The herald., 1898-04-09

present condition in Cuba, together with
what the condition will be after Spain has
been expelled, and are participated in by
Senators who are charged with the respon-
sibility OF action.
From those best informed it is learned
that in the opinion of leading Senators,
whatever action is taken, forcible inter-
vention by the United States will make
this country responsible for the future
government of the island and that we
must make it safe for life and property.
WAR REVENUE
WASHINGTON, April S.-The members
Of the Ways and Means Committee of the
House are busily engaged with the treas
ury officials in the work preliminary to
the drafting of a war revenue measure to
be introduced in Congress Immediately
upon opening of hostilities with Spain. An
increase in the internal revenue tax on
beer from 81 to 81 a barrel and large in
crease in the tax on manufactured tobacco,
Including cigars and cigarettes, has been
practically agreed upon. Bank checks,
bills Of exchange, drafts, deeds, mortgages
and other paper of this class. patent medi-
cines and nostrums, in all probability also
will be added to the list.
A POPULt r LOAN
NEW YORK, April S.-J. Pierpont Nor
gan has had important New York bankers
in conference at his office, touching ma
tional financial affairs. A big prospective
bond issue was discussed. After the meet
ing a member of Morgan's firm hurried to
Washington ostensibly in the interests Of
the bond syndicate. This may prove of
vast immediate Importance. That q gov
ernment loan must soon be negotiated is
fully realized and the suggestion that 1t be
a mere popular loan met with general ap-
proval.
]. Harsen Rhodes, Of the Greenwich Saw
ings Bank, when asked his opinion, wanted
to know "What security the government
was going to give"
A dispatch from Philadelphia, quoting c.
N. Lewis, a banker, said that that city
would probably take $685. 900.
Isadore Newman, a banker, interviewed
at New Orleans, thought s2,OOO,OOO Of gov
crnment per cent $50 bonds could be dis
posed of at par in that city. Julius Runge,
Galveston financier, said such loan
would be popular there.
]. J. Mitchell, of the Illinois Trust and
Savings Bank at Chicago, is quoted as
saying: ''If the loan was 5000 900 900 and
issued in bonds ranging from $50 to $780,
they would be rapidly taken up at par.
don't think a popular loan netting under
per cent would go.
when country is confronted with war,
such bonds, it is believed, would be sold
very quickly, for the people would be in
fluenced by sentiments of patriotism as
we'll as by the knowledge that such bonds
could not fail to be good as investments.
should say Chicago would take SIS 900, 900 of
such bonds"
A rough estimate of the receipts to be
derived from these sources is that the in
crease on these articles alone will ap-
proximate, If not exceed, $100, ,000, 900
year. Beer, it is thought, will produce an
increase of s350OO,0OO; manufactured to-
bacco an increase of $33, ,0O0, 900 or more, and
commercial paper and patent medicines
S33 100000. Another source of revenue
which 1t is certain to be availed of is
transactions in railroad and other listed
stocks. It is believed that the returns
from this source will be large. In all the
figuring SO far the remaining Industries
and the professions which were taxed for
strictly war revenues during the rebel
lion have been left out of the account. An
increase of from two to three cents on
letter postage and q tax on gas and elec-
tric lights has also been suggested to the
department, but these items have not yet
been considered. The increase of one
cent an ounce on letter postage would
probably augment the receipts by $50 900
year.
A bill providing for a temporary loan
of 1O0,OO0.0o0 and a permanent loan of
$780, 900 at per cent payable in coin
has been prepared by the Ways and
Means Committee and will be Immediately
introduced in case of war. The whole
question of finances of the government in
view Of probable hostilities is being care
fully considered by the Treasury officials
so that definite and well thought out
plan of operations may be at the disposal
Of Congress in case of need.