Norwalk Chronicler

Norwalk weekly gazette, Friday, December 27, 1895 · page 5

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n / p pages
 
 

 

 

 

I

smoc’cPoRT.

THE
D. M. Read

COMPANY.

 

THE

CLOSING

HOURS

. Of all this grand Holiday
Buying will be distinguished
byerCIAL CLosiNG PRICES on
everything, without reserve,
in the long list of SPECIAL
CHRISTMAS GOODS. '

'Now’s the time to buy at
practically your own figures,
at prices which are intended
to close out as many of them
as possible, as many as there
are people to buy—every-
thing, if prices will do it.

Everything in the Notion
department; all the beauti-
ful novelties on the tables in
the center aisle as well as the
multitude of bright and
jaunty things in the show
cases and upon the shelves.

All the bits of novel furni-
ture in the Carpet department,
ornamental and useful;

And the handsome orna-
ments in the Upholstery de-
partment, together with the
special lines of curtains, pil-
lows and covers which have
caused no end of favorable
comment all through the
holiday season. They must
go, hence the otherwiSe un-
warranted prices to hurry
them out to—day, to-night——-
any time.

Beauties in "the Crockery
and Silverware departments,
rare specimens of art china.
and art silverware, superb
productiOns of taste and skill.

we want to dispose of all
the toys we can, we’d like to
sell every one in the' big toy
room. What a gloriously
happy lot of children there’d
beif we should. But we’ve
made it likely to sell a lot of
them because the prices have
been made so much lower,
lower than there’s any neces-
sity, perhaps, but low enough
to warrant good buying on
your part. ‘

And all the odd and pic-
turesque muslin household
pets in the Wash Goods de-
partment—cats, kitten s,
jockos, dogs and puppies——
things that the little ones can
get a lot of enjoyment from
without an extravagant out-
lay of money.

V A Lively Debate In the House on the
Subject of Revenue;

RULES COMMITTEE REPORT.

l It Provided For 'Quick Action and Was
i Adopted by Practically a Party Vote.
The Arguments Advanced
by Opposing Speakers.

i WASHINGTON, Dec. 27.——In anticipation
. of a field day in the house over the pas-
sage of the tariff bill agreed on by the ways
and means committee great crowds ware
attracted to the capitol, and every avail-
able inch of space in the public and pri-
vate galleries save the sections reserved
for the executive and diplomatic corps
were taken. Most of the members who
had gone home for the holidays had hur-
riedly returned, and the attendance on
the floor was almost as large as on the
Opening of the session. In addition,
. many senators were present. ' Immedi-
ately after the reading of the journal Mr.
Dingley, the chairman of the ways and
means committee, reported from that
committee the revenue bill which the
speaker forthwith referred to the commit-
tee of the whole house on the state of the
Union. Mr. Crisp (Dem., Ga. ), the leader
of the minority, explainedthat the minor;
ity had had no opportunity to prepare and
file its views. Mr. Henderson (Rep, 1a.),
from the committee on rules, then pre-
sented the special order under which the
home was to operate. It was ironclad in
its character. It provided that immedi-
ately after the adoption of the order it
Would be in order to call up the revenue
bill just presented by Mr. Dingley, and
that the debate should run continuously,
after which, without intervening motion.
the vote should be taken on the passage
of the bill.

Mr. Henderson demanded the previous
question on the adoption of the order.
which was ordered without division. Mr.
Henderson then took the floor and ex-
plained briefly the urgency which necessi-
tated such summary action of the house
on such an important measure. The two
messages of the president, he said, had
produced the highest degree of restless-
ness in the country. Congress was con-
fronted with a crisis. The business cen-
ters of the country were staggering under
the feverish declarations from the White
House, and it was of the highest impor-
tance that the house should act promptly.
The ways and means committee had pre-
pared a measure to meet the situation,
and the urgency of the case and the inter-
ests involved demanded that action should
be had with the least possible delay.

Mr. Crlsp’s Remarks.

