New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-04
WORK ON THE REVENUE BILL
SECRETARY GAGE URGES THE NEED W
BOND ISSUE.


WILL BE TRENcHED UPoN-THE TON
MAGE TAX TO GO OUT AID
TIE TOBACCO TAX TO
BE MODIFIED.
Washington, May 3.-The Senate CONTINUES
on Financ, resumed its sitting a 1910 ocioc"
to-day hearing Secretary Gage on the necessary
for including in the War Revenue bill authority
for the issue Of bonds. The Secretary supp''eu
the committee all the information in his posses
sion as to the cost OF the war DIP TO DATE a''"
also the best estimates obtainable OF future e@-
nenses Tie told the committee that the pest
estimates obtainable indicate that for the next
two months the war will increase the Govern
mental expenditure about SJ000oO0o By tna'
time the entire amount in The Treasury, w'n
the execution Of the gold reserve would be eN-
hausted and $50 100000 OF the reserve aiso
taken Mr. Gage also stated It to be his OPINION
that the revenues would decrease On account u
the war In view of these facts he consldered
some authorization for the Issue or bonns neoeS
sary He said no estimate had been mace Oh 'n.
cost Of the war for n year hence az no one co'''i
say how long It would continue. NO accu.a'
estimate Of the cost Of the war had Deen iu'
nished him by the War and Navy departments
The committee then decided to summon me
heads of those two departments LOT the PuiP''0
Of getting their ideas. IT,. =.
SECRETARY Alcrr told the committee that ne
Thought that S1JO 900 900 would be sliifclaht
to meet the extraordinary expenses OF the va
Department for the next year, occasioneu ~
tho Suanfsh war. Secretary Long sald ne Hdu
not the data upon which to furnish tne roII
mittee estimates for his Department. put tnd.
h would send n communication 'o'ei"e wv
points ,.. o
The Democratic members Of the committee are
insisting upon careful consideration ol e"'"
paragraph Of the bill. saying that full explaha-
lion OF each provision in committee VIII save
time in the Senate Many minor changes dle
suggested. many Of them dealing Win pnrdSe
ology and others affecting rates lheIe - an
effort to secure perfect agreement on the va, :
OF ali members OF tho committee 10 tho tax lsa'-
ures Of the bill before reporting 10 the Sena,e'
and the indications now are that they VIII pe
successful In this respect. The Republcans say
they DO not intend TO agree 10 reduction Oh ''e
amount Of bonds 10 he provided for.
When the committee adjourned to-niSht tnere
was no certainty when tho work on me W ar
Revenue bill would be concluded. \ he Demo-
Gratis had not offered any ~ their propositions
and the bond question had not been taken up
with n view n dsposing Of 1t. The Democratic
members OF the committee do not appear 10
have vet agreed upon a substitute for the pohd
provision but the present indications are thdt
It will be n tax on corporations.
There was suggestion to-day favoraol" N re-
moving the entire tax on beer nut the suggeS-
ton was not followed up sufficiently to indicate
It's probable fate. The only two points or I'M
rortance which are regarded as settled are that
the tonnage tax Will 50 out and that the Tobacco
tax provision will he modified as 10 exempt
stock on hand ,
Secretary Gage stated while giving his testi-
monv to-day that he had made no arrange
nents with Network banks looking % the sale
Of tho proposed bonds or to securing their as
slstance in making popular loan