The times. [volume] (Richmond, Va.) 1890-1903, 1897-07-06
A TAX ON BONDS And STOCKS
The Amendment Passed by The Senate
With Little Opposition.
THE BIBLE NOT ON The FREE LIST,
Senator Mills Motion 10 race IL i"e'c
Defeated-Mr. Teller Gets Ai'er inc
Sugar Trust and senator Morgan
Again Puts In Word Tor '"p"'

son. in charge OF tho tafih Diii' aiio"''0'u
shortly before adjournment on SATURDAY
that as no agreement had been reacheo
c,- final yoto on the tarr BILL he
would ask thc Senate TO remain IN session
tomorrow night at 4cdst' n.ul ei. "a"
WIS reported from the Committee OF thc
Whole To- the senate. This promises d
test or endurance unless the opposition
to thc hin gives way. Mr.. Aliison's stale
uonf was made after another iutlie el-
fort to have time fixed for the vote
ln.s some respects tho Senate made GOOD
rroeross To-day. dispOsing Of two I'M
iortant amendments. that placing
STAMP tax being agreed 90 with niue OF
so opposition. and without the lofhal'!
~ a. vote. while the Spooncr amendment
proposing tarin investigation was WIN
drawn after protractcd struggle. Later
iu ihc day several new amendments from
individual Senators were voted.
Secretary of Agriculture Wilson ana
Speaker Reed wcro on the floor during
the early hours of the session. Tho tariu
bin was taken up with little delay, ana
llr. Mills tof Texas. moved 10 amend
paragraph 800. ID. hy striking out Books
az all kinds his purpose being TO place
books ON the free list Reicctcd-N TO y.
BIBLE NOT ON TIE FREE LIST
Nlf. NIIIIr iNfN lANiiNn'A 81 INV i'''''
graph for the free list. viz: "Ihe blDle
in whatever language printed
There was considerable amusement
nmoug Senators at this proposition. but
Mr. Mills with carnosiness, insisted on
"A yea anl nay vote The amendment was
lefoctcl-2l 10 %. Mcssrs. Kyle. Stewart
and Teller voting with the Democrats. IN
the affirmative. aud Mr.. McEncry with
the Republicans in the negative.
now paragraph was inserted I'm the
FREQ lst. WATERS for s0cramcntal use
or for coverings ln holding pharmaceuu-
cal preparations.
The now committee amendment, relating
90 stamps on bonds. dehentures certih-
Gates OF stock ctc. was taken up. and
Nr Allison proposed several changes
A l.raf discus ION onsuod as 90 The le-
r1lfv of the provision that Unstamped
bonds. etc., "shqll be utterly void. and
SHAH not Dee used I'm evidence"
1lr Allen ~ .hraska). willie concurring
in the general principle Of the proposed
fax. said that Congress had no power
10 lov down rule of evidence for u
State court.
Senators chiffon CTcxas). Teller CCol-
oall and White California shared in
this Wow while Mr.. Ncst CMssouri and
Nfr Morgan alabama maintained that
The provision came within the power Of
Corgrcss
STR Bacon Georgia. made the further
point thq. the amendment trcnched upon
the rights Of states by prescribing the
mnuor OF record and registry Of such
bonds cic.
Mr Lindsay GIentuckv) declared that
ere provision should De struck out unless
Congress intended 20 follow the example
OF tho King of England in establishing
a. stamp tax before the independence Of
America was declared
Mr. Pl1tt (ConnocucuO. speaking for
The Fin-nce Committee. said as the ques
tion bad been raised it would be carefully
considered. ana. if need Doe. changed be-
fore the BIN became a law. The stamp
amendment ms "a whole was then agreed
To ON "a viva voce vote no call for an aye
ana may vote being made.
The NO response was light and came
from the Democratic side OF the chant er.
THE RATE ON BONDS.
The amendment as agreed fixes the fol-
lowing rate on bonds. ETC.:
"Buuds debenturcs. or certificates Of
indebtedness ISSUED after September ID,
1876. by amy association. company or cor
p0ratiou. ou each hundred dollars of face
value on fraction thereof. five cents; and
on each original issue. whether an or
Ianilauou or reorganization Of certih-
company or corporation. on each hundred
dollars of face value or fraction thereof
five cents. and ON all transfers of shares
or certificates OF stock in any association
company. cor corporation ON each num-
dred dollars OF face value or fraction
thereof TWO cents
Exemptions from the stamp tax are
made in the case Of State. county, and
municipal bonds. and the stock and bonds
of cooperative building associations
Mr. Allison proposed the amendment
heretofore offered by Mr.. Spooner for
tar0 inquiry by three members Of the
Board Of Appraisers.
MI Teller took occasion In this cOnnec-
tl0n to Criucise the committee for first
transforming the House bin. and then go
ing back in substance 20 the House rates.
He had tried 10 learn what amount of
revenue the bin would yield. and he said
he would Doe glad TO have the chairman,
Mr. Allison. throw some light on the sub
joct. This brought MIR. Allison on his ieor
for the first definite statement as to the
revenue expected TO bo derived from the
bin. He said 10 was not possible for any
expert 90 make exact calculations on the
amount or revenue tariff bill would
yield. 10 had mover been done and never
would Doe done.
THE REVENUE YIELD.
"But from the best information availa-
BILE" proceeded Mr. Allison. Il believe
this bin viii yield sl15omo0o to NSDo" 900
the first year that ls from July ], 1921
20 July 1. lSoS."
Tie said the schedules had been gone
over az every STAGE. as successive changes
Were made. and he felt that this estimate
could he safely made. 10 applied only
to tho lret year. after which there would
lr much larger yield of revenue.
GLOW much the second ycar2' quoried
SIR White
III depends" answered Mr. Allison.
"But D would say something over 800
lY'Nn
"Ilow much over the present iaw?'
asked Mr. Stewart (Ncvadal.
about 10000 n responded Mr.. ALL
SON. "nut n viii depend uron the condi-
t.on of our Industries. No one can tell
exactly how many tons. how many pounds
WIFI iD Imported next year and the year
following. 10 is not possible TO make any
more than general estimate
Mr Teller colorado criticised those
estimates of the amount of revenue the
Din would produce which had been Of
fercd hy tao majority.
Mr. Teller arguod that there were other
methods OF raising revenue without lay-
inr nordinafe taxes ON tho ncccssarles
of ifc lie cOntended III tho Finance Com
mittce was looking for revenue from 500
OfOp 20 So OoDtup could be obtained hy
o. reduction Of the internal revenue tax
ar whisky 90 the old rates or even lower
Mr. Teller charged that the wool al
Cohol manufacturers were closely con-
noctod with one OF the great trusts of