The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-13
Details of the Provisions for The Is
age of Silver Seigniorage.
CORPORATION TAX FEATURE
AND OTHER IMPORTANT AMEND
MENTS EXPLAINED AT LENGTH.
Minority Report, with the Bond and
mitted by Republican Members.

WASHINGTON, May 1.-THE Senate
committee on finance to-day concluded it's
consideration Of the war revenue bill after
a two weeks sitting, and Senator Allison
reported it 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 Mr.. Allison, In reporting the meas
ure made minority report giving author
ity for the bond issue. The amendment in
serted at the instance of the Democrats for
the issuance of greenbacks is as follows:
THAT the secretary of the treasury is
hereby authorized and directed, for the pUr-
pose of meeting and defraying the expendi-
lures made necessary by reason of the ex-
listing war against Spain, to prepare and
issue, on the credit of the United States of
America, from time to time as the same
may be needed. during the next fiscal year.
United States legal-tender notes to the
amount of one hundred and fifty million
dollars, which notes shall be of like de-
nominations and of the same legal-tender
quality, and shall be payable and redeem
able and reasonable in the same manner as
the three hundred and forty-sX millions
of such notes now outstanding, as described
and mentioned in the act Of Congress of
May 81, 1878, said notes, when first issued.
to be expended only upon the war account
aforesaid, and said notes shall be exempt
from taxation by or under state or munic-
ipal authority"
The provision for the coinage Of the silver
seigniorage is as follows:
THAT the secretary of the treasury shall
Immediately cause to be coined, as fast and
as soon as possible, into standard silver
- IT, 1s~~I,A
fneness, and of like legal tender quality
as those provided for under existing law.
the silver bullion now held in the treasury,
being the amount of the gain or seigniorage
derived from the purchase of silver bullion
by the treasury under the act Of July IA.
1890. amounting to the sum of forty-two
millions of dollars; said moneys so coined
to be Immediately available for payment of
expenditures on account of the present war
with Spain. The secretary of the treasury
is hereby further authorized to Immediately
issue, in advance of the coinage of said
seigniorage aforesaid silver certificates of
similar design and denominations, and of
the same quality, 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
seigniorage so held in the treasury
CORPORATION TAX.
The provision inserted at the instance of
the Democratic members of the committee,
and which has during the consideration of
the bill been known as the corporation tax.
is much broader in its scope than this de-
scription would lead one to believe. The
first paragraph of this provision is as fol-
lows:
. Every person, firm, company or corpora
ton owning or possessing or having the
care or management of any rallroad, street
railroad, sleepeing car, canal, steamboat,
snip, barge, canal boat or other vessel, or
any stage coach or other VenlcIe. except
hacks or carriages not running on contlnu-
GUS routes, engaged or employed IN the
business or transporting passengers or
ITelghl Tor hire. or in Transporting tne mails
or the United States, shall be SUBJECT 10
ana pay special annual excise tax equlVa-
tent TO one-rourth OF one per centum OF the
gross receipts from passengers, mails; snip
perS OF tfelghters of any such ralIroad'
street railroad sleeping car, canal, steam
poat' snip, canal boat or otnsr Hessei OF
such stage coach or other venice; ProVldeu,
ihat the assessment hereby mace shaiI not
lnclude any amount for the receipts Tor tne
transportation OF persons, freight or mails
oelWexn the United States ana any foreign
port, out such tax shall be rateu Tor tne
transportation of persons. freignt or mans
llom port within the Ohlteu otates
tnFouKn toreign territory 70 = port Within