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The Mt. Sterling advocate. (Mt. Sterling, Ky.) 1890-current, December 31, 1895, Image 2

Image and text provided by University of Kentucky, Lexington, KY

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn86069675/1895-12-31/ed-1/seq-2/

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Ta3se of Zt
Proposed by the House
For tlie Relief of the Treas
Under the fiuise of Raising
Revenue for the ltelief of the
Present Stringency
Chairman Dingley of the Ways and
Means Commituc Thursday reported
to the IlouKi the tariir and bond bills
agreed on by the mujority of the com
mittee The committee says The
serious fact which we are called upon
to confront is that in the two and a
halt yoars that have elapsed since Jul
1 1893 this Government lias had an
insufficiency of revenue to meet cur
rent expenditures amounting in the
aggregate to about 133000000 And
ovon in the first half of the present
fiscal year tho deficiency will roach
about 20000000 aud about 3000000
- in this present month
And up to tho present time there is
no sufficient ground for thinking that
insufficiency of rovenuo will not con
tinuo during tho remainder of tho
fiscal year and how much longer no
0110 can safoly predict
If tho consequences of audi a
chronic deficiency were only tho neces
sity of borrowing money to meet cur
rent Spouses in time of peace ovon
thiB would afford abundant reason
for increasing tho revenue But tho
consequences aro more wide reaching
thhii that insufficiency of rovenuo hag
mado it necossary lo uso tho redeemed
United States legal tender notos to nay
current expomlituroa auil thus to Hup
jply additional means to draw gold
from tho greenback redemption fund
in short to create iho endless chain
of which thoSecretaiy of tho Treasury
complains and which has mado it
necessary to sell issue after issue of
bonds to replenish the reserve
This will clearly bo seen whon it is
remembered that tho Secretary of the
Treasury has issued and sold a little
over 102000000 of five per cent ten
years and four per cent thirty years
bonds from which ho has realized
about 182000000 and after redeming
182000000 of United States legal
tender notes with tho proceeds ho has
been obliged to immediately pay out
133000000 of these demand notes to
meet current expenditures and thus
has furnished 133000000 of govern
mental demand notes to bo again and
again used to draw gold from the
Treasury Aud tho necessity ot more
rovenuo from tho point of view of tho
maintenance of the redemption fund is
taken away by the fact that wo have
50000000 of cash in the Treasury in
addition to the 100000000 part gold
required for tho redemption fund and
tho twenty odd millions required as a
working balance This 50000000
represents 50000000 of redeemed
United States legal tender notes for
whoso redemption wo borrowed 50
000000 in gold If wo continuo to
pav them out to meet a deficiency of
revenue then presently they will come
baok again to draw 50000000 more
from tho Treasury which wo must
supply by selling 50000000 more of
Tho sugge ition therefore that wo
need no more rovenuo because wo
have a cash balauco of 50000000 of
Government notes in tho Treasury
thai can bo used to pay any deficiency
for the next six or twelve months is
in effect a proposition to issue more
bonds to moot a deficiency which
should bo mot at once by providing
more rcvonuo
In other words thoso who oppose
raising more rovenuo in such a situa
tion in effect whether thoy intend to
do so or not favor borrowing in
preference to paying as wo go along
Sour committee believe that it is tho
duty of the House of Representatives
to which body tho Constitution com
mits tho inauguration of revenue bills
to framo and pass amcasuro that will
yield not far from 40000000 suf
ficient to putau oud tp a deficiency
We Remove to Our
v And in order to reduce
handle Now is the
aud to do this without delay leaving
to others whbo co operation is re
quired to fiualiy placo such legislation
on tho statue books to meet tho re
sponsibility in their own way
Tho Committee says further
Two facts have led your Commit
teo to look to an increase of customs
dntes a3 the most appropriate source
of additional rovonuo They aro first
tho fact that we aro already raising a
disproportionate amount from inter
nal rovonuo And secondly tho fact
that by increasing customs duties 011
imported articles which wo can and
ought to produce or make at homo
for revenue purposes wo can at the
same timo incidentally eucourago
stricken industries and materially aid
in turning in our favor tho balance of
trade which has been so heavily
against us all through this calendar
year and which has caused a demand
for gold for export which our Treas
