The Red Cloud chief., 1896-01-03
WAYS AND MEANS REPORT.
Projects for Temporary Financial Relief
and for Temporary Farm Increase.

Dingley OF tho ways and means com
mittcc to-day reported to the House
the tariff aud bond bills agreed on by
the majority of the committee. They
were accompanied by the following
reports:
Your committee regard the chrome
deficiency of revenue for the past two
years and n half as the most potent
aust OF the difficulties which the
treasury has encountered and an i'm
portunt factor in the creation and pro-
motion OF that serious distruSt which
has paralyzci business and dangerous
~ shaken confidence. even IN the
financial operations of the govern
mcnt. 1t is as impossible for a gov
crnmcnt to have continuous deficiency
of revcnuc for two years aud a half
withou. affecting its financial stand
ing as IT is for an individual. II Is
impossible also for n government to
continue in this condition without
casting "a shadow Of doubt ami dis
enlargement over all business opera
tions within its borders.
"Iour committee believes that IL Is
the duty of the House Of Representa-.
tivcs, To which body the constitution
commits the Inauguration of revenue
blliN, w lldlIt anu pas" u tlltiSuIt lIllJ
will yield not far from sj0,O 200, 900, suf-
ficicnt to put an end to "a deficiency
and to do this without delay, too,
leaving to others. whose cooperation
is required to finally place such lcgis.
lation on the statute books to meet
the responsibility in their own way.
And the Presidents special message
setting forth SO poiniedly the serious.
ness of the situation and the necessity
for the promptest action only cmpha-
sizes the duty of the House.
You committee have not under
taken n general revision OF the tariff
on protection lines as q majority hope
cnn bc done in 1877 ar loDS, not only
because they know that such tariff
legislation would stand no chance OF
becoming a law, but also because gen.
cral tariff revision would require
many months, and the need is more
revenue Mt once.
The bill reported 10y your commit
tee proposes 10 make the duty on i'm.
ported clothing wool 60 per cent ofthc
duty imposed by the act of 1890, which
would give an equivalent of o Clio of a
cent per pound on unwashed wool, or
about 40 per rent nd valorcm. This
reduction from the duty Of the act of
1890 has been made because the res.
toration of the full duty in that act
might seem To be too great q change
from the present law 10 those whose
cooperation II is necessary to secure
in order to have any legislation, and
not rs u measure OF what might be
done when all branches of the govern.
ment are in harmony with the major.
ity OF the House on protection lines.
The duty on manufactures of wool is
Increased by Il specific duty equivalent
10 TIC dug on wool.
"Thc duty on cLrpct woods is left at
thirty.two per cent ad valorem, where
IL was placed in 1890. This is a purely
revenue duty, as we raise very few
carpet woods
"Such lumber rs was placed on tho
free list by the act of 1890, without
the slightest justification, Is restored
to the dutiablc list, but with q duty o.
only sixteen per cent of h DATES
provided by the act Of ls00--giving al
equivalent of only about fifteen pc
cent Such a reduction from the low
rates OF 1890 is justified only on TIL
ground that the object of your com
mittce has been to frame u bill mainl.
on revenue grounds, in the hope tina
it would secure the approval Of thos
in official places whose cooperation !
essential to legislation, and who ma,
be supposed to feel that in such an cN
} igeucy as now exists the public neccs
+, sity must control.
!, rnE BOND bill.
a The report on the bond bill says tina
. tho Secretary of the Treasury now Ina
2 the authority, under the resumptio
l act Of 1875, to issue and sell ten-yeR
. per ceut bonds and thirty-year ! p,
r cent bonds to maintain the fund fC
the redemption of United States note
and that he had sold 100. 900, 900 OF. tn
n former description of bonds aud abou
G2, 900, 900 Of the latter DESCRIPTION {
bonds in the last two years, and as
announces his intention to avail hin
. self OF the authority given by the r.
!. sumption net and sell more high ra
. and long term bonds, il necessary, Il
+, only question is whether IL is n,
y clearly for the public interest that
y should have authority to sell u low,
" rate and shorter tern bond. III
!, committee thinks that it is clearly
v the public interest that he should ha'
20 this authority and adds:
''Iu granting this authority, ho'
~ ever, we have included in the bill
~ provision that the proceeds OF bon
sold shall be used exclusively for I
rs dcmption purposes, II object bciI
70 to secure such IA separation OF the
u demption fund from the ordinary ca
= in the treasury as will maintain n
- protect the reserve. We also provi
-, that such bonds shall be offered I
rh sale in such n manner as to invite
Le vestmcnt among the masses OF I
people"
y, or the certificates OF indcbtcdn'
the report says: 'In our judgme
bo the Secretary of the Treasury shou
=, always have such authority as this
Nd meet temporary deficiencies that .
liable to arise. Unless this author
al is given, the Secretary will indirec
' NV use the proceeds Of bonds sold unc
nna the resumption act for redempti
v" purposes To meet the deficiency in
revenue, as he has been doing in I
past two years and q half."