Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1897-07-08
WANTS A FINAL VOTE
MR.. ALLISON WILL HOLD OFT
FOR ONE
CHANGES IN TARIFF BILL
Bond Tax Is Agreed to with Little Op-
position and the Spooner Amend
ment for a Tariff Commission Is
Withdrawn by the Committee
Revenue from New Bill $3.50, 000, 900.

Washington, July 6.-Monday night
Mr.. Allison, in charge OF the tariff bill.
al nOunced that no agree ment had been
re&cEeo for firal vote on the Tariff
oil. He says that he will ask the
s'Late to remain in session tonight at
least until the Dill is reported from
The committee OF the whole to the SEN
ate. This promises to test the endur-
ance OF tie bill. Mr.. AllisoD's state
enort had been made to have q time
tAed tor vote. in some respects the
senate made good progress Monday
dispOslng OF TWO amendments, mat OF
leVylng a stamp tax beng agreed To
With little Or no opposition, and with
out the fOrmality OF vote, While the
SpOoner amendment, proposing a tar
iii investigation was withdrawn after j
protracted struggle.
The stamp amendment as agreed 10
fixes the following rates on bonds, etc:
Bonds, debentureS or certificates OF
Indebtedness issued after September
Il, 1885,, by any assC ciation, company
or corporation, on each 500 OF face
value or fraction thereof, cents, and
on each original issue whether organ
lZatiOn or reOI ganiZatiOn of certificates
of stock by any such association, COM
lany or corporation. on each $500 OF
face value or fraction thereof, 5 cents;
and on all transfers Of shares or Ger
tificates of stock in any association,
company CT corporate n OIL each S10f
of face value or faction thereof,
cents" Exemptions from stamp tax
es ere made in the case of state, coun-
t. and municipal bonds, stocks and
bonds of building associations. Late
from Individual senators were voted
en-. One by Mr.. Mantle, reducing the
internal revenue tax on distilled spir-
it's to 70 cents per gallon, was defeat
co, % to Al. An amendment by Mr..
Mills, proposing tax of per cent. on
manufactured products, the proceeds
to go towards reducing the bonded
debts, was rejected, 10 to Sc. An
amendment by Mr. Mills, granting a
! 20 per cent. reduction in certain cases
was also rejected.
Mr.. Teller took occasion to critici5e
the committee for first transforming
| the house bill and then going back in
| substance to the house rates. He had
| tried to learn what amount of revenue
the bill would yield and he said that
| he had attempted to have Chairman
| Allison throw some light on that sub
feet for the first definite statement as
tC the revenue expected.
From the best information avail
able" proceeded Mr.. Allison, 81 believe
that the bill will yield from sits, 900 900
to $3.50 100000 the first year, that is
from July /, 1897, to July, 1898" He
said that the schedules had been gone
over at every stage as a succession Of
changes had been made and he felt
that this estimate could be safely
made. 1t applied only to the first year
after which there would be much
larger revenue.
flow much the second year,"
Cueried Mr.. White
1T depends" answered Mr.. Allison,
but l should think over 100000, 900. -
How much over the present law?'
asked Mr.. Stewart
about $4,000, OOO,'' responded Mr..
Allison, but that will depend upon the
condition of our industries. 1t is not
possible to make more than a general
estimate"
Mr.. Spooner (rep., Wis., defended his
amendment. He denied that the sec
rotary of the treasury would under
his amendment have the power to sup
press any portion of the report submit
ted to him. The commission would
finnish information which he hoped
would have beneficial results Mr.
Morgan opposed the commission
amendment on the ground that con-
gress had no right to delegate its
powers. Mr.. Allison briefly answered
the criticisms on the Spooner amend
ment and then said that in view of
the opposition developed the commit
tee would withdraw the amendment,
as it was not felt to be sufficiently i'm
portant to further delay the bill.