ury has been called to supply For to
long as tho balance of trade is against
ub on account of oxcossive imports we
mnst export gold or what is tho
same thing promises to pay gold to
pay for the excess of imports over ox
Tho bill reported by your commit
tco proposes to make the duty 011 im
ported clothing wool Gj per cent of
tho duty imposed by the act of 1890
which would give an equivalent of
6 6 10 of a cont por pound on un
washed wool or about i0 por cont ad
valorem This reduction from Iho
duty of the act of 1890 has been mado
because tho restoration of tho full duty
in that act might seem to bo too great
a change from tbo present law to those
whoso corporation it is necessary to
secure in order to havo any legislation
and not as a measure of what might
bo done whon al branches of tho
Government aro in harmony with tho
majority of the House on protection
liiios Tho duty on manufacturers of
Wool ja increasing by a specific dujy
equivalent to tho duty on wool
fTlio dirty on carpet wools is loft at
32 pqr centum ad valorem whoro it
waB placed in 1890 Tjils is a purely
rcvonuo duty as wo raise vory fow
carpot wooln Sucjt lumber as was
placed on the free list by tho act of
1890 without thoslightost justification
is restored to tho dutiable list but
with a duty of only CQ pep cont of iho
duties provjdod byrthoast Oil890
JtfJW j
V 6
fi W tcft
- - w Mft erlmt AocnuusnPecdbiVt Bq
t - - - 1 J - - -
- ii lr I1 i i i t i
wntokjs ke
j v
giving an equivalent of only about 15
por cent Such a reduction from the
low rates ot 1890 is justified only on
tho ground that tho object of your com
mittee has been to tramo a hm mainly
on rovenuo grounds in tho hope that
it would secure the approval of thoen
inofficial placo whoso co operation is
essential to legislation and who may
bo supposed to feel that in such an
exigency as now exists tho public
nocoeuity must control
The bill Is as follows
Bill No 2 -A bill to temporarily
iucrpaso rovonuo to moot tho oxpoiJsc
of tho Government and provide against
a deficiency
Bo it enacted That from and after
the passage of this act and until Au
gust 1 1898 there shall bo lovied col
lected and paidOii all imported wools
of classes of ono and two as defined
in tho act hereinafter cited approved
October 1 1890 and subject to an tho
conditions aud limitations thereof
and on all hair of tho camel goat al
paca and other animals except as
horeafter provided and on all noils
shoddy garnetted wasto top wasto
slubbling wasto roving wasto ring
wasteyarn waste and all other wastes
composed wholly or in part of wool
and on all woolen rags niungo and
flocks a duty equivalent fo GO per cen
tum of tho duty inipo od on each of
such arliclos by an act entitled An
act to reduce the rovonuo and equalize
duties on imports and for other pur
poBoss approved October 1 1880 and
subject to the conditions aud limita
tions of said act and on wools and
Russian camols hair of Glass 3 aa de
fined in said act approved October 1
1890 and subject to all the condition
and limitations thereof there shall be
lovied colloctcd and paid tho 60voral
duties provided by tho said act ap
proved October 1 18Q0 And para
graph 279 of 8ohcdulo K and also para
graph 685 In the freo list in an act en
titled An act to reduce taxation to
brovido revenue for tho Govonilncnt
aufor other purposos which becomo
a law Augu6t 27 1891 aro hereby
suspended until August 1 898
Sjc 2 From and aflor tho passage
of this act and uutll August 1 1898
thorc shall bblevioVyoIlocted and
paid on all imported articles mado in
whole or in pirt of itffi worsted or
olhor material descrlbod in Section 1
ipiwyi i M - w 7 J v W y m
of this act except as hereinafter pro
vided 60 por centum of tho specific
pound or square yard duty imposed on
each of said articles by an act entitled
An act to reduco tho rovonuo and
equalize duties on imports and for
other purposes approved October I
1899 and subject to all tho conditions
of and limitations thereof In addi
tion to tho advalorom duty how im t
posed on each of said articles by an act
entitled An act to roduco taxation to
provide revennp for the Government
and for other purposes wljjch bo
camo a law August 27 1891 and ou
carpots ditiggists boickings mats
rugs Bclireons covers hassocks bed
sides art squaros and othor portlonof
carpotings mado in whole or in part
of wl t said articles by said art
approved October 1 1890 and subject
to all tho conditions and limitations
thoreof in addition tp tho ad valorem
duty imposed on such articles by said
act which -became a law Ahgiist 27
Sec 3 That from and after the
passago of this act until August 1
1893 thoro shall bo levied colloctcd
ami paid pn all imported lumber and
other ai tides designated in paragraphs
