The Kootenai herald. [volume] (Kootenai, Idaho) 1891-1904, 1897-07-10
STAMP TAX Is ADOPTED
SENATE AMENDMENT CARRIED
WITH LITTLE OPPOSITION.
Senator Lindsay Denounces Trusts
i'm General and the Sugar Com
bine in Particular.

Washington, July EN- some respects
the senate made good progress yesterday.
disposing of two amendments, that plae-
ing a stamp tax being agreed to with 1T
tie or no opposition and without the for
mality of a vote, while Senator Spooners
amendment proposing tariff investiga-
ton was withdrawn after protracted
struggle.
The stamp amendment, as agreed to,
fixes the following rates on bonds, ETC.;
Debentures, certificates of Indebtedness
issued after September 10, 1897, by any
association, company or corporation on
each 500 of face value or fraction there
of. cents, and on each original issue,
whether an organization or reorganiza-
ton of certificates of stock by any such
association, company or corporation, on
each 500 of face value or fraction there
of. cents and all transfers of shares OF
certificates of stock i'll any ASSOCIATION,
company or corporation, on each SlOO OF
face value OF fraction thereof, . cents.
Exemptions from the stamp taxes arc
made in the case of state, county and mu-
nicipal bonds and the stocks anu bonds OF
cooperative DuiluliS H'NA''eiN'A9'
Other Amendments.
later i'm the dav several other amend
ments from individual senators were vot-
ed on. One by Mantle, reducing the in
ternal revenue tax on distilled spirits TO
70 cents per gallon, was defeated-23 to
Al. An amendment by Mills, proposing
A tax of 5 per cent on manufactured pro-
duets. the proceeds to go toward reducing
the bonded debt, was rejected-l9 to 80.
Also an amendment by Mills granting 70
per cent reduction in duties to those coun-
tries admitting gold and silver to the
minis at the ratio of 10 to /; yeas 70
nays 81.
On this vote one republican-Carter-
voted with the democrats, populists and
silver republicans in the affirmative, and
two democrats Gallery and Gray-voted
with the republicans in the negative.
Mills moved to amend paragraph 39a
ID by striking out books of all kinds
his purpose being to place books ON tho
free list; rejected IS to 2S. An effort by
Mills to have the Bible admitted free wa'
defeated.
A new paragraph was inserted in thu
free list:
"Wafers for sacramental use, or for GOV
cring or holding pharmaceutical prepara
tions."
A legal discussion ensued as to the lie
gality of the provision that unstampe
bonds. etc, "shall be utterly void AM
shall not be used as evidence
The stamp amendment as a whole wa
xrAfn N
call for an aye and nay vote being made
The no" response was light and cam
from the democratic side of the chamber
Allison proposed an amendment here
tofore offered by Spooner for tariff II
auiry by three members OF the board {
appraisers.
Teller took occasion in this connectio
to criticise the committee for first tran
forming the house bill and then goin
back in substance to the house rates. II
had tried to learn what amount of rev
enue the bill would yield and he said h
would be glad to have the chairman, a
lison. throw some light on that subjec
This brought Allison to his feet for IL
first definite statement as to the revent
expected to be derived. He said 1t W;
not possible for any expert to make exit
calculations on the amount of revenue
tariff bill would yield. 1t had never bee
done and never would be done.
senator AIIisOn's Estimate.
"But from the best information ava
able" proceeded Allison. 81 believe tn
bill will yield $l75,OOO,OOO to SlS00OO0 on
the first year. that is, from July /, lS9
TO July |, $685.
He said the schedules had been GO
over at every stage as successive chang
were made and he felt that this estima
could be safely made. 1t applied only
the first year, after which there would
much larger yield of revenue.
GLOW about the second year, queri
White.
at depends, but will say sOmethi
over $2O0OO0,O00."
How much over the present law as
ed Stewart.
"About $6O,OOOOOO' replied Allisc
'But it will depend upon the condition
our industries. 1t is not possible
make more than a general estimate"
Vest remarked that the average ad
loren rate of the bill would be mt
higher than that of the existing law
Mckinley ad valorem being 40 per ce
the existing law 80 per cent, while
estimate on the house bill was 81
cent.
Allison said the average ad valorem
the bill in its final form would be in
neighborhood of 30 per cent.
Teller Criticised the Figures.
Teller again got the floor at this poi
He ridiculed Dingley's estimate and