Mr. Crisp called the attention of the
house to the effect of the rule under which
it was proposed to operate and asked ev-
ery member to Weigh his responsibility
when he voted for it. ‘

Here was a bill, he said, that affected
every interest and all sections of thecoun--
, try, which it was proposed to put- through
under a rule that deprived the members
of any right to offer amendments. It
must be taken or rejected as a whole.
What authority, he asked, was it on the
other side which proposed to pass ameas-
ure of such importance under the crack of
the party whip without the dotting of an
“i” or the‘ crossing of a “t?” This rule,
he said, would chain the house to the
wheel of the chariot. He insisted that
there was no necessity for such a course.
This bill was not demanded by any do-
_ partment of the government. There was
no. necessity for increased revenue. He
protested against the use of the whip and
spur for its passage before the opinion of
the experts of the treasury department
could be obtained as to its effect.

Mr. Da’lzell (Rep, Pa), a member of
the committee on rules, said there was no
one who did not know that we face a
peculiar oxigency. The president and the
secretary of the treasury had both become
alarmed, and the president had asked the
house, notwithstanding it was opposed to
him politically, to come to his aid. The
treasury was being rapidly depleted, and
since the Democracy had come into the
control of the executive branch of the gov-
ernment there had been frequent bond is-
sues. The measure at present under con-
sideration was not a general tarlfi meas-
ure, but an emergency bill. . Referring to
Mr. Crisp’s criticism of the cracking of
the party whip he said the Wilson bill,
with 600 amendments, had been passed
through the house with but two hours’
debate under a rule reported by Mr. Crisp
himself. He appealed to the house to rise
to the patriotic level necessary to meet the
emergency and come to the president’s
aid.‘

More Protests.

Mr. McMillin (Dem, Tenn). also.
member of the committee on rules, said
the bill was a general tariff bill, afi‘ecting
every article on the dutiable list, except
sugar, numbering noloss than 4,000. Re-
plying tc Mr. Dalzell, he said that the
difference was found in the fact that there
had been elaborate hearings before the
ways. and means committee before the
Wilson bill was passed. But how differ-
ent in this case. The bill had been com-
pleted on Christmas day, when the de-
partments were closed and there was no
opportunity to consult the treasury oili-
ciais. He declared that there had been no
opportunity even to read the bill.

Mr. Turner (Dem, Ga.) called atten-
tion to the fact that both the president
and the secretary of the treasury, whom
he extolled as the greatest secretary of the
treasury since the days of Alexander
Hamilton, had given congress the highest
assurance that there was ample revenue
in the treasury. There was ‘a surplus of
$70,000,000 over and above the reserve,
certainly a sufficient sum to meet any de-
ficiencies that might possibly occur dur-
ing the next two years. Both the presi-
dent and secretary of the treasury had
pointed out the evil in the financial situa-
tion and its remedy. Everybody under—
stood the stress existing. And what was
to be the response of congress? Instead
of bread, congress was to give a stone.
Before all remedial legislation was to be
put a proposition to still further bleed and
tax the American people.

Henderson Closes Debate.

Mr. Henderson closed the debate in a
speech which aroused the Republican side
to great enthusiasm. This was, he said,
a business matter for a business people
and should be met in a business way.
The Republicans were not afraid to as-
sume responsibility. Whether the coun-
try had a Democratic or Republican pres-
ident, whether it was threatened with
bullets or ballots, deficiency or surplus,
the Republican party would not shirk its
duty. His side had been taunted with
working on a holiday.
demanded it they Would work on Sunday.

 

If the situation ’

;; inhumane

 

_ Democratic policies had emptied the trees-

’ Chesapeake & 0.. 15%
66

plunging half seas under ever since the
Democratic party assumed the bridge.

A Democratic president had sent to
congress a declaration of war and three
days afterward had filed a petition _of
bankruptcy. “We are not for war.” con-
tinued Mr. Henderson. “The president
demanded money. We will give it to
him. But we have not declared war, al-
though war will find us ready. 'Let not
the business interests of the country shiver
before this tempest in- a teapot. The
country has assets. The Republican
party has returned to power in the legis.
lative branch of the government. ' It will

, soon have the executive, and then never

again will our integrity be put in ques-
tion.”
The Order Adopted.