671 to G83 inclusive of an act enti
tled An act to roduco taxation to
provldo rovonuo for the Government
and for other purpdsos which be
camo a law August 27 1864 a duty
equivalent to GO per cohf of tho duties
imposed on each officii articlosby
An act to roduco tho rovdhtio and
equalize dutiesoii imports -and for
other purposos approved October 1
1890 and subject to all conditions and
andllmitationsof eaid last named act
but pulp wood shall be classified as
rouid manufactured timber exempt
from duty provided that iuca6o any
foreign country shall impose an ex
port duty upon pine spruce elm or
other logs orstayo bolts shlnglo wood
pulp vood or heading blocks pxported
loflio United States from such coun
try than the duty upon tho lumber
and other articled mentioned in said
paragraphs 071 tp 683 incluslvo when
Imported from such countries shall bol
tho same as fixed by tho law enforced
prior to 1890
Boc 4AThat ouand after tho pas
sage of -this act aud until August 1
1893 Micro shall be oviod collected
audbttidon all imported articles ineti
tlonod in Schedules A iG D IP G
r - - km T
v - WZr ml
V iHk H -- - I B
- - I ML XWml
im i m im vianBBHm u r
January i 1896 1
jKViA fki
stoefcvpfler a reduction on every line of goods Wi
tims tdbuh ea13xls of goods for a little mQneyr 0f
ft T jrflwA1f
r ks tf sy zm - m h w - ir -
we flatter ourselves that our business reputation in Ytns community precludes the doubting of our word J
mean what we say our goods must go and 11 you want goods or the best material tor less money than you will have to pay tor inferior quality elsewhere
Sale Continue XJxitil Jaxiuta273r IstVlSQS
v xjitv
f i
j -is m sx fnt - an i m hi - i v
i v - t t ii jit aa A - hi w - -
rptz I S I m Mvf mill - I s - wu
A 41 K
Rather that remove our stock we will from this date cRsposeQfuV entire stuciif of Drv Goocls Notions Clqitks LadiesVand Misses Shoes at cost for CASH This is a gianc
opportunity to save money andwe are glad to give it to the people tys1vwbur upprccmtyjn of their libera patronage in the past Ratljer than have ov movof carrys
over any Winter Underwear we will sell it below cost S adics Good PieCi d Wss io former price 33c Best Fleeced Vests 38C former price5Qcjadje
good Wool Rib Vests 5QC former price 75c Ladies best Wool Rib Vests 76C - Conner price 125 - Vi
T- -
We Are
Your Life
1 V
iAH3rtliiiag o cur Store sat Oostfor GSZ3r
Thousands of bargains real bargains that we will offer from npw untUJANUARY it but when we say that any thing in our immense stoekwill be sod ar
come to usi
II I J L M and N of an act onlltWL
An act to rethico taxation to provide t
ruvuuuu 101 mo troyeEnmQntanii tor
othor -purposes which became a lar
August 27 1891 a dutv eniiivnTunt frv
15 por cent of the duty imposed om
eaon saiu articles by exulting law hi
addition to the duty of August 14
j ruvmuu inui mo aauuiouKn
duties imposed by thi section
not in any caso increase the rat
duty on any article beyond the
imposed thereon bv tho said act
October 1- 1890 but in such mm iL
duties shall bo the sarno as were IkW
pised by said act and provided furtbX
IV Ulilf ttrllOIll tllO nvnonn intn V
- -- Muoiiiu iuiuui tuny
on any article is higher than wafixcd
by said last named act tierato of duty
thereon shall not bo further infrftR1
ty I
Vc I
by this section but shall remain f lip
provided bv existing law
TIIK Ttnvn niTWCrirwr
i J
Tho report on tho nond bill saym
that the Secretary of tho Treasury now
hau tho authority
unrlor tlm i nonmn
year 5 per cent bonds and thirty
year 1 boi cont bniuln to mntniafn
tho fund for the redemption of United
amies notes and mat hQ has fioldSlQQ
nnnnnn i 1 t
wvwv u iiiu juiiuur uosenpuon Q
bonds and about 62000000 of flu
latter description of bondsin the past1
two years and as ho announces his j
tontiqn to avail hioiBolf of the author
ity given by tho resumption act and
soil more high rato and
if necessarv tho onlv rmfutimi3
-- T vw x4yAfttw 1
tion act of 1875 to issue and sell ten if
whether it is not oloarlv for thn nntCtfe
ho should haflutnmy
uy iv huh a lower rate
The committee think that itrsctear 7
ly in tjio public interest that Me- I
should haye this authority and ii
-in granting this authority howai
wo nave jnciuueii m the bill a provj
ien that tho proceeds of bonds sj
shall bo used exclusively for twin J
tion purposos our object being tp f
cute such a separation of 4ho rcdem
tion fupd from the ordlnnrv natiJ
10 Treasury will maintain wnT
protect the reserve AVo alsp
viuu uiHhHUQn ooiius shall b affortdi Vf
liiYcstmpnt antotig thinmi of IhdJi i
PDOlfie 0 A
Of tllO CfiiMfipuloa nf twlMitVlltl 4 I
umiuuil nJi i 4 tii
Ihourjudieminttho 8mmIw ntHi
t j
Q i fL j

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