Ceredo advance. [volume] (Ceredo, W. Va.) 1885-1939, 1898-06-22
THE WAR REvENUg ELL.
Plenty ga Money Win ie RAISED
without Placing a Bursies.
ON the People.

The conference committee on the wan.
revenue bill has come 10 an agreenen.
on The bond provision. The house linn
tation On the amount OF bonds whirE
might be sold was 5OO.OC0.OOO. The SER
ate reduced il TO S3D0.00O.OO0. The cor.
ference committee has agreed on $780,
OOO.Ooo. The senate amendment re-
quires the secretary Of the treasury 20
sell nj least $4,000. goo Of one-year three
per cent. certificates. whose issue Is au-
'horized, before disposing OF any bonds.
Secretary Gage objected strcuuously <,
this provision. and the couferees will
recommend THAI the senate recede from
IL.
There is one point regarding which
the dispatches are silent. The house
bill authorized the secretary OF the
treasury TO borrow money los selling
bonds, but does not specify the pur
pose. The senate amendment author
lies the sale Of bonds TO pet money ITO
Gefray the expenditures authorized on
account Of the existing war (such pro-
ceeds when received TO be used only for
the purpose of meeting such war ex-
pendi'ures)." 1t has not been stated
yet whether this limitation will be ac-
cepted 10y the couferees.
lfnolimitaiion supposed a part Of the
proceeds of the money obtained by the
sale. at par or above, of those three per
cent. bonds, which are payable al tho
pleasure Of the government in ten wears
ard become due in 20 years. can be used
10 defray the cost of the war. The re-
mainder can be used TO make large adj
ditious TO the navy, TO complete the
coast Notifications, 10 provide the high
power guns, to man them. and to Jay
up ample supplies of powder. shot and
shell. Then the country would be
ready ON short notice for the next war
and would not have 20 make the fran
tic haste it did TO get ready for the one
with Spain.
The committee has compromised on
the coinage of the silver bullion. The
senate amendment directed the sccre-
tary 10 coin il at the rate OF 100000 "a
month. The couferecs VIII recommend
that that be reduced 20 million and a
half month. Al that rate it will take
five years TO coin all the silver. While
objecting on principle TO this modified
proposition, The house may accept IL in
order not to delay The passage of the
revenue bill and the sale of bonds. The
treasury is getting short of cash.
The conferees have adopted most OF
the taxation amendments of the SEN
ate. Those amendments add mater
ally TO the revenue producing quail
ties Of the bill. and thus make it much
more effective than il was when il
passed the house. In its amended form
il will, wnen fairly IN operation, pay .
large part of the current military eN-
peuses OF the government. and after
the war is over will furnish fund
which will eNtinguish speedily what
ever bonded indebtedness may have
been contracted. While the taxes
levied by this bill will produce great
deal of money. they will not be felt.
If the Bryanites had had the framing
of the bill il would have been differ
ent affair. They would have imposed
onerous and excessive taxes on inter
eSts which they wish TO destroy. ana
they would not have allowed bonds to
he sold. They would have authorized
the issue of more legal tender notes 10
defray governments expenses. with
out, however, making provision for the
redemption OF these notes in gold They
would have inflated the currency and
would have rejoiced thar that imitation
deprecated its value. Happily for the
country, the Bryauites were not able
10 dictate the terms Of the new rev
enue bill.-Chicago Tribune.