Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-07-08
RETALIATION.
The Clause In the Tariff Bill Passed
by 80 to 10.
PROPOSED TAX ON STOCK and BONDS
Senator Lodge Prepares Draft for ~
Amendment to That Eiect-SenatOr
Thurst0n Introduces an Anti
Trust Bill.

and retaliation were the two phases
of the tariff bill to occupy the atten'
ton of the senate yesterday, to the ex.
clusion of all other subjects. Both
provisions were agreed to, although
the debate on the reciprocity clause
was protracted to six o'clock. Shortly
before adjournment, Mr.. Allison en-,
deavored to secure an agreement on
the time for final vote, but Mr.. Teller
would not consent to fixing the time
until all proposed amendments had
been submitted to the senate. As Mr..
Allison was not prepared to submit
these amendments, he withdrew his
request, and the time for the final vote
was left open, although there is still
hope that it will be reached to-day,
though the managers Of the bill have no
hope of getting it through the senate
this week, and now look for a final vote
next Tuesday or Wednesday. The SEN
ate will be in session on Monday.
The retaliatory clause provides that
whenever any country bestows an ex-
port bounty on any article there shall
be levied, in addition to the duties pro-
vided by the act, an additional duty
equal to the amount of the bounty.
Mr.. Chandler, Of New Hampshire, said
he would vote for the retaliatory
clause with extreme reluctance. lie
had been told that Germany would be-
gin course of commercial warfare
against the United States, and he
would make sacrifices to prevent fric-
ton between the empire of Germany
and the United States. But the SEN
ator said he did not see how this re-
taliatory clause could be avoided if the
protective character of the bill was to
be preserved. The retaliatory clause
was agreed to-33 to 10.
The reciprocity clause empowers the
president, with the advice and consent
of the senate, to make reciprocity
treaties giving 20 per cent. reduction
in duties on designated articles, or
placing articles on the free list The
amendment brought out much opposi-
ton, Senators Mills, Vest, Pettus, Tel
Ter and White saying that it evaded
the constitutional right of the house
of representatives to participate in
measures affecting revenue, while SEN
ators Morgan, Gray and Chandler de-
Tended its legality and propriety. 1t
was agreed to-3O to Is, two democrats,
Gray and Morgan, and two populists,
Harris Of Kansas and IIeitfeld, voting
with the republicans in the affirmative.
PROPOSED TAX ON STOCKS AND BONDS.
WASHINGTON, July S.-The provision
for tax on stock and bond transac-
lions in connection with the tariff bill,
which was agreed upon at the caucus
of republican senators, was suggested
by Senator Lodge, Of Massachusetts.
-. 'uss e "hao a h"' II w. , ' , WV
every share of stock sold at a stock
exchange or at any other place, and
that a similar tax of two cents should
be collected upon all bonds sold on the
'voen s .
."".a' aeIop0oN wy S'e e..'' Nv
oeo''ee W ~ ", v.0 ~ ., nu'"'lIA ~ va.
"noN. -, ",'n possibly .As NJ, =.
."'o' W. 'Ao .A -, oo' ''eo' nv
.o','.'. ~, '0oA '"e ',i"V'o, op ye''o'
10y ou' VI. NV ,o"on .'nni'o oUn
on oeA -, p-"oo' Wv. ~,
amount Vi revenue Iie ProVisioh Will
furnish az SIOoo,0oO. III Is now under-
STOOD that the amendment Will also
provide Tor stamp tax on all issues OF
stock wheh company Is originally
formed or When IL subsequently en-
larges lts ISSUE Inc rate suggested Is
hve cents per sloo OF stock
senator Lodge yesterday prepared a
draft OF an amendment providing for
stamp tax on stocks and bonds IN ac-
cordance with the action OF the repuD.
lican senatorial caucus and submitted
1t to the finance committee. AS pre-
pared, the amendment provides Tor
tax OF five cents a share OF Sloo or 1rac-
ton OF the face value or capital STOCK,
or OF bonds on Their issuance ana OF
two cents for each SlOo or fraction on
each transfer OF stock or bonds
United States and state bonds are ex'
empted' as are individual bonds TO Sc
cure mortgages,an also the stocks ana
w polus Vi 'i,uVua' oene'lV as sia.1.