The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-01-01
Funds For the Future.
The Ways and Means Com
mitree takes Action.

WASHINGTON. Dec % -Four hours
were occupied by the Republican mem
6ers of the ways and meaus committee
this afternoon in preparing measure
of relief for the treasury department.
There was a satisfactory unauimisy 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 Republi-
can policy, wbioh is BY duty On
imports. 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 annually.
Another measure, which is still
Incomplete, will also be reported at the
same time looking to an issue Of bonds
aud certificates of Indebtedness, bear
ing low rate of interest. to meet the
present emergencies. The two meas
ures will not be amalgamated. but will
be brought before the house separately.
This conclusion differs radically from
the sentiments expressed at the secret
caucus of the Republican members held
at the capitol on Saturday night last.
At that tune nearly ali the Republicans
present favored one general bill, which
it was contended should stand or fall
With the senate aud the President upon
it's merits.
To-day. however, the disposition was
so general to report two different meas
ures that the agreement was reached
without delay. The reason for this was
obvious. It was explained by some of
the members 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 antagouistic position to their
party, that the decision was reached to
divide the two propositions. The two
bills will be reported to the house 90
Thursday of this week and will be pas
sed with little delay. One, and posi-.
bly, two days, may be devoted to their
consideration, but it is not improbable
they will be passed before the close of
the session Thursday, which may be
prolonged to extend the time for dis
cussion.
The substantial features of the tariff
bill are these
Making 60 per cent rate on wool,
with 60 per cent compensatory duty
on manufactured cloth, over the act of
1894. A so per cent. rate Of duty
over the 1890 Law (McKiuley) on lum-
Der. A 25 per cent. increase over the
act Of 1894 (Wilson bill) on live stock,
cereals. and dairy products and a hori-
zontal increase of Is per cent. in the
rates Of duty on all other schedules
owe: the law of 1894.
In this connection proviso is added
that in no case shall the rates of duty
exceed those Of the Mckinley law, ex-
ceps in cases where the present rates of
duty are higher than those of the Nc
Kinley tariff low. The proposed amend
ments vii! remain in effect until Ang.
l, 1898.
The increase of duty on farm pro-
ducts was made at the request of the
members representing distinctively
agricultural States, their contention be-
ing that the present law is ruinous to
their granger constituents.
The accompanying bill provides for an
issue Of 3 per cent. five year bonds to
protect the gold reserve in the treasury
with a proviso that the currency re-
deemed by the bonds shall not be paid
out while deficit exists in the treasury.
This differs from the original purpose of
the Republican leaders which was to give
authority to the secretary Of the treasu.
ry to issue per cent. bond as popu-
lar loan, to maintain the gold reserve
and for NO other purpose with a proviso
that the redeemable greenbacks shall
not be used to meet current expenses,
but be retained as long as necessary as
q part of the redemption fluid ; authori-
tv to issue to national banks circulating
notes in to the par of the bonds de-
posted as security therefor. and to re.
once the tax on national bank circula-
ton and authority for the issue Of Ger.