The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-04
NO AGREEMENT FOR A VOTE
TUESDAY, HOWEVER, MAY SEE THE
MEASURE IN CONFERENCE.
Proposition to Tax Stock and bond
Received by COngressmen.
snecial to the 1ndlananolls journal.

Special to the indianapolis Journal.
WASHINGTON, July 3.-The Republicans
turned the sharpest corner OF the whole
tariff debate in tns Senate this afternoon
and the mastery manner in which a re-
treat from dangerous ground was executed
filled spectators with admiration. The
trouble was over the finance committees
amendment to pay Il cent per pound bounty
on beet sugar. The object was TO encour-
age the production of sugar beets and 10
incidentally quiet certain opposition to the
Hawaiian treaties pending and proposed.
The opposition rose right up its legs
and screamed. serving notice that il the
proposition were not Withdrawn the tariff
bill might not become a law for many
weeks if not months Senator Jones led tho
assault and he had the Republicans in
panic in about minute A hurried caucus
was held, with Senator Allison as the storm
center and in less time almost than It takes
to tell it the offensive amendment was
pulled down. To be sure, it was removed by
Senator Allen and supported by Senator
Kyle, but it has no longer any standing or
party backing and Will not stand in the
way long. The floor scene was amusing
to the extreme. Never did dignifed Sem
ate committee evacuate a chosen position
quicker. 1t is estimated that fully twenty
thousand farmers in the States of Indiana.
Illinois, Missouri Kansas and Nebraska
are making experiments in sugar-beet cul-
ture on a more or less extensive scale this
year, and that with any sort of encourage
ment the number could be increased to 100,-
600 in a couple of years Following are the
provisions Of the amendment providing for
a bounty on beet sugar:
THAT on and after July /, 1898, and until
longer. shall
paid from any moneys in the treasury not
otherwise appropriated; under the provi-
utes, to the producer of sugar made from
beets grown within the United States dur
ing the calendar year 1898 and each sue
ceeding calendar year until July !, 1903, q
bounty of one-quarter of ] cent per pound,
under such rules and regulations as the
commissioner of internal revenue, with the
approval of the secretary Of the treasury,
shall prescribe. The producer of said sugar.
to be entitled to said bounty, shall have
first filed, prior to July l of each year, with
the commissioner Of internal revenue, no.
tice of the place OF production, with gem
methods to be employed by him, with an
estimate Of the amount OF sugar proposed
to be produced IN the current or next en-
suing year, and an application for license
to so produce TO be accompanied by bond
IN a penalty, and with sureties, to be ap-
proved by the commissioner of internal
revenue, conditioned that he will faithfully
observe all rules and regulations that shall
be prescribed for such manufacture and
production of sugar"
1t is then directed that the internal rev.
enue commissioner shall issue a license to
the sugar producer.
The effort made by Senator Allison to get
the opposition to agree to having a vote on
the tariff bill on Tuesday of next week
failed, but 1t is believed nevertheless, that
a vote will be taken on that day The bill
will hardly be In conference more than
Tnraal tan, Aaxy
The impression prevails that the stock-ex~
change tax will be a part of the pending bill
in it's final form When the project was
first announced there was a disposition 10
regard it as tentative and designed merely
to get the bin into the hands Of the con-
ference committee and there to leave tlzV
solution of the general revenue problem-
But Congress is taking very kindly to tha
suggestion, and the Republican leaders, as
q rule, express their satisfaction that so
easy a way has been found out Of the dif-
fculty. Treasury experts estimate that the
5-per-cent. tax on 800 of original issue will
yield $50O0O00 or 100000 a year. Any re-
organization would be treated as an orig
inal issue. Under the decisions Of the
courts 1t will probably be thought best to
exempt from taxation transfers of county
and city bonds as well as United States
securities. It is moreover asserted that this
tax on stock transactions viii hit the buck
ct shops and all ilegitimate dealings
sQuarely. If they are dealing in stocks q
government agent will collect the tax,
while, If they do not pay the tax, the gam
bling nature of their operations will
be disclosed. Following Is the text Of the
portion of the amendment liking rates.
Bonds, debentures or ceruhcates or tn-
debtedness hereafter issued by any asso-
citation. company corporation on each
hundred dollars of face value or fraction
thereof. cents; and on each original issue.
whether on organization or reorganization
of certificates OF stock Dy any suca associa-
tion. company or corporation on each hum
dred dollars of face value or fraction there
Of cents and on all transfers OF shareS
or certificates Of stock in any association,
company or corporation on eacn hundred
dollars Of face value OF fraction thereof,
cents"
in providing the mode OF putting the pro-
posed law into operation, ia providing for
the prevention of fraud etc; The exemp-
tions from the operation of the act are set
forth in the following section
"All bonds, debentures or certificates or
Indebtedness issued by the officers Of the
United States government, or by oHcers or
any State county, town or other municipal
corporations. shall be and hereby ara eN-
empt from taxation; provided. thaL Il As the
intent hereby to exempt from liability from
taXatiOn such state, county, town or other
municipal corporations in the exercise only
OF IunCDOuS strictly bEiouStllE ~ tASA1
their ordinary governmental and municipal
capacity: provided further, that stocks
and bonds issued by cooperative building
associations shall be exempt from the tax
alton herein provided.
1t is made unlawful to have recorded any
instrument in writing requiring a stamp
without one affixed, and no such inslru-
ment is TO be admitted as evidence in a
court Of justice. Counterfeiting stamps er
the dies from which they are made or ia
any manner defrauding the government ID