The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1896-01-01
NEW REVENUE BILL
It Goes Through the House by Party
Vote Of 205 to 81.

The Ways and Means committee agreed
upon two bills relating TO the revenues
and finances, and both measures were re-
ported to the House Thursday ana
their consideration at once entered upon.
The Democratic members Of the COM
mittee resisted both bills, with the single
exception of Mr.. Tarsney, who voted with
the Republicans ON the adoption OF the
bond bill. Ii is estimated that the
revenue bill will yield additional revenue
10 the amount of s40,OO0,OO0 per annum,
of which amount Sl2,O00,Oo0 will come
from the duty or wool, sli,oOO,OOo from
the compensatory duties on manufactures
of wool and sl4,0o0.Oo0 from the increase
in other schedules.
The revenue bill is not intended TO be
tariff revision, but simply an exigency
bill TO raise about Si0,OO0,O0 of revenue
to meet the deficiency. The bill is limited
to two and a half years, the expectation
being that by that time the Republicans
will be in full power and able TO revise
the tariff on their own lines. Wools are
taken from the free list, and clothing
woods given duty of 6 40 cents go per
cent. of the duty provided by the act OF
IssOl, and woolen goods are given speci-
fic compensatory duty, 90 per cent OF
what they had under the act of 1890, IN
addition to the ad valorem duty OF the
present law. Carpet woods are placed
where they were under the act of 1880, and
the same specific duty given to carpets as
| under the act of lSS0, in addition to the ad
valorem duties Of the present law. The
articles of lumber placed on the free list
| of the tariff of 1890 are transferred TO the
dutiable list with 90 per cent. of the duty
that they had under the act oflS90. Then
| all the other dutiable schedules (eXcept
sugar, which is not touchedl have all the
duties raised Is per cent,
The bond bill gives the secretary of the
treasury authority to issue per cent.
five-year coin bond to maintain the re-
demption fund, in addition TO the author
ity he now possesses. but provides that
the proceeds of all bonds sold under this
act and under the redemption act shall be
used only for redemption purposes. Ii
also provides that all bonds shall be first
offered to the people of this country. The
bill also authorizes certificates of indebt-
edness bearing per cent. interest and
payable within three years, TO be issued
to meet any temporary deficiency O
revenue. The only object of the bond bill
is TO reduce the rate of interest and the
time to run, as the bonds which the secre
tary Is not authorized to issue bear four ol
five per cent. interest. The bill practical
" separates the redemption fund from
the cash in the treasury, and is intended
To put stop to the practical use of pro
ceeds of bonds TO meet the deficiency il
the treasury.
REVENUE BILL PASSED..
The Revenue bill was passed Thursday
by the House, according to the Republi
can programme, the vote standing 205 il
the affirmative 10 81 in the negative. Wit
the exception of four Populists the al
firmatiye vote was made up entirely q
Republicans. The Populists voting will
the Republicans were Howard of Ala
bama, Newlands of Nevada, ShufOrd an
Skinner of North Carolina. The negativ
} vote WAS entirely Democratic