The silver lance., 1898-06-17

gross amount of all receipts in excess
OF that sum. Returns to be made
monthly. The penalty is q hne OF
from 81 600 to $4,000.
A stamp tax of one cent is to be col
lected on every seat sold In q palace
and . parlor car and on every berth
sold in a sleeping car, the stamp to be
affixed to the ticket and paid by the
company issuing 1t.
Section provides that II any person
or persons shall make. sign or issue
any instrument or paper Of any de-
scription whatever without its being
stamped, he shall be guilty Of a mis-
demeanor, the penalty being $1OO al
the discretion Of the court.
Section provides a penalty Of .
fine not exceeding $1,000 or imprison-
ment for term not exceeding hve
years, or both, for counterfeiting the
stamps, and the penalty is made to ap-
ply to all persons having any connec-
ton with the counterfeiting.
Section 1S provides for a tax stamp
on telegraph messages, and exempts
messages Of officers and employees OF
the government on official business,
and also the messages Of telegraph
and railroad companies over their own
lines.
Uncompounded medicines or those
having been put up and sold at retail
as prescriptions are not included in the
taxable articles, leaving 1t to apply
particularly to proprietary articles.
Section "a adds the tax on proprie-
tary articles to the duty on them, re-
quiring the affixing Of the internal rev.
e.<n h n 20
sumption.
Inheritance Tax.
A tax on inheritances and legaciee
exceeding $4,000 is provided as fol-
lows:
0OOLFirst on benefits to the lineal Is
sue or lneal ancestors brother or Sis
ter Of the deceased, at the rate Of sew
enty-five cents for every 800.
Second-To the descendant Of a
brother or sister at the rate Of $1.5O for
every 500.
Thfrd-To the brother or sister Of
the father or mother, or a descendant
OF brother or sister of the father or
mother, at the rate Of SO for every
800.
FOurth-To the brother or sister of
the grandfather or grandmother, or a
descendant Of the brother or sister of
the grandfather or grandmother, "a for
every 800.
Fifth-To those of any other degree
Of collateral consanguinity or strangers
In blood or body polite or corporate,
at the rate of $5 for every 500. All
legacies or property passing by will or
by the laws Of any state or territory, to
husband or wife are exempted from
tax or duty. On sums ranging be-
tween $25, 900 and 100000. the rates
of tax are to be multiplied by one and
one-half; on those ranging from $780,
600 to $500, 600, the rates are to be mul-
tiplied by two; on those ranging from
100000 to $1,OOO,OOO the rates are to
be multiplied by two and one-half;
and on those above $1,OOO.OOO the rates
are to be multiplied by three.
The tax is made a lien upon the
property until paid, and 1t is required
that the tax shall be satisfied before the
legatee is paid.
bonds aud Certificates
Certificates Of Indebtedness-The sec.
retary Of the treasury is authorized to
borrow from time to time, at rate of
interest not exceeding three per cent,
such sums as In his judgment may be
necessary to meet public expenditures
and to issue certificates Of Indebtedness
in denominations Of $50 or some multi
pie OF that sum. Each certificate is
made payable at such time not eNceed.
Ing one year from the date OF its issue,
as the secretary of the treasury may
prescribe, provided that the amount OF
such certificates obtained shall at no
time exceed $1OO.OOO,OOO.
The secretary Of the treasury is au-
thorized to borrow on the credit Of the
United States from time to time as the
proceeds may be required, to defray
expenditures authorized on account OF
the existing war (such proceeds when
received to be used only for the DUR
pose Of meeting such war expendi-
tures), the sum Of $4OO, 900, or so
much thereof as may be necessary,
and to prepare and issue therefor.
coupon or registered bonds Of the Unit
ed States in denominations Of $40 or
some multiple of that sum, redeem
able in coin at the pleasure Of the
United States after ten years from the
date Of their issue, and payable twen-
ty years from such date, and bearing
interest payable quarterly in coin at
the rate Of three per cent. per annum.
The bonds are TO be first offered at par
as popular loan.
The conference added the following
provisO:
Provided, further, that any portion
Of any issue Of said bonds not sub
scribed for as above provided, may be
disposed Of by the secretary of the
treasury at not less than par, and un-
der such regulations as he may pre-
scribe, but no commissions shall be
allowed or paid thereon, and a sum
not exceeding one-tenth of the Der
centum Of the amount Of the bonds
and certificates herein authorized is