At this point Mr. Linney (Rep, N. p (3.), ' -

after first stating that as a Republican he
favored the measure which it Was proposed
to pass, asked if this rule would not ex-

tend to Democrats the privileges of offer-’

ing amendments before the vote was
taken.

“It will not,_” replied Mr. Henderson.-
The Democrats applauded this reply, and
Mr. Crisp aflirmed that the truth regard-
ing the purpose of the rule had only been
half elicited by this question and response.

Its object, he said, was not only to gag
the Democrats, but to prevent Republic-
ans from offering amendments which they
might deem wise. It was an attempt to
make the Republicans appear unanimous.
[Democratic applause] .

Mr. Henderson replied that there were
no differences on his" s do. , This was an

emergency revenue‘bil p Yet a careful re .

vision of the tariff, and they were all
agreed. It was useless to allow the Dem-
ocrats to propose modifications.
portant consideration was time, and any
amendments offered frcm the other side
would only delay the passage of the bill.
None would be adopted. The time having
expired, the vote on the adoption of the
rule was taken by a yea and nay vote.
The order was adopted—213 to 89, a strict
party vote with but two exceptions.
Mr. Dingley’s Argument.

would be recognized to control the time
on one side and Mr. Crisp on the other.
When quiet had been restored, Mr. Ding-
ley took the floor in advocacy of the bill.
He began with a statement of the special
responsibility placed upon the house by
the president’s message of last Saturday
urging congress not to adjourn for the
holidays until relief had been given to the
treasury. ' The Republicans had assumed
that responsibility in a patriotic manner
and had gone to work to prepare measures
to meet the situation. He then launched
into an explanation of the cause of the ex-
isting weakness of the treasury, following
closely the lines of his report on the bill.
He attributed the trouble to the lack of
revenue, pointing out . that in the last
congress it was stated, as it was stated
now, that there was ample revenue.
Then the Democrats had predicted that
the revenues would soon meet the ex-
penditures—next day, next week, next
month the surplus. would begin. But
what had happened? Every day and ev:
ery month, since had shown a deficiency.
Since July, 1894,

Her One Hundred and Ninth Birthday.

GREENSBURG, Ind., Dec. 27.——Mrs. Mar-
garet King celebrated her one hundred
and ninth birthday anniversary by giving
a great dinner to her descendants. Mrs.
King was born at White Oak. 0., in 1787.
Almost 40 years of her life were spent in
farm toil with her husband‘on the farm.
Although weak from old age, she is in
good health. She goes about the premises
with ease.

_ " __..

 

 

American Insurance In Germany.
BERLIN, Dec. 27.—Poulteney Bigelow,
who arrived here charged with business
referring to the prohibition of American
insurance companies from doing business

in Germany, has handed the government.

a detailed statement of the American posi-
tion, which is supported by the United
States embassy.

 

A Prize Japanese Cruiser Lost.
YOKOIiAMA, Dec. 27. — The cruiser
Kyan Ping, one of the warships captured
from China by the Japanese during the
recent war, was wrecked on the Pescadore
islands. Nearly all her deck officers and
60 men are missing._

 

The “feather.

Rain or snow; decidedly colder; north-
westerly winds.

FINANCIAL AND. COMMERCIAL. '

Closing Quotations of the New York Stock

' , Exchange.

New Yonu. Dec. 26.—Money on call, 6@7 per
cent. Prime mercantile paper, nominally 6 per
cent. Sterling exchange dull and irregular,
with actual business in bankers’ bills at 84.89%
@430 for demand and $4.88%@~i.85% for 00 days.
Posted rates. 84.88%6‘5439 and $4.90}§@4.9l.
Commercial bills. 84.87%. Silver certificates.
66%@67: sales, $20,000 at 67. Bar silver. 66%;.
Mexican dollars, 52%. Government bonds, new
45. one-half per cent lower; other issues un-
changed. State bonds dull. Railroad bonds
strong. .

