Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1897-07-10
STAMP TAX Is ADOPTED
SENATE AMENDMENT CARRIED
WITH LITTLE OPPOSITION.
Senator Lindsay DenOunces Trusts
in General and the Sugar COM
bine in Particular.

aSllnSloH, Julv o-lH ooAle looPoe'o
the senate made good progress yesterday
disposing of two amendments, that plac-
ing stamp tax being agreed to with lit
tie or no opposition and without the for
mality of vote, while Senator Spooners
amendment proposing tariff investlga-
ton was withdrawn after a prOtracted
struggle.
The stamp amendment, as agreed to,
fixes the following rates on bonds, etc.:
Debentures, certificates of Indebtedness
issued after September Is, 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 OF reorganiza-
ton of certificates of stock by any such
association, company or corporation, on
each 500 of face value or fraction there
of, 5 cents, and all transfers of shares OF
certificates of stock in any association,
company or corporation, on each $500 OF
face value or fraction thereof, cents.
Exemptions from the stamp taxes are
made in the case of state, county and mu-
nicipal bonds and the stocks and bonds OF
cooperative building associations.
Other Amendments.
Later in the day 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
ducts, the proceeds to go toward reducing
the bonded debt, was rejected-19 to 3S.
Also an amendment by Mills granting 20
per cent reduction in duties to those coun-
tries admitting gold and silver to the
mints at the ratio of IL to |; yeas 26,
nays 81.
On this vote one republican-Carter-
voted with the democrats, populists and
silver republicans in the affirmative, and
two democrats-C -Catfery and Gray-voted
with the republicans in the negative.
Mills moved to amend paragraph 395
D by striking out "books of all kinds,
his purpose being to place books ON the
free list rejected, Is to %. An effort by
Mills to have the Bible admitted free was
| defeated.
4 new paragraph was inserted in the
free list
"Nafcrs for sacramental use, or for coy-
ering OF holding pharmaceutical prepara-
| TONS
A legal discussion ensued as to the le
gality of the provision that unstamped
bonds, etc, 'shall be utterly void and
shall not be used as evidence
The stamp amendment as a whole was
| finally agreed to in a viva voce vote, no
call for an aye and nay vote being made
| The NO response was light and came
from the democratic side of the chamber
Allison proposed an amendment here
tofore offered by Spooner for tariff in
quiry by three members of the board OF
! appraisers.
| Teller took occasion in this connection
to criticise the committee for first trans
forming the house bill and then going
back in substance to the house rates. He
! had tried to learn what amount of rev
enue the bill would yield and he said he
would be glad to have the chairman, Al
| lison, throw some light on that subject
This brought Allison to his feet for the
first definite statement as to the revenue
expected to be derived. He said it was
not possible for any expert to make extra
calculations on the amount OF revenue Il
tariff bill would yield. It had never been
done and never would be done.
Senator Allison's Estimate.
"But from the best information avail
able" proceeded Allison, 81 believe this
bill will yield $l75,OOO,O0O to $lSO,G0O,000
the first year, that is, from July !, 1897,
| to July /, 1898"
He said the schedules had been gone
over at every stage as successive changes
were made and he felt that this estimate
could be safely made 1t applied only to
the first year, after which there would lfa
much larger yield of revenue.
GLOW about the second year?" queried
White.
at depends, but | will say something
over $2OOOOO0O0"
"How much over the present law ask
ed Stewart.
about S6O,OOO,OOO,' replied Allison.
''But it will depend upon the condition Of
our industries. 1t is not possible to
make more than general estimate
Vest remarked that the average ad va
loren rate of the bill would be much
higher than that of the existing law-thc
Mckinley ad valorem being 40 per cent,
the existing law 80 per cent, while the
estimate on the house bill was 81 per
cent.
Allison said the<average ad valorem OF
the bill in it's final form would be in the
neighborhood of so per cent
Teller Criticized the Figures.
Teller again got the floor at this point.
He ridiculed Dingley's estimate and re-
ferred to the admission that means must
be found outside of the bill as it came
from the house to supply the deficit. He
spoke of the various propositions the fl
nance committee had advanced and
abandoned. The beer tax, Ire said would
not have cost the consumer a single mill.
1t would have been borne by the beer
manufacturers, who had been prosperous
throughout the years of industrial stag
nation. But continued Teller, "a
great election was pending in one of the
states where a large portion Of the voting
population did not believe in a tax on
beer, so it was Sacrificed Teller argued
that there We're other methods of raising
revenue without laying inordinate taxes
on the necessities of life. He said he had
once been greatly impressed with a re-
mark Of Allison to the effect that we had
in this country more untouched and un-
taxed means of revenue than any other
country in the world. Teller contended
if the finance committee was looking fol
revenue, from $20,00O,OOO to $25,000,ooC
could be obtained by reduction of the
internal revenue tax on whisky to the old
rates, or even lower. His argument was
tnat the high tax Of $l.lO gallon, which
was in reality tax of 1900 per cent
stimulated illicit distilling. Teller charg
ed that wood alcohol makers were close
ly connected with one of the great trusts