Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-05-12
Important Changes Made by the
Senate Finance Committee.
LITTLE OF ORIGINAL MEASURE LEFT
Bonds, Time Certificates and For
eign Tonnage Tax Eliminated.
GREENBACKS AND SILVER


at II o'clock began what it was hoped
would be its last meeting on the war
revenue bill. the measure having been prac-
tically completed at yesterdays meeting.
The bill as presented to the committee to-
day shows almost 200 amendments and
fully half of it is original matter.
The most striking features are the omis-
sion of the provisions for bonds and time
certificates and for a tonnage tax on for
eign shipping which the bill carried when
it passed the House. These are all stricken
out, not a trace Of any Of them being left
Next in order of Importance are the Pro-
visions for the issuance of greenbacks, re
coinage of the seigniorage and the. caA$-
ton of corporations, inserted at the in
stance of the democrats with the assist
ance of Senator Jones of Nevada, and for
an inheritance tax placed in the bill by the
joint effort of the democratic senators and
Senators Jones of Nevada and Wolcott of
Colorado.
silver SeiSniOrage Coinage.
The seigniorage provision authorizes the
Secretary of the Treasury to coin not to
exceed $i2,0O0,COO of silver Immediately
and to issue certificates based upon it.
The greenback section is an authorization
to the Secretary of the Treasury to issue
during the next fiscal year to defray the
expenses of the war with Spain not to
exceed s150.000,O0o in United States legal
tender notes. They are to be redeemable
the same as the greenbacks now in circu-
lation.
Taxation on All Corporations.
The provision for the taxation of corpora
lions enumerates railroads, street rail-
roads, sleeping cars, canal boats, steam
boats. express, telegraph, telephone and
insurance companies of all kinds, including
life, fire and accident; gas, electric light,
electric power and steam heat companies,
and also sugar and petroleum refineries.
To these specifications is added general
provision for taxing "all corporations
The rate on all is made one-quarter of l
per cent of the gross receipts. A penalty,
fine or imprisonment, is imposed for evad-
ing the tax. 1t is made the duty of the
managers of such institutions to make re-
turns of their receipts monthly.
Legacies of Oxer $1,000 Taxed.
The tax on legacies is made on double
sliding scale. the rate increasing with the
amount of the bequest, and also being gov
erned by consequently. No legacies be-
low 5000 are taxed. Those between $1,000
and $3.50, 900 are taxed at the rate of 10
cents for every 800 in cases where the
beneficiary is a lineai descendant or an
cestor or brother or sister of the testator.
The rate is augmented as the beneficiary is
removed in relationship until 1t reaches 50
on the 800, where he is stranger. The
tax is increased on larger legacies. Those
made to husband or wife are exempted
from the operations of the act.
Bankers and Brokers.
The tax on bankers is leveled at the rate
of 800 year on all banking institutions
which have a capital stock of $4,000. and
81 is added for each additional thousand
dollars of stock.
Brokers are assessed at the uniform rate
of $50. There is also q tax on pawn brok-
ers, insurance agents and on the properties
of theaters, circuses, bowling alleys, etc
The tax on board of trade and exchange
operations is made at the rate of one cent
for each 800 to be represented by memo
randa, and brokers evading the giving Of
these are liable to be made the subject Of
CT iminal proceedings.