The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-01-26
Bur for tse tariff there would be no wage
at all in some cases" DAILY News.
WHISKY IN BOND.

hloAI In OOAD'
The Journal has already pointed out the
advisability of extending the bonded period
on whisky. The passage of the bill is
virtual necessity. This is not a measure for
the relief of the whisky men, but strange rs
it may appear to those who have not in
quired into the matter, tor the accommoda-
ton of scores of banks throughout the coun-
try in all the larger cities and indirectly
for the benefit of all business and financial
interests, This may require some little ex-
PLANTATION. The spirits in bond-that is in
the United States bonded warehouses-at
this time amount in round numbers to 49,,
600 900 gallons. The warehouse receipts for
this whisky are as much negotiable bank
paper as warehouse receipts for wheat or
corn. During the boom in whisky which
has prevailed until recently, for two or three
years, banks freely advanced from fifty-five
to seventy-five cents per gallon on these re-
ceipts There was lively speculative de-
mand for whisky, and everybody had con-
fdence in that class of property. The distil-
lers have in very large degree sold their
cent spectators who bought the stuff have
been ''frozen out" and the banks are the
actual owners of very large part of the
spirits in bond. They have advanced between
$50 900, 900 and S60,OOO0 900 on what is now
the most unstable commodity in the mar
ket. There is absolutely no sale for the
property to-day. nor is there any likelihood
of there being market for it for long
time. To save themselves from the loss of
this $50, 900, 900 or $50, 600 900 the banks will
have to pay the tax as it falls due. This will
take SIS, 00O 900 in addition to the amount
already advanced. This will be more than
they can do The tax on this vast amount
of bonded spirits, unless tine bonded period
be extended, will TALL due as follows show
ing the number of gallons that must be
withdrawn at The various periods, the tax
being 90 cents a gallon:
prior to Feb G. 1888, B57, O07 gallons;
March 8, 1883, 1,0093S5; April 6, 1888, .373,-
$40; May 6, 1888, 1913, $40; June 6, 1888,
L78,000 July g, 1888, 1, 407, 92S; Aug. O. 1888,
931, 256; Sept. 6, 1888 S61, 724 Oct. g. 1888,
sol 299; Nov. g. 1883, 1.4s1, O62; Dec. g. 1883,
2,2S5, $50; Jan. 6, 1884 1928, $50, Feb. g. 1884,
3,3l2620; March @, 1884, 1851, 919 April 6,
1884, 4,668 034; May 6, 1884 1929. 800; June
6, 1884, S79 800; July 6, 1884, 4,057 1856; Aug.
6, 1884, 1,779, 1888; Sept 6, 1894, 776,724; Oct.
6, 1884, ,734, 900 Nov. 6, 1884, 5000 S3S; Dec.
6, 1884, 4 l03, 394; Jan. g. 1885, 4,S54 200; Feb.
6, 1885 4.641 All; March 6, 1885, 4,246 271;
mil
867; June g. 1885, 321S.79S; July g. 1885,
1892 626; Aug. 6, 1885, 592, 873 Sept. g. 1885,
387 l24; Oct 6, 1885. $50. 426; Nov. 6, 1885,
1,272609 Total, SO, $50 $50"
The Importance of affording some relief
need not be urged The business interests of
the country are involved in the welfare OF
its financial institutions, and it would be bad
policy to needlesslys embarrass them. AS
stated, these spirits are in United States
bonded warehouses, and the government is
thus protected against loss. Not needing the
revenue at this time, it would be folly to in
vite financial disaster by pushing hundred
banks to the wall. As a precautionary meas
ure in the interest of every person in the
country the bonded period should be ex-
tended, and means devised whereby this
dilemma may be gotten out of without pre-
cipitating a financial crisis A refusal to
give relief will amount to virtual confisca-
ton by the government of $4,000, 900 or
$50, 900, 900 of banking capital So urgent is
this measure deemed by business men every
where that nearly every board of trade in
the country has passed resolutions asking
Congress to pass the pending bill, now before
the House. having passed the Senate.