The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-07-07
THE LAST DITCH.
Final Warning Over the
Republican Tariff In
fanny in the Senate.
VEST ON TIE REVENUE FIAsco
Stewards Idiotic Surplus Talk
Morgan opposes the Gold
Reserve.

WASHINGTON, July Z, 1s97-The Sen
ate met today with a definite agreement
made last night that the final vote>on the
tariff bill would be taken before the
days session closed. It appeared to have
little effect in stimulating public interest,
as there was not that rush to the gal
ieries marking the advent of an important
event. The chaplain's opening prayer
gave thanks for the sinking of transient
and local issues. and besought that the
tariff bill may disappoint the fears OF its
opponents and excuse the hopes of its ad-
yecates III its effect upon public prosper
ity and activity"
A renewal of attention TO Spanish
Cuban affairs was promised in report
made by Mr.. Lodge (MassD from the
Committee on Foreign Affairs. 1t recItes
wrongs and injuries inflicted on August
Bolten and Gustave Richelieu at Santiago
de Cuba in 1895. the unavailirg demands
of the United States Government on
Spain for indemnity and then empowers
the President ito take such measures as
in his judgment may be necessary to OBJ
tain the indemnity from the Spanish
Government for .fe wrongs and Injuries,
etc., and TO secure this end he is author
lied and requested to employ such means
or exercise such power as may be neces-
sary''
Mr. Lodge gave notice that he would
call up the resolution Immediately after
the tariff bill was disposed of.
The tariff bill was taken up and Mr.
Allison proceeded to perfect its phrase
ology. The section placing a tax on tea,
which had been inadvertently passed over,
At m
strike from the free list hide cuttings,
raw. with or without hair. and all other
glue stock This caused some conflict.
Mr. Jones (elrk.} opposing the change.
Thereupon Mr.. Allison withdrew the
amendment, tut Mr. Mason dlls) vigor-
ously protested against the withdrawal
1t was agreed to-so to Il
Mr. Stewart (Nev.Y proposed an amend
ment limiting the treasury reserve to
800. 600 and providing that when an ex-
cess of s5.000.O0o was reached, then the
Secretary of the Treasury shall purchase
and retire United States bonds to the
extent of the excess over slo0,000,000 He
said the pending bill was designed to
build up large annual surplus probably
s6S Co., 900 yearly. and some means should
be provided for disposing of this surplus
by purchasing bonds; otherwise the sur
plus would accumulate causing public
apprehension that. it would be used to
retire outstanding greenbacks.
He declared that the accumulation of
a vast surplus drawing no interest, while
bonds were outstanding, drawing inter
est was the genius of inlbecility," he
would not say rascality.
Mr.. Vest expressed the belief that there
would be no surplus yielded by the bill in
1898. When the protective rates were in
creased imports decreased and in de-
creasing imports you increase revenue.
The Senator said he estimated that there
would be a deficiency of from SIS, 100000 to
$50, 900 under the bill in 1898 The pro-
posed tax on rea. expected to yield
sS,e000o0 and that on beer expected to
yield s12, 900 900, had been abandoned while
the new features, including the stamp tax
ST. 600 900, and the repeal of the commission
on beer stamps. 50, 100000, and all other
changes, would add s7,G00,0O0. He also
compared the average advalorem of the
tariff bills, saying the average tax of the
Mckinley bill, the ultima thule of tariff
legislation up to that time was 40 per
cent ;the Wilson rate 80 per cent; the
Dingley bill rate 81 per cent. Mr.. Vest
said the average of the Senate bill when
completed would be largely above so per
cent certainly 81 per cent. and probably
81 per cent. The Senator turned his at
tention to the benefits conferred by the
bill on trusts and submitted a table of
1870 trusts, with the tariff duties calculated
to benefit each.
Mr. Morgan lAla.) opposed the Stewart
amendment on the ground that it gave
indirect recognition to the maintenance of
the gold reserve now in the treasury.
There was not the shadow of law Cor it,
and Mr.. Hogan said he denounced
the defiance and usurpation by
The Senator estimated that the seques-
tration of this hundred million gold re-
serve had cost the country SSl50O0.00O in
the last eighteen years His estimate was
based on the loss Of interest on the idle
money the loss in not using the reserve
itself and the issue of bonds to main
tain the reserve 1t constituted blot on
the administrative conduct OF the gov
ernnent
While Mr. Morgan spoke the
hour of one o'clock was reached and the
Vice President announced that the five
minute rule of debate would prevail in
time the galleries had filed and there
was promise of large crowds on the floor
and III the galleries when the final vote
was reached.
orlitting reference to the reserve in
the treasury
Mr. Lindsay (Ky.) remarked as there
were s239000.00O in the treasury, the eff
pei the Secretary TO Immediately pur
chase and retire s139 o00, 900 of bonds.
Mr. Jones (Ark. expressed cordial and
hearty support OF the amendment.