The Chipley banner. (Chipley, Washington County, Fla.) 1893-1943, 1898-05-21
BOND PROVISION DEFEATED.
REPORT ON WAR REVENUE BILL
READY FOR SENATE.
DEMOCRATS AMENDMENTS WON.
The Vote In Committee to Strike Out the
Bond Feature Of the Bill Stood
Six to Five.

A Washington special Of Wednesday
says: With the exception of few adj.
ministrative features, the war revenue
bill is ready for report to the senate.
With the assistance of Senator Jones,
Of Nevada, the democrats had control
Of the finance committee and adopted
their amendments, which include q
corporation tax of one.quarter of / per
cent, provision for the coinage of the
seigniorage, and the issuance of
$3.50, 900, 900 of greenbacks. The bond
provision is eliminated.
1t required only little more than an
hour for the committee to dispose Of
the democratic amendments. 1t was
soon made evident that Senator Jones,
of Nevada, would vote with the demo-
Gratis on all their amendments and as
his vote turned the scale against the
republicans, they did not enter into q
stubborn struggle to prevent this. The
vote to strike out the bond feature
stood 6 to 8, as follows:
Jones, of Arkansas; White, Turpie,
Daniel and Chiffon, democrats, and
Jones, of Nevada, silver republican,
for it; and
Allison, Aldrich, Plat, Of Connect.
cut: Wolcott and Burrows, all repub-
licans, against it.
Senator Morrill,, republican, and Mr..
Vest, democrat, were paired-Vest for
the motion and Morrill, against it.
The amendments for the issuance Of
greenbacks, the coinage Of the silver
seigniorage and the taxation Of corpo.
rations were all incorporated by the
same vote.
The democrats changed their rate on
corporations at the last minute, reduc-
ing it from one-half to one-quarter of ]
per cent. They made this reduction
because of the uncertainty as to the
amount OF revenue the amendment
would produce. 1t was the generally
expressed opinion that the sum would
even at this low percentage, be very
large, but there was no opportunity
for even approximating the figure.
This provision is q very comprehen.
sive one. 1t covers all corporations,
with few exceptions, imposing tax
of one-quarter of / per cent. upon the
gross receipts. The exceptions are
charitable, educational, religious and
eleemosynary institutions and strictly
mutual benefit associations which are
exempted, the exemption to mutual
concerns being made SO as to include
only those which loan money to their
own members.
Building and loan associations are
exempted from the operations OF the
bill, but the house provision dealing
with this matter was changed, and the
language of the exemption in the Will
SON. orman act practically substituted
for it.
There was some discussion OF the
beer tax during the day, hut 1t was de-
cided to leave the matter as it passed
the house, with an increase Of the re-
bate from to u per cent.
The provisions in regard to the tax
alton bankers and brokers, bills of
lading, inheritance, futures" propri-
etary medicinal articles, ETC., were left
as specially fixed. The house provis-
ion for tax on mineral waters was
stricken out entirely.
There was some general discussion
in committee Of the amount of revenue
the bill would produce. The estimate
of the democratic members placed the
amount at $3.50, 900, 900 from the rev.
enue portion. The coinage Of the
seignorage would increase the amount
to the extent of $40, 1000, 900 and the
greenbacks would make the total S342,-
900, 900, or $40, 900, 900 in excess Of
Secretary Cages estimate of the re-
auirements of extra revenue to meet
first years expenses Of the war.
The bill will hardly be recognizable
by its authors when reported, as it has
been SO generally amended in both
phraseology and rates as to make it
practically q new bill. There are few
paragraphs that have not received some
attention.
The changes yet to be made are only
OF minor Importance and will deal