New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-07
PROGRESS WITH THE TARIFF.

The Senate adopted without division the tax
on ,ssues and sales Of securities, and no dis
cussion occurred except on the comparatively
trlflng question whether an unstamped bond or
certificate should be invalid as evidence. On
the adoptlon of the tax nobody called for the
AYES and noes. nor does any attention seem 10
have been given In the Senate TO points Vi
phraseology which may render the meaning OF
the provision doubtful ard perhaps embarrass
the collection of the tax proposed In Scheduie
A the fax on each issue or reissue after Septem-
Der Is Of bonds, debentures or certificates or IN
debtedness or stocks Is fixed at cents per
500 and ION all transfers of shares or cer'ir-
"cates of stock in any association. compah! OF
..cornora,ion on each hundred dollars of face
value or fraction thereof. two cents WIN
ont further enlightenment nobody would sup
nose that the tax was intended 10 apply to a
sale of stock not involving any formal transfer
on the books Of the company, ana 1t might re-
quire long and costly litigation to determine
whether the language of this schedule does not
control. since it is the only one in which the
tax on transfers is stated. But in subsequent
section IL is declared that:
ANY person or persons who shall register
issue sell or transfer. who shall cause to be
issued registered. sold or transferred. any IN
strument document or paper. of any kind or
description whatsoever mentioned IN Scheuuie
(marked Al hereunto annexed, without the same
being duly stamped. or having tnereupon an an
adhesive stamp for denoting the tax chargeable
thereon and cancelled in the manner required
by law with intent TO evade the provisions OF
this act shall for every such attempt fortelt
the sum of $50 and such instrument. document
or paper. not being stamped according 10 law
shall be deemed invalid and OF no erect.
This would clearly seem TO imply That every
sale of bonds or stocks shall be subject TO tax
alton. The conference committee should he
able TO make the provision so definite that EN-
barrassment and litigation may be avoided I'M
less II Is intended not 10 tax sale which Is not
accOmpanicd by formal transfer en- the books,
and II that were the intent the estimate that the
tax would yield 100000 or more would GER
tanly be far too high. After the adoption OF
this provision Senator Allison made the first
Abatement on behalf of the committee since the
measure was reported 10 the Senate regarding
the revenue 10 he expected. The BILL he be-
neves. will yield $lI5,O0O,O00 to S1S0.ooO,0oO
in the year ending with next June, and some
thing over 2OOOO0,OO0 in the following year.
He also stated that the ad valorem rate will
be in the ncighhorhOod OF 20 per cent, where
upon Democrats urged that - per cent was
estimated for the House bill. and the Mckinley
rate was in fact 30 per cent In the last year or
its operation. Ii has been repeatedly shown
that these ad valOrem computations are of no
value because they cannot allow for the I'm
known decrease in lmportations of the articles
OH which duties are much advanced.
Senator Allison evidently bases his estimate
Tn a careful examination by schedules. with
the understanding that years supply of wool
Is In the country. and five months supply of
sugar. OF some other goods. notably woollens.
the anticipatory imports have been large and
probably large enough to affect future revenue
IN some extent But if the Treasury loses five
months revenue on sugar at the rate proposed
on that item alone the revenue for the current
vear will fall more than s25.OOO0O0 below the
revenue 10 be expected after present supplies
have been used up II the Senate is right in
exnectlng a revenue Of about S1S0.OO0OO0 this
fiscal wear. il seems extremely probable that
the revenue for the next year will considerably
exceed $2OO.UO.OM.
On reporting the bill TO the Senate the Finance
Committee estimated that revenue OF $780,
600 600 from customs was required with an in
crease of S2;9O0OO0 from internal revenue, but
nearly all that increase has now been put aside
by abandoning the changes then proposed The
committee should be prepared, before the bill