Closing prices:
Atchisou. . . . . . . . . . 14%
Bur. &. Quincy. .. 76%
0., C.. C. & St. L. . 36%;

 

New England..... 45
N. J. Ccntral......101
North American. 4%
Northern Pacific. 4

Chicago c...s...... Do. pref ........... 13%;
Cordage ........... 5%; N. Y. Central ..... 97%
Cotton Oil ........ 17 Omaha ..... . . . . . . . 87%

Ontario & West . . 13%
Pacific Mail....... 27%
Reading........... 5

Rock Island . ..... 67%
Silver Bullion ..... 66%

Del. & Hudson . ..
Distillers‘ Trust..
Erie ............ ,. . . 15%
General Electric. 26%
Hocking Valley... 16

Lackawanua ...... 18534 St. Paul........... 03%
Lake Shore ........ 145 Sugar Refining. ..103%
Lead ...... ' ........ :26 Texas Pacific ..... 8%
Louisville & Nash 46%, Union Pacific... .. 4%
Missouri Pacific. . 25% \Vabash pref... 14%

Northwestern 99% Western Union... 85%:

General Markets. '

NEW YORK, Dec. 26.-FLOUR—~ State and
western dull, but steady: city mills patents,
[email protected]: winter patents, [email protected]: city mills
clears, $3.90: winter straights, [email protected].

\VHEAT—No. 2red opened quiet, but firmer,
on smaller world's shipments than expected
and the cold wave West: reacted, but later ral-
lied on big clearances: May. %%@65%c.

CORN—No. 2 quiet, but. steady with wheat;
J anuary. 5337/50.: May, 34 7-l6c.

OATS—No. 2 nominal; trwk, white, state. 25
@28}fic.: track, white, western. 25@28}éc.
10PORK—Dull; mess, [email protected]; family. 89.50@
LARD—Dull; prime western, steam, $5.50.
nominal. '

BUTTER—Steady: state dairy. 16@220.: state
creamery. l9@24c.

CHEESE—Quiet; state. large, 7%@10c.: small.
7%@10}éc.

EGGS—Steady; state and Pennsylvania, 20$
240.: western, 20@21c.

SUGAR—Raw firm: fair refining, 3%@3%c.:
centrifugal, 96 test. 3ié@3%c.: refined steady.

TURPENTINE—-Quiet and firm at 30}é@3lc.

MOLA‘SSES—Firm: New Orleans. 29@360.

RICE—Firma- domestic. 3%®6c.: J span, 3%

@40.
"SEALLOW—Dull: city, 8%@lc.; country. 433
c. .

1117. They would-fill it. They: wouldiy‘

Insertions

right the'ship of state'that had been"

1 'the committee.

The im‘ ‘

: an individual.

that deficiency had '
reached the enormous sum of $133,000, 000. -

‘ Full ‘Text of the Document Presented

by Chairman Dinglcy.
'THE- TARIFF'AND BOND BILLS

In the Former a Horizohtal Increase Has
Been Made and a Reason Assigned
I . For This Action—Some Features
of the New Schedule.

 

WASHINGTON, Dec. 27.—Chairman Ding-
ley of the ways and means committee to-
‘day reported to the house the tariff and
bond bills agreed on by the majority of
They‘were accompanied
by the following reports: . _

The committee on ways and means, to
whom was referred so much of the presi-
dent’s annual message and so much of the
annual report of the secretary of the treas-
ury as relates to revenue and the condi-
tion of, the treasury and also the. presi-
dent’s special message presenting the
urgency of immediate action by congress
in a direction calculated to bring relief,
reports that the committee appreciates the
seriousness of the situation and the impor-
tance of prompt remedies as far as congress
can give them. .

