Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1896-01-02

Thursday responded to the appeal of
the president by passing a tariff bill
the operation of which is limited to
! two and a half years and which is de-
! signed to raise S40,000,000 for the re-
lief of the treasury.
The vote was on party lines with
two exceptions. The republicans all
voted for the bill except Hartman, Of
Montana, who did not vote, and all the
democrats and populists against it
/ save Newlands, (pop. New who voted
in favor of the measure. The especial
order under which the bill was brought
to a vote at p. NJ, after a three and
half hours debate, was iron-clad in its
character and compelled the members
to adopt or reject 1t without the OPP
portunity of offering amendments of
any kind. Although there was the bril-
liant setting that usually accompanies
field day in the house, the debate
lacked much of the spirit and vim
which generally characterizes a parti
san battle in the lower branch of con-
gress Even the preliminary skirmish
ever the adoption of the rule, which or
dinariIy precipitated the fercest
wrangling, passed off quietly. The de-
bate itself was participated in by lead
ers on both sides. The republicans
contended first that the necessity of the
treasury was revenue to supply the
continuing deficiency. Every speaker
denied that the proposed measure was
republican protective bill. 1t vas
they claimed, an emergency revenue
bill on protective lines. 1t was signif
icant that several-notably Dalzell,
Payne, Hopkins and Grosvenor-
predicted the passage of a gen
uine protective measure as
soon as the republicans regained con-
troll of the white house. The demo-
Gratis took the position that there was
no lack of revenue in the treasury and
that the passage Of bill to increase
taxation would in no wise furnish the
relief desired by the president and the
secretary Of the treasury.
All who took part in the debate ac-
quilted themselves we'll, DingIey and
Deliver, of the republicans, and Crisp
and Turner, of the democrats, carry
ing off the honCrs. The bill passed
repeats the present tariff law until
August l, 1898. 1t restores so per cent.
of the Mckinley rates on wool and
Woolens, lumber and carpets and
makes a horizontal increase of pres
ent rates in all other schedules, ex-
cept sugar, of Is per cent. When the
bill was put upon it's passage it carried
by 205 to 81, the vote being taken by
ayes and nays. There was no dem
onstration of any kind at the an
nouncement of the vote. The report
OF Chairman Dingley, of the ways and
means committee follows:
THAT the committee appreciates the
seriousness of the situation and the i'm
pGrtance of prompt remedies so far as
congress can give them.
Your committee regards the chron-
icle deficiency of the reveue for the
past two years and a half as a most
potent cause of the difficulties which
the treasury has encountered and an
important factor in the creation and
promotion of that serious distrust
which has paralyzed business and dan
gerously shaken confidence even in the
financial operations of the government.
1t is as impossible for a government
to have a continuous deficiency of reve-
nue. for two years and a half without
affecting its financial standing as it is
for an Individual. 1t is impossible also
for a government to continue IN this
condition without casting a shadow of
doubt and dIscouragemento over all bus
mess operations within its borders.
The serious fact which we are called
upon to confront is that in the two and
half years that have elapsed since
July /, 1898, this government has had
an insufficiency Of revenue to meet cur
rent expenditures amounting in the ag-
gregate to about $133, 600, 900. And
even in the first half of the present
fiscal year the deficiency will reach
about So 0O0000 in this present month.
And up to the present time there is
no sufficient ground for hoping that
this insufficiency of revenue will not
continue during the remainder of the
fiscal year; and how much longer no
one can safely predict.
IF the consequences of such a
chronic deficiency were only the neces-
, sity of borrowing money to meet cur
rent expenses in time Of peace, even
this would afford abundant reason for
increasing the revenue. But the con-
sequences are more wide reaching than
that. InsuffCiency Of revenue has
made it necessary to use the redeemed
United States legal tender notes to pay
current expenditures and thus to sup
ply additional means to draw gold
from the greenback redemption fund
in short to create the endless chain OF
what the secretary of the treasury COM
plains and which has made it neces-
sary to sell issue after issue of bonds
to replenish the reserve.
This will be clearly seen when it is
, remembered that the secretary of the
treasury has issued and sold a little
, over S162,000,000 of per cent. ten
years, and t per cent. thirty years
f bonds from which he realized about
S1S2 ,000, 900. and after redeeming $751;
co., 900 of United States legal tender
notes with the proceeds he has been
obliged to Immediately pay out s132.-
20 900 of these demand notes to meet
current expenditures. and thus has
P furnished S133,000.000 of government
demand notes to be again and again
0 : used to draw gold from the treasury
!, II iC evident that Ip0o there ic in