The age-herald., 1898-05-13
The Bond Issue Provision Mas Stricken
 Out.
No INDEBTEDNESS CERTIFICATES
Amendment for Issuance of Greenbacks and a Provision for the Coinage of Silver
 Seignorage- Now in United States Treasury.

mlttee on nnance today concludeq US con- sideration of the war revenue bill, after a two weeks sitting, and Senator Allison re- ported 1t to the senate at o'clock. The bill shows that all the provisions in the
 house bill for the issuance of bonds and | certificates of indebtedness were stricken | out and MT. Allison In reporting the meas l ure made a minority report giving author | ity for the bond Issue.
 The amendment inserted at the instance
 backs Is as follows:
 That the secretary of the treasury IS here- l by authorized and directed, for the purpose i of meeting and defraying the expenditures made necessary by reason of the existing
 war against Spain to prepare and issue on l the credit of the United States of America ! from time to time as the same may De needed during the next fiscal year, United states tepal tender notes to the amount of
 s15O o0O, 900, which notes shall be or hKe denomination and of the same legal tender quality, and shall be payable and redeem able and re-issuable in the same manner as
 the $40 900, 900 of such notes now outstaiu- ing. as described and mentioned in the act
 of congress of May S1, 1878. said notes when first issued to be expended only upon the
 war account aforesaid and such notes shah
 be exempt from taxation by or under state or municipal authority.
 The seigniorage Provision
 The nrovision for the coinage of silver seinorage is as follows: r That the secretary of the treasury snaii Immediately cause to be coined as iaS' and as soon as possible into standard sii- yer dollars, which shall be of like weight and fineness and of like legal tender quahty and those provided for under existing iaw, the silver bullion now held Tn the treasury 1 being the amount of the gain or seinorage derived from the purchases of silver bui- | lion by the treasury under the act or July | IA 1890 amounting to the sum of Sa2,OoO,00o l said money so coined to be immediateiy | available for payment Of expenditures on 1 account of the present war with spain. 1 The secretary of the treasury is hereby aus 1 thorized to cause to be issued in advance 1 of the coinage of said seignorage, silver cer- tificates of usual design and denominations'
 payable and redeemable in like manner as those authorized by law in such sums as may from time to time be needed for said war expenditures, not exceeding in all the total amount of said seignorage as held in the treasury.
 The provision inserted at the instance of the democrats known as the corporation tax is more far reaching than is gen- erally supposed. The first paragraph is as follows:
 For Corporation Tax
 Every person, firm, company or corpora tion owning or possessing or having the care or management of any railroad, street railroad, sleeping car, canal, steamboat,
 ship, barge, canal boat, or other vessel or any stage coach or other vehicle, except
 hacks or carriages not running on continu- ous routes, engaged or employed in the business of transporting passengers or freight for hire or in transporting the mails of the United States, shall be subject | and pay a special annual excise tax equiva- 1 lent to one-fourth of one per centum of the gross receipts from passengers, mails ship pers or freighters of any such railways, canal, sleeping car, street railway canal boat, barge or other vessel or such stage l coach or vehicle and, Provided: That the | assessment hereby made shall not include | any amount of the receipts for the trans- portation of persons, freight or mails be- | tween the United States and any foreign | port, but such tax shall be rates for the transportation of persons, freight or mails from a port within the United States through foreign territory to a port within the United States, and shall be assessed
 upon and collected from persons, firms, companies or corporations within the Unit
 ed States receiving hire or pay for such transportation of persons, freight or mails. r la4 On Express DuhlnSsS
 like tax of one-fourth of 1 per cent. | of the gross receipts is imposed on any | person, firm, company or corporation carry Ling on, ordering an express business, also on any person, etc., owning or possessing | or having the care or management of any
 telegraphic or telephone line," also on life fire, machine or accident insurance com panies for the security and assurance of employees against losses by employees, all of
 which is to pay on the basis of premiums
 and assessments collected and the duties
 aecruing, like taxes to be paid by foreign
 companies doing business in the United
 States. also persons etc., furnishing gas
 or electric light, electric power, steam,
 heat, steam power, refining sugar or refin- ing petroleum.
 The Exemptions
 Then follows the provision for a tax on corporations giving the exemptions which | is as follows: That every corporation doing business in the United States, whether chartered under the laws of the United States or any state or territory of the United States or any foreign country
 shall pay a special annual excise tax. and said tax shall be the equivalent of one- fourth of per centum of the whole amount of the gross receipts of such corporations derived from such business; provided, that l this section shall not apply to any cor poration that is subjected to excise tax under section one of this act, nor to relg- ious, educational, benevolent, e1emosynary
 or cemetry corporations, municipal or other.
 publios corporations. fraternal beneficiary
 societies or orders or associations operat-; ing upon the lodge system and providing
 for the payment of life. sick and accident
 and other benefits to the members of such
 societies, orders or associations which
 make loans only to their shareholders; nor shall corporations which buy and sell raw
 or unmanufactured domestic agricultural
 products be required to pay any tax with
 respect to such dealings except as otli-i
 erwfse provided in this act. es
 Tax on Banks E Another paragraph in this portion of the bill imposes an excise tax on banks as: follows: s Every person, bank, association, company