The times., 1898-05-04
HoW MUCH DOES IT CosTP
Senate Finance Committee Consid-
crs the War Problem.


The Finance Committee of the Senate
which is now considering the war revenue
measure, spent yesterday in endeaVoring
to find out just what the condition oil
the Treasury was and what amount oil
money would be necessary 10 carry on
the war under existing conditions Secre-
tary Gage was before the committee for
more than an hour, and he was follow
ed by Secretaries Alger and Long.
Secretary Gage said that according to
the best information he was able to Sc
cure the war expenses for the next two
months, in addition to the ordinary eX-
penditures, would be about $50,OOo,OOO by
that time the entire amount in the Treas
ury, with the exception of the gold re-
serve. would be exhausted, and some
thing like $50 GOO coo of this reserve wouid
be drawn upon. On the general SUBJECT
of revenues the Secretary said the chances
We're that the ordinary receipts from
customs duties would shrink on account
of the war.
There is nowFin the Treasury, including
the gold reserve, about $500, O0O, OOO me
figures of the Secretary were somewhat
vague, but from them he derived the con-
clusion that the expenses for the next
fiscal year over and above the ordinary
expenditure would be in the neighborhood
of $500 coo 600. In view of this fact the
Democrats contended that it was not de-
sirable at this stage of the war to issue
bonds and especially in any such sum
as $500, COO, 600, as provided for in the House
bill. In lieu of such issue they have sug-
gested the issuance of non-interest GER
tiicates of indebtedness in an amount of
from 500 000, 600 to 5000 coo, 00O as the neces-
stiles of the case may require. To this
they wish to add the coinage of the seign-
forage and the immediate issue of notes
thereon, which they claim, would be am
pie TO meet all demands on the Treasury
until Congress again meets in December.
1t is also intended to permit these GER
tifica;es to be funded at the end of three
years in bond drawing a low rate of
interest. This they claim, would be
more readily absorbed by the people than
in so-called popular loan, which might
be delayed through the inability of the
people who wished 10 subscribe 10 raise
the ready money.
The tonnage tax provided for in the
House bill, it is now conceded will be
stricken out. In the way of direct taxa
tion. the Democrats have suggested vari-
Gus additional items. They favor an in
heritance tax, such as Is imposed in al
most all European countries. and which
t'S Il IcNtuHt is a great success.
They also suggest a tax on the products
of manufacturers.
The Republicans will. in the main, fa-
vor the House measure, with a few
changes. There is no doubt that the
bond feature Will be adhered to. While
there is to be very determined fight
against the bond issue, there is no indi-
cation of an effort TO filibuster
The hope of the managers of the bill
that they could report to the Senate to-
day will not be realized. II is probable
that the committee may retain the meas
IRE the remainder of the week, and it is
now believed that good headway will be
made if the measure is voted upon in
the Senate by the end Of next week The
predictions made some time ago that
Congress would adjourn by the middle
of May may not be realized.