The times., 1898-05-03


of business, must be stamped under
severe penalties, including my dauon.
Express packages, telegraphic mes
sages. except press and telephone mes
sages, passage tickets. ana many
other things Will come under the nearly
universal rule. In addition to al these
anticipated things, there are TWO i'm
poTtant features of the act which are
exciting special and deserved interest.
They are the tonnage and war loan sec
tions
Vessels engaged in our ccastvise
trade are exempt from tonnage tax
but we levy one on bottoms ply ng be
tween all foreign ports and our own,
at each entry. This tax at present
yields about five hundred and fifty
thousand dollars annually, and it all
goes TO the support Of the marine-hos-
pital service. The bill continues that
amount for this purpose, as a specific
appropriation, but increases the rate
OF the tax TO eight cents per ton on
vessels arriving from foreign ports or
places in Nerth America, Central
America, the West Indies. Bahama and
Bermuda Islands. or the Coast of South
America bordering on the Caribbean
Sea, or the Hawaiian Islands, or New
foundland
On vessels arriving from any other
port CT place, including all of Europe.
Of course. the tax is raised TO twenty
cents per ton, and this is causing much
objection. 1t is estimated that the
net revenue from this source for war
purposes, ever and above the marine
hospital fund, viii amount to about
two million five hundred thousand
small a matter is hardly worth the
friction which it seems likely to cause
with fore gn maritime interests. Il viii
fall almost entirely upon them. as.
during the war, cur foreign commerce
viii be practically confined to the flags
of ether nations. Upon this particular
question The Times has no extreme
view or advice to offer; but it should
be canvassed carefully before the act
IS finally passed.
The second feature of the bill which
is subject for and demands strict at
tention and analysis before il is allow
ed 20 become law, is the war loan
section. 1t provides (secticn 2O:
That the Secretary OF The Treasury is hereby
authorized TO borrow the credit of the United
States the sum OF five hundred million dollars.
much thereof may be necessary, and 10
prepare and issue therefor. at nOJ less than par,
coupon or registered bonds of the United States
in such form he may prescribe. and in dg1om-
iEations OF twenty-i five dollars or multiple OF
that sum, redgemable in coin at the pleasure OF
the United States after ten years from the date
Of their issue, ard payable twenty years ron
such date ard bearing interest. pagaEls quarterly
in coin. the rate OF three per ccntum per an
mum; and the bonds herein authorized shall be
exempt nom ali taxes and duties ot the United
States. well from taxation in am for.n by
or under State. municipal local authority.
Provided. that the bonds authorized 10y this sec
uon shall be first offered as popular loan, under
such regulations be prescribed by the Seer? tary
Of the Treasury a. will give opportunity TO the
citizens Of the United States participate in the
subscriptions to such loan.
On its face, in case we must have
bonds. there is SO little to find fault
with in the spirit of the foregoing sec
tion Of the act that We hardly like IL
criticise even its letter But, it is
always well TO hew very close to this
+ line in all, and particularly in finan-
1 ciai legislation. The war loan is to be
! popular one, but the degree of its
popularity is left almost completely
TO the Secretary of the Treasury. He
I is to issue it in denominations oi
twenty-five dollars 'or some multiple
Of that sum" The bill does not make
this mandatory, but optional If il
should appear more convenient TO any
/ interests TO make the multiple large
enough TO shut the plain people out
from the subscription. there will be
nothing in the law to prevent it.
Again, there is much inspired talk in
the Administration press concerning
an intention of the Treasury to Offer
! the lean to the masses through the
/ postofiices Of the country Nothing
could be better; but direction to the
4 Secretary and the Postmaster General
/ TO do exactly that thing would secure
/ the people in the chance, which, other
wise. they might be deprived of through
some arrangement with the largs
financial investors Of this and other
countries.
If we are to have popular loan
let it be SO provided. not al the discre-
tion of any Administration officer to
do or dodge it as may suit his book
at the time of issue. but definitely in
the language of the statute Itself.