The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-04-27
REPORT ON THE WAR BILL
Continued from First Page.)

fnittee recommends the levying Of inter.
nal revenue taxes either on articles o.
voluntary consumption or on subjects
that will make such taxes fall mainly
on persons able to contribute to the ma
tionaI defense which win in the aggre-
gate yield from ninety to one hundred
millions Of additional annual revenue.
The report then enumerates the differ
ent articles to be taxed and the estimate
heretofore published of the amount OF
revenue to be derived. and continues:
These are all taxes on subjects which
were assessed during or subsequent to
the the civil war, with ono exception,
and therefore open UP no new and untri-
ed system OF taxation. They are all in
ternal revenue war taxes that can be
collected by the existing internal reve-
nue. officials slightly increased, with a
small additional expense, and with the
minimum disturbance Of trade, although
they are all taxes which are unwelcome
and which it would not have been nee
essary to impose IL war had been avoid
ed.
BONDS PROVIDED FOR.
"whne all Of the additional taxes are
war taxes which would be naturally re-
pealed. or modified. when the necessity
OF war and the payment Of war expenses
have ceased, yet it is impossible now TO
place a limit on them, not only for the
reason that no one can intelligently fore
cast the length of the war. but also for
the reason that war always brings a
train or extraordinary expenditures
which do not terminate at the close Of
actual hostilities. It isevident that IT
will be necessary, in order to maintain
the public credit, not only to raise the
additional revenue provided by the ac-
Uompanying bill. but also TO authorize
the secretary Of the treasury to borrow
on the credit Of the government from
time to time, as the public necessities
will require
I'VE have given, therefore. authority
10 issue and sell not exceeding $500. 600. 900
Of ten-twenty 3 per cent coin bonds TO
he offered as a popular loan, believing as
we do that such a bond will be taken
from time to time by the masses of the
people. We have fixed ten years as the
period after which the bonds authorized
may be redeemed at the pleasure of the
United States. not only because we re-
gard il necessary to do this in order to
secure subscriptions at par for the latter
Issue. but also because the fact that the
one hundred million 5JPer cent loan of
1904. and the large 4 per cent loan OF
1907 would inevitably be paid or refunded
blythe government before a per cent
bond would be redeemed. makes bond
that can be redeemed at the end of ten
years as desirable to issue as one that
can be redeemed at the end of five years.
INDEBTEDNESS CERTIFICATES
"In view of thue fact that it will be
necessary in a few weeks. before the pro-
posed war taxes can bring results and
before the loan authorized can be plac-
ed, to provide means to meet the rapidly
augmenting war expenditures. authority
is given the secretary of the treasury to
temporarily borrow money, in no case ex-
ceeding one year, by the issue of per
cent certificates Of Indebtedness. IT is i'm
portant that the secretary Of the trea-
sury shall have this authority in any ex-
igency that may arise in the future"