Your committee regards the chronic de-
ficiency of revenue for the past two years
and a half as a most potent cause of the
difficulties which the treasury has encoun-
tered, and an important factor in the
creation and promotion of that serious dis-
trust which has paralyzed business and
dangerously shaken confidence even in
the financial operations of the govern-
ment. It is as impossible fora govern-
ment to have a continuous deficiency of
revenue for two years and a half without
affecting its financial standing as it is for
It is impossible also for a
government .to continue in this condition

. without casting a shadow of _ doubt and
The bill was then read by the direction ,
cf the speaker, who said that Mr. Djngley '

discouragement over all business opera-
tions within its borders.

The serious facts which we are called up:
on to confront is that in the two and a half
years that have elapsed since July 1, 1893,
this government has had an insufficiency
of revenue to meet current expenditures
amounting in the aggregate to about
$133,000,000. And even in the first half
of the present fiscal year the deficiency
will reach about $20,000,000 and about
$3,000,000 in this present month.

And up to the present time there is no
sufficient ground for opining that this in-
sufficiency of revenue will not continue
during the remainder of the fiscal year
and how much longer no one can safely
predict. - -

Deficiency’s Disadvantages.
"“If the consequences of such a chronic
deficiency were only the necessity of bor-
rowing money to meet current expenses
' in time of peace, even this would afford
abundant reason for increasing the reve-
nuc. But the consequences are more
wide reaching than that. Insufficiency of
revenue. has made it necessary to use the

l redeemed United Statosl’egal tender notes

to pay current expenditures, and thus to
supply additional means to draw gold
from the greenback redemption fund—in
short, to create the “endless chain” of
which the secretary of the treasury com-
plains, and which makes it necessary .to
‘sell ‘iss'ue’after issue of bonds to replen‘
ish the reserve. This Will be clearly seen
when it is remembered that the secretary
' of the treasury has issued and sold a little
over $162,000,000 of 5 per cent 10 year
and 4 per cent 30 year bonds, from which
he has realized about $182,000,000, and
after redeeming $182,000,000 of United
'States legal tender notes with the proceeds
he has been obliged to pay out $133,000,-
000 of these demand notes to meet current
expenditures, and thus has furnished
$133,000,000 of gOVernmental demand
noteI to be again and again used to draw
gold from the treasury. It is evident that
so long as there are insufficient funds this
performance will go on. and bond sale
after bond sale will be required. It is also
evident that if there had been a sufficiency
of‘revenue, these redeemed legal tender
notes would not have been paid out at
once, and there would have been so much
the less opportunity to draw gold from
the treasury. Indeed there is good reason
to believe that if in the first six months
of the distrust which inaugurated the run
on the redemption fund the treasury—had
been receiving revenue more than ade-
quate to meet expenditures, so as to tem-
porarily hold the redeemed governmental
notes, the. disposition to present these
notes for redemption would have soon
been overcome. That would have un-
doubtedly been the case if the redemption
fund had been increased in the spring of
1893 and never allowed to fall below the
$100,000,000 minimum. And the neces-
sity for more revenue from the point of
view of the maintenance of the redemp-'
tion fund is not taken away by the fact
that we have $50,000,000 cash in the
treasury in addition to the $100,000,000
(part gold) required for the redemption
fund and the twenty odd millions re-
quired as a working balance.
' wm All Come Back.

This $50,000,000 represents 50,000,000
redeemed United States legal tender
notes, for whose redemption we borrowed
$50,000,000 in gold. If we continue to pay
them out to meet a deficiency of revenue,
then presently they will come back again
to draw $50,000,000 more from the trans-
ury, which we must supply by selling $50,-
000,000 more of .bonds. The suggestion
therefore that we need no more revenue
because we have a cash balance of 350,-
000,000 in government notes in the treas-
ury that can be used to pay any deficiency
for the next six or twelve months is in
effect a proposition to issue more bonds to
meet a deficiency which should be met at
once by providing more revenue.

Inother words, these who oppose rais-
ing more revenue in such a situation, in
effect—whether they intend to do so or
not—favor borrowing in preference to pay-
ing as we go along.

