The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-05-13
Provisions Of Measure Reported BY
Senate Committee.
SILVER AND GREENBACKS
SCOPE OF CORPORATION TAX
PROVISION.
Covers All Corporations, With Few
Exceptions, Transportation, Ex-
press and Electric Light Com
panies-Tax On Banks-All Tele-
graph Messages Are Included.

mlttee on finance today concIuded ltS
consideration of the war revenue bill,
after a two-weeks' sitting, and Senator
Allison reported it to the senate at 4
O'Clock. The bill shows that all the pro-
visions in the house hill for the issuance
of bonds and certificates of indebtedness
were stricken out and Mr.. Allison. in
reporting the measure, made minority
report giving authority for the bond issue
The amendment inserted at the instance
of the Democrats for the issuance OF
greenbacks is as follows:
THAT the secretary of the treasury is
hereby authorized and directed. for the
purpose of meeting and defrayfnS the eX-
penditures made necessary by reason Of
the existing war against Spain 70 prepare
and issue, on the credit of the United
States of America, from time 10 time
Is the same may be needed during the
iext fiscal year, United States legal
tender notes to the amount of $l5e OOc.O00
which notes shall be of like denominations
and of the same legal tender quality and
shall be payable and redeemable and re-
isua bic In the same manner as the $345.
eco 000 of such notes now outstanding, IS
described and mentioned in the act. of
congress of May l. 1878. said notes. when
first issued to be expended only upon the
war account aforesaid. and said notes
shall be exempt from taxation by or un-
der state or municipal authority
COINAGE OF SILVER
The provision for the coinage of the
silver seigniorage is as follows:
That the secretary of the treasury SHAH
imu1ediately cause to be coined as fast
and as soon as possible into standard sill
yer dollars, which shall be of like weight
and nneness and of like legal tender
quality as those provided for under ex-
listing law. the silver bullion now held In
the treasury, being the amount of the
gain or seigniorage derived from the pur-
chases of silver bullion by the treasury
under the act of July II, 1850, amounting
to the sum of $4,000, 600; said money so
coined TO be Immediately available for
payment of expenditures on account of
the present war with Spain The secre-
tary of the treasury is hereby further
authorized to Immediately issue. in adj
vance of the coinage OF said seigniorage
aforesaid, silver certificates of similar de-
sign and denominations and of the same
quantity, payable and redeemable in like
manner as those authorized by law, in
such sums as may be from time to time
needed for public expenditures, not ex-
ceeding in the total amount of said
seigniorage so held in the treasury.
CORPORATION TAX.
The provision inserted at the instance of
the Democratic members OF the commit
tee, and which has been known as the
corporation tax. is much broader in lis
scope than this description would lead one
TO believe. The. first paragraph of this
provision is as follows:
Every person, firm. company or cor
poration. owning and possessing. or hav-
ing the care or management of any rail-
road. street railroad. sleeping car, canal,
other vessel, stage coach or any other
vehicle, except hacks or carriages not
running on continuous routes, engaged
or employed in the business Of trans
porting passengers or freight for hire,
or in Transporting the mails of the United
States, shall be subject and pay special
excise tax equivalent to one-fourth of one
per centUm of the gross receipts from pas
sengers. mails. shippers or freighters of
any such railroad. street railway, sleep
ing car. canal, steamboat, ship, barge,
canal boat, or other vessel or such stage
coach or other vehicle; provided. that the
assessment hereby made shall not in
clude any amount for the receipts of the
transportation of persons. freight or mails
between the United States and any for
eign port; but such taxes shall be rated
for the transportation OF persons, freight
or malls from q port within the United
States and shall be assessed upon and col
lected from persons firms, companies or
corporations within the United States re-
ceiVing hire or pay for such tranSporta-
ton Of persons, freight or mails
A like tax of one-fourth of one per cent
OF the gross receipts is imposed on ANY
person. firm. company or corporation.
carrying on or doing an express business
also on any person. etc, owning or pos
SsSsing, or having the care or manage
ment of any Geographic or telephone line,
also on life. fire marine or accident insur-
ance companies for the security and as
Surance Of employers against losses by
employees. all of which are to pay on the
basis Of premiums and assessments col
lected and the duties accruing. like taxes
10 De PAID DN foreign companies DONG
business in the United States, also on per-
sons. etc. furnishing gas or electric light
electric power, steam heat, steamboat,
steam power, refining sugar or petroleum.
ALL CORPORATIONS TAXED.
Then follows the provision for a tax
on corporations, giving the exemptions,
which are as follows:
That every corporation doing business in
the United States. whether chartered I'M
der the laws of the United States or of
state territory the TTnifea
States, or of any foreign country, shall
pay a special annual excise tax, and said
Of one per eentum of the whole amount of
the gross receipts of such corporations
derived from such business, provided that
this section shall not apply TO any corpo-
ration that Is subjected to excise tax
under section Of this act, nor to re-
Isious, educational, benevolent, eleemosy-
nary or cemetery corporations. municipal
or other corporations, fraternal benefi-
ciary societies, or orders or associations
operating upon the lodge system and pro-
viding for the payment of life, sick. acct
dent and other benefits to members of
other societies. associations or depend
entS of such associations, or building and
loan associations which make loans only
to their shareholders: nor shall CORPORA
lions which shall buy or sell raw or I'M
manufactured agricultural products be re-
Quired to pay tax with respect TO such
dealings, except as otherwise provided in
TAX ON BANKS.
Another paragraph in this portion of the
bill imposes an excise tax on banks, and
is as follows:
Every person, bank, association, com
pany or corporation engaged in the bust
ness of banking shall pay special tax
which shall be equal to one-fourth of one
per centum each month upon the average
deposits of money subject TO payment by
check or draft, represented by certificate
of deposit. or otherwise whether payable
o ndemand or at some future day"
-fcfn
required to make monthly returns. Eva
sicns of payment for ten days are pun
ishsd BY the addition of 10 per cent and
for attempts at Knowing evasion a pen
atty of $1,000 is provided.
IMPORTANT AMENDMENTS.
Taking up the bill at the beginning, the
more important amendments are as fol- |
lows:
Stored beer ale. etc, are exempted
from operations of the act; the discount I
per cent: for the house provision for |
stamps on beer. etc.. simpler one is |
substituted. ~
A license is imposed on bankers. etc.,
as follows: On bankers employing cap |
ital of $4,000 or less, $100 for each license |
and 81 for each additional $1,000 of capital, |
$50; pawnbrokers, $2I: commercial brokers, |
$40: custom brokers, so; foreign insurance !
agents, $50; proprietors of theatres. mu-
seums concert halls, circuses, S1G0 each; |
other public exhibitions, $40: bowling al |
leys and billiard rooms S. per table.
There are a great many changes in the |
tobacco schedule The tax on manufac- !
tured tobacco, snuff, etc, is increased |
from Y to 16 cents per pound; the tax on !
cigars weighing more than three pounds |
per thousand is reduced from 81 to $3.50 |
per thousand; on small cigars, from 81 to |
81: on cigarettes, from 81 to $3.50 per |
thousand
The house provision taxing tobacco on
hand IS stricken out. There is a reduc- |
ton of the tax on tobacco dealers, manu- !,