Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1897-07-10
STAMP TAX IS ADOPTED
SENATE AMENDMENT CARRIED
WITH LITTLE OPPOSITION.
senator Lindsay DenOunceS
I'm General and the Sugar Coh-
bine In Particular.

the senate llldut SoOu Pi'S'N
disposing of two amendments, thal ptc'
ing a stamp tax being agreed to with III
tle or no opposition and without the lor-
malitv of vote, while Senator Spooher
amendment proposing tanff lnVesIlSa,
tion was withdrawn after protracteu
struggle.
The stamp amendment, as agreed TO-
fixes the following rates on bonds, etc;
Debentnres. certificates of Indebtedness
issued after September 10, 1897, by any
association, company or corporation OH
each 500 of face value or fraction thele-
Of. > cents. and on each original issue
whether an organization or reorganlZa-
ton of certificates of stock by any suc''
association. company or corporation, OH
each 500 of face value or fraction there-
of. cents, and all transfers OF shares OF
certificates of stock in any ASSOCIATION,
company or corporation, on each Slo0 OF
face value or fraction thereof, cents
Exemptions from the stamp taxes are
made in the case of state, county and mu-
nicinal bonds and the stocks ana 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
Il tax of per cent on manufactured pro
ducts, the proceeds to 90 toward reducing
the bonded debt, was reiected-I9 to 3o
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 l6 to |; yeas ~,
nays 81.
On this vote one republican
voted with the democrats, populists and
silver republicans in the affirmative, and
two democrats-Caifery and Gray-Voted
with the republicans in the negative
Mills moved to amend paragraph $50
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.
\ new paragraph was inserted in the
free list:
WATERS for sacramental use, or for coy
ering or 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 viva voce vote, no
call for an aye and nay vote being made,
The mo" response was light and came
from the democratic side of the chamber.
Allison proposed an amendment here
tofore offered by Spooner for tariff IN
uuirv 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 II
tariff bill would yield. 1t had never been
done and never would be done.
Senator AIIisOn's Estimate.
But from the best information avail
able proceeded Allison, II believe this
bill will yield Sl75000000 to $lS0,000,000
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
We're 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 yield of revenue.
How about the second year," queried
White.
ut depends, but l will say something
over $2O0,000,0OO."
How much over the present law ask
ed Stewart.
About S60,000,00O,' 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--the
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 its final form would be in the
neighborhood of 80 per cent.
Teller Criticised 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