ported authorizes the issue Of cortif
n Gates of indebtedness of small Cienonii
i nations, payable in three years an
! bearing 3 per cent interest not to o,
q ceed $50. 000,0 600 in the aggregate,
h meet temporary deiciencios in Tia
4 Treasury and To be used for 10 otht
i purnose. In our Judgment fhe Seer,
:, tary of the Treasury should aiwn
a have such authority as this to ncr
!. temporary deficiencies that are iab
!. to arise. Unless this authority
!. given the Secretary will indirect
q use tho proceeds of bonds sold und
N the resumption act for rednmptic
Il purposes to meet the deficiency
! the revenue as he has bopa doing Il
y past two years and half.
II Your committee, therefore, recommcr
!. the passage oi the ACCOMMODATING b
Il to maintain and protect tho coin r
II demptiap fun /, and 10 authorize Ii
issue of certificates of indebtedness
.. meet temporary deficiencies OF regcnu
is Death Of Airs. HARRIET NJ. Phelps.
EDerfn iAnt.o ,t r,.,,.-,