Your-committee believes that it is the
duty of the house of representatives, to
which body the constitution commits the
inauguration of revenue bills, to frame
and pass a measure that will yield not far
from $40,000,000, sufficient to put an end
to a deficiency—and to do this without
delay, too—leaving to others whose co-
operation is required to finally place such
legislation on the statute books to meet
the responsibility in their own way, and
the president’s special message, setting
forth pointedly the seriousness of the situ-
ation and the necessity for the remotest
action, only emphasizes the duty of the
house.

To Act With Dispatch. .~

In response to the urgent call of the
president, your committee has felt im-
pelled to act with all possible dispatch.
.Two facts have led your committee to
look to an increase of customs duties as
the most appropriate source of additional

 

Wu“. _,

 
 

 

a".

Highestofall in Leavemngrower—Latest u. ‘

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ks

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Assessment puns ‘ .

 

 

revenue. They are, first, the fact that
We are already raising a disproportionate
amount from internal revenue, which has
always been regarded as a war resort—in-
deed Jefferson took the ground that excise
taxes should not be resorted to by the
federal government as sources of revenue
in time of peace, and the Democratic na-
tional convention maintained the same
doctrine in 1884, and, secondly, the fact
that by increasing customs duties on im«
ported articles which we can and ought
to produce or make at home for revenue
purposes we can at the same time inci-
dentally encourage stricken industries
and maternal: can turning!!! 01339”?

the balancé'Tn tibde ’Whlch‘ has been so
heavily against us all through this calen-
dar year and which has caused a demand
for gold for export which our treasury has
been called upon to supply. For so long as
the balance of trade is against us on ac-
count of excessive imports We must export
gold or, what is the same thing. promise to
pay gold to pay for the excess of imports
over exports,

Your committee has not undertaken a
general revision of the tariff on protection

.lines, as a majority hope can be done in

1897-8, not only because it knows that
such 'tarifl legislation would stand no
chance of becoming a law, but also because
general tariff revision would require many
months and the need is more revenue at
once. We believe, however, that this need
of more revenue is so great that a simple
measure increasing all duties of the duti-
able list and taking from the free list of
the present tariff a few articles that were
always on the dutiable list until Aug. 27,
1894, and which have always been im-
portant revenue, producers, and limiting
the operation of such legislation to about
2% years—until the present deficiency of
revenue is overcome —ought to receive the
approval even of those who do not favor
protective duties on patriotic grounds, and
that the fact that it may incidentally en-
courage the production of many articles
that we require at home instead of abroad
will not be regarded as a ground of oppo-
sition under present circumstances.

A Horizontal Raise.

In framing the bill' submitted for your
consideration it has been necessary if ac-
tion, was to be made promptly to resort to
a considerable extent to a horizontal raise
of duties, for the reason that it would
have required.months to deal with each
articie separately. Horizontal dealing
with tarifi‘s cannot be justified in ordinary
times, but in such an exigency as now
exists—so serious that the president felt it
his duty to send us a special message of

r, extreme urgency—and especially for a

limited time, it is not only defensible,
but is the only alternative.

\But while we have presented in the
brief measure reported a horizontal in-
crease of 15 per cent of existing duties on
all the schedules but two which is an
addition of less than 8 percent to the
average ad valorem rate—giving about

more than $25,000,000 of the 340,000,000,
which it is estimated, this bill would add
to our annual revenue, will come mainly
from Wool, which is taken from the list
and given a moderate duty, and from
manufactures of wool, which are given a
compensatory duty equivalent to the duty
on wool, which is always necessary when
a duty is placed on wool, in order to give
the wool grower the benefit and make it
possible to manufacture woolens at home.

proposes to make the duty on imported
clothing wool 60 per cent of the duty im-
posed by the act cf 1890, which would give
an equivalent of 6 6-10 of a cent per pound
on unwashed wool or about 40 per cent ad
valorem. ‘
Why Reduction Was Made.

This reduction from the duty of the act
of 1890 has been made because the restora-
tion of the full duty in that act might
seem to be to great a change from the
present law to those whose co—operation it
is necessary to secure in order to have any
legislation, and not as a measure of what
might be done when all branches of the
government are in harmony with the ma—
jority of the house on protection lines.
The duty on manufactures of wool is in-
creased by a specific duty equivalent to
the duty on wool.

The duty on carpet wools is left at 32
per cent ad valorem, where it was placed
in 18903 It was purely revenue duty, as
we .raise very few carpet wools. Such
lumber as was placed on the free list by
the act of 1890, without the slightest jus-
tification, is restored to the dutiable list,
but with a duty of only 60 per cent of the
duties and provided by the act of 1890—
giving an equivalent of only about 15 per
cent. Such a reduction from the low rates
of 1890 is justified only on the ground
that the object of your committee has
been to frame a bill mainly on revenue
grounds in the hope that it would secure
the approval of those in official place
whose cooperation is essential to legisla-

that in such an exigency as now exists the
public necessity must control. Believing
that such an increase of revenue as pro-
posed is essential as a first step in the res-
toration of confidence and the restoration
of the treasury to a sound condition, and
the other legislation proposed to this end
cannot be effective without equal revenue,
to meet the expenditures of the govern-

5ment,. your committee recommends the

passage of the accompanying bill, “ To tem-
porarily increase revenue to meet the ex-
penses of government and provide against
a deficiency.”

The Matter of Bonds.

The committee to whom was referred so
much of the president’I annual message
and of the report of the secretaryof the
treasury as relates to the maintenance of
the redemption fund and the condition
of the treasury, reports that the secre-
tary of the treasury new has the
authority "under the resumption act of
1875 to issue and sell .10 year 5 per
cent bonds and 30 year 4 per cent
bonds to maintain the fund for the re-
demption of United States notes, and that
he has sold $100,000,000 of. the former
description of bonds and about $62,000,-
000 of the latter description of bonds in
the past two years. As the redemption
fund'has declined to almost $60,000,000,
the secretary requests authority to issue a
lower rate and short time bond in lieu 'of
the higher rate and longer time bondsuin
expectation that at an early date he Will

'be required to sell additional bonds to pro-

 

cure coin for this fund.
The. questiopipvclvegl is not whether

$15,000,000 revenue from that source—yet ,

The bill reported by your committee.

tion, and who may be supposed to feel.

 

.9

or iiot b‘oids shall 13335111 fbr this purpose

The secretary announces his' intentionto ‘ '

avail himself of the authority given by

the resumption act and sell the high fete ; ‘19:,

and long term bonds, and the only ques-

tion is whether it iI not clearly for the 7

public interests that he should have au-
thority to sell a lower rate and shorter
term bond. . ..
‘ Power For Carllsle. ‘ r

Your committee thinks that it is clearly
in the public interest that he should have
this authority. In granting this author-
ity, however, we have included, in the bill
a provision that the proceeds of bonds sold
under the act of 1875 and under the bill

which is propcIed shall be used excluslvsr
ly for redemption purposes, our object

ing to secure such a separation of the re-
demption fund from the ordinary cash in.

the treasury as will maintain and protect '

the reserve. We also provide that such
honds shall be ofiered for sale in such a
manner as to invite investment among the
masses of the people.

The second section of the act reported
authorizes the issue of certificates of in-
debtedness of small denominations, pay-
able in three years and bearing 3 per cent
interest, not to exceed 350,000,000 in the

aggregate, to meet temporary deficiencies »

in the treasury and to be used for no other
purpose. In our judgment the secretary
of the treasury should always have such
authority as this to meet temporary defl-
oiencies that are liable to arise. Unless
this authority is given the secretary will
indirectly use the proceeds of bonds sold
under the resumption act for redemption
purpose to meet the deficiency in the rev-
enue, as he has been doing the past 2%
years.

Your committee, therefore, recommends
the passage of the accompanying bill to
maintain and protect the coin redemption
fund, and to authorize the issue of oertifl‘
cates of indebtedness to meet temporary
deficiencies of revenue.

THE STRATHNEVIS SAFE.

Arrival of the Long Overdue Pacific Steam-
er—Her Propeller Lost. ‘ ‘

Pour Townsnsnn, Wash, Dec. 27. —The
steamship Strathnevis, which sailed from
Tacoma on Oct. 12 for the orient, and had
been about given up for lost, arrived in
port today in tow of the steamer Mineola.
The officers report a remarkable voyage,
filled with dangers and privati’ons. On
Monday afternoon last all hope of saving
the vessel was abandoned, and boats were
manned preparatory to leaving her, as she
was in imminent danger of drifting ashore
on Destruction island.’

The log of the Strathnevis tells a re-

markable story. . Leaving Victoria on

Oct. 13, with 165 passengers and 46 officers
and crew, with moderate weather, a run-
ning speed of ten knots was made until
Oct. 20, at 7:40 in the morning, in lati:
tude 49.14 north and longitude 164.27,
when the steamer experienced a terrific
shock, the crash sounding like an explo:
sion of a cannon. The shaft had snapped
short of! clue to the propeller, which
dropped clear of the vessel and wont to
the bottom. A strong gale from the north
was coming on and all sails were crowded
on two small masts without yards, schoon-
er rigged.

The accident occurred about 180 miles
south of Unalaska. Slowly the gale car-
ried the vessel to the southwest, and it
was two days later before she could make
any progress tOWard the east. From that
time on, under a zigzag course, she sailed
slowly toward Cape Flattery. Grave fears
are now entertained for the safety of . the
AuItralian steamship Miowera, which
had. the Strathnevis in tow for five days.
Ten miles off Cape Flattery, on last Fri-
day afternoon during a violent gale, the
two hawsers parted suddenly and the Mi-
owera disappeared in the storm. The Mi-
owera had the Strathnevis in tow for five
days, and had exhausted the larger part
of her fuel.

Gleason Will Be Mayor.

Lose ISLAND CITY, Dec. 27.—-—There is
nothing new to prevent Patrick Jerome
Gleason from taking his seat as chief ex-
ecutive, beginning with the new year. In

accordance with the order issued by Jus‘ fi

tice Gaynor. the returns that were false on
the face of them have been corrected.

These show that Gleason has been elected I

by 30 plurality. ,

 

Stevenson Accepts.
PHILADELPHIA, Dec. 27.—Vice Presi-
dent Stevenscn has accepted the invita-
tion of the Young Men's Democratic as-
sociation of this city to attend its annual
dinner on Jackson day. Among others
expected to be present are Atl."'nev Gen-

eral Harmon, Secretary of the“ interior.

Hoke Smith and Senators Morgan, Faulk-
ner and Vilas.

 

Peru Likes Our Position.

LIMA, Peru, Dec. 27.—The young peo~
ple of this city are organizing a soiree at
the theatre in honor of the United States
and Venezuela. They will invite all the
American representatives here and the
cream of Lima society. The affair is ex-
pected to be one of the most brilliant

gatherings of society ever witnessed in

this city.

 

Big’ Snowstorm In Germany.
BERLIN, Dec. 27.—-A terrific snowstorm
prevailed in Berlin today. The streets
were rendered impassable, and traffic was
greatly impeded and in many cases wholly
suspended. Friedrichstrasse was strewn
with fallen men and horses. The storm

was predicted by Professor Rudolph Falb, ’

the celebrated German meteorologist.

Big Theatrical Firtn In Philadelphia.

PHILADELPHIA, Dec.
Zimmerman, the theatrical managers,
now control four places of amusement in
this city, the Park theater having just
been leased by them. Their other houses
are the Broad Streegtheater, the Chestnut

 

 

Street theater and the Chestnut Street >

Opera House.

._...__-

 

There is no workof genius which 1313'-

not been the delight at mankind, 1:.
word of genius to which the human

heart and soul have not, sooner or later“ _

i .

responded. —Lowell.

 

It is said that among the Mexican
populace there is an ideathat the lingdt
warns men of the approachof aserpenh-

. .

27. —Nixon 8.7 ,

 
 
 
 

 

 

 

 

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