The times. [volume] (Richmond, Va.) 1890-1903, 1898-05-13
THE WAR REVENUE.
The Bill is Now Complete with the
Democrats Amendment.


WASHINGTON. May 12.-The Senate
Committee on Finance to-day concluded
its consideration Of the war revenue bill
after a two-weeks sitting and Senator
Allison reported it TO the Senate at
o'clock. All the provisions in the House
bill for the Issuance Of bonds and ceru-
ficates OF Indebtedness we're stricken out
and Mr.. Allison in presenting the meas
ure made a minority report giving
authority for the bond issue.
THE GREENBACK ISSUE.
The amendment inserted at the IN
stance of the Democrats for the issu-
ance OF ereenbacks directs the Secretary
Of the Treasury 20 issue I'm the next fiscal
year United States legal tender notes
10 the amount of Sl5OO0OO0O. which are to
be payable. redeemable, and reissuable
as the three hundred and forty-siX mil
Hons of such notes now outstanding, said
notes when first issued 70 be expended
only upon the war account.
The Secretary Of the Treasury Is also
directed 10 have coined as fast as posi-
BILE into standard silver dollars which
shall be OF like legal tender quality as
those provided for under existing law
the silver seignoirage amounting TO So
10000 The Secretary is to issue silver
certificates IN advance Of said coinage.
THE CORPORATION TAX.
The provision known as the corpora
ton tax inserted at the instance OF the
Democratic members Of the committee
is very broad I'm its scope All transpor-
tatiou companies except those carrying
mails. and hacks and carriages not run
ming on continuous routes are taxed IA
Of one per cent. Of their income.
a like tax is placed upon express com
panes. telegraph. or telephone lines, gas
and electric light, power refining sIsr,
or refining ptroleum companies. Every
corporation doing business in the Unit
ed States shall pay an annual tax on il
OF one per cent. upon their receipts.
Religious. educational. benevolent,
elomosynary. or cemetery corporations
and building and and loan associations,
which make only TO their shareholders
and corporations which buy and sell
raw domestic agricultural products are
not required 10 pay any tax except as
otherwise provided I'm the act
Banks and banking companies are taxed
forty-eighth of one per cent. each month
upon the average amount Of the deposits
Of money. A graduated bank license Is
also incorporated in the bill.
THE BEER TAX.
The discount on the beer tax is in
creased from 10 IL per cent. The
tax on manufactured tobacco. SNUFF. etc.
IS increased from y 10 Is cents per
pound. The tax on cigars Weighing
more than three pounds per thousand Is
reduced from 4 TO - per thousand. on
small cigars from 81 TO 81, on cigarettes
from 81 10 81 so. The House provision
taxing tobacco on hand is stricken out.
There IS a reduction of the tax Of tobac-
co dealers. manufacturers Of and etc,
whose annual sales fall below 5000 10
a. al 81 rnf
in the license for cigar manufacturers.
The progress relating 20 stamp taxes re-
ceiVed careful consideration and covers
a wide field, including transfers Of stock
sale Of any products or merchandise at
any exchange bills Of exchange. bills of
lading. etc. Telegraphic dispatches and
life and fire insurance policy also re-
ceive small tax
Mineral waters are entirely exempt
from the operations from the act. as all
wines. except those bottled, and on these
the rate is I cent on pint bottle and ?
cents on quart bottle. A drawback, equal
10 the internal revenue tax is to he ale
lowed on articles Of this class which are
exported. on legacies there Is a grad
uated tax.
A MINORITY REPORT
The Republicans decided to make a mi
nority report recommending the reten-
sion Of the bond feature. and also the
provision for time certificates. but re-
ducing tho amount Of the bonds and
changing the language of both provi-
siOns.
The bond issue authorizes the Score
tary Of the Treasury 10 borrow three hun
drsd millions OF dollars or so much
theeof az he may deem necessary. 70
meet the expenses Of the war. and issue
therefore coupon or registered bonds at
not less than par. in denominations Of
twenty-five dollars. or some multiple OF
that sum, redeemable IN coin any time
after ten years and payable On twenty
years. and bearing interest az per cent.
The bonds are not taxable. The bonds
shall be offered as a popular loan.