The times., 1898-05-17

the amount of s1O0O00.OOO. payable in one
year, and drawing interest at the rate
of 3 per cent. An issue of bonds to the
amount of 500. 100000 was also provided
for, payable after ten years and not to
exceed twenty years. These bonds were
also to bear interest at the rate of per
cent per annum, payable quarterly. These
were the general provisions of the bill as
it came from the House
Estimates Too Low
''The details providing for the raising of
s100.0O0O03 of internal revenue provided
for an increase of tax upon malt liquors
of 81 per barrel. giving a rebate to the
producers of the articles of per cent. 1t
also provided for various taxes upon to-
bacco or it's manufactured products tax
ing cigars from 81 to IS thousand instead
of SO. as now; doubling the tax on cigar
cites, and II cents per pound on tobacco
instead of cents, as now. The tax on
these two articles. beer and tobacco,
would increase the revenue 6OC00.O00 or
more.
There is also a stamp feature in the
bill. providing for a tax stamp upon
checks. bills of exchange promissory
notes. etc. Also what is known as
schedule '.B'' of the bill provides for a
stamp on all proprietary articles. The
estimated revenue from these two sched-
ules was $50, 900 900. Then. there is also
a tonnage tax, which will make s. 900 900
more.
From such examination as have been
able TO give the bill as it came from the
! House. am sure that the estimates on
! these different articles are greatly less
than will be realized from the actual
! operation of the bill.
THE Senate Finance Committee in
their consideration OF the measure. were
led to believe that the provisions relating
especially TO schedules a and b were
too general in their nature to make them
equal, so a number of amendments were
| proposed and are embodied in the bill.
| 81 may say there was very little differ
ence in the minds of the members of
j the committee in reference TO the beer,
1 tobacco and schedules "A and b taxes
! except to details. on the tonnage tax
/ there was a very little difference of opin-
ion, but as respects these subjects there
was practically no division in the COM
mitee.
There were some other questions,
| however, which confronted the commit
tee. and which, / presume will confront
the Senate, and which 1 think ought to
be understood before the bill is taken up
in detail for consideration.
I'm the first place this bill is here only
BtCduSt the Government OF Ilt United
States is involved in a war with a for
eign country. If there was no war. there
would be no necessity for this bill and.
therefore. it may be truly called a war
measure.
Counting the Cost.
Now. if it be a war measure. it is nee
essary for US TO know about how much
revenue should be raised for the purpose
Of carrying on that war until the first
day of July. 1893. although we hope that
the war may last but a few months or
weeks.
THE expenses of this war. of course,
cannot be estimated accurately. and any
/ thing we may do or say here viii be but
an approximate estimate of the cost of
( the war
''The Finance Committee has made such
an approximate estimate OF what the cx-
penses will be during the remainder Of
this fiscal year and during the whole of
the next. These estimates were made by
figures furnished by the. Secretaries of
War and the Navy.
Mr. Allison stated that these estimates
aggregated for both the War and Navy
Departments, over the regular apprOpria-
tions. S240.5cO, ,000. 70 carry on the war for
the next fiscal year. He also stated that
these estimates did not take into cOnsid-
EidIlDn any S-A4-lGe NiLcL might dItSc.
One of these emergencies had already
arisen. said Mr. Allison, in the Philippine
Islands.
From estimates of the Secretary Of the
Treasury the receipts for the fiscal year
ending June 3d. 1893, would amount TO
$3.50 900. 900 exclusive of the postal receipts,
which are estimated at s92. .000. 600.
Included in these receipts was an esti-
mate of 500. 100000 10 be derived from
tariff
Il am satisfied" continued Mr.. Allison.
land | think we ought TO deal with each
other here with respect to these questions
without reference to any other question,
that the estimate of S200. .O00, 900 is too high
1 think the revenue from imports viii be
considerably less than that amount I
should be we'll satisfied if it should reach
$1SG, ,0O0 OO0.''
Mr.. Allison then stated that the amount
of all other appropriation bills aside from
the war expenditures was for this fiscal
year S53I, ,o00, 900 which includes $51,0 600
for the sinking fund. According TO these
| figures. he stated that II was his belief
that under normal conditions there would
still be probably a small deficit for the
next fiscal year. lie was of the opinion
that the deficit would1Ybe iulade larger on
account of the effect of the war in cur
failing our foreign trade
The Bond Question.
Now. all this being true" declared
Mr. Alison. the question is, how much
money we shall raise by taxation. and
how much by borrowing for the purpose
of carrying on the war2
''On this subject there was a diversity
of opinion among the members of tbs
Committee on Finance, but the amounr
agreed on was $l59. .000.0G
Mr.. Allison expressed the opinion thai
/ the bill would raise more than that sun
as II now stood. and that as il came from
the House it would produce about SlO5.-
600. 900.
The Speaker then went into consider,
} able detail as to the difference between
J the House and Senate bills and also tbs
increase of tax over the ordinary inter
nal revenue tax.
He opposed the proposed tax on corpo
rations. saying that it should not be mad
| to embrace all corporations as that wOui'
work a great hardship to very manl
small concerns who we're Incorporated
He stated that there were at least tiv
: hundred such small corporations In HI
State engaged in the manufacture of but
ter and cheese
n eff these taxes We're confined 10 cor
4 ! porations which were securing pecuniar.
benefit from being incorporated, l coul'
n see a reason for the tax. Under this Law
the people who are incorporated are at
\ gross disadvantage in comparison to firm
| in the same line who are not incor
D | porated.
0 Mr.. White said that he would like t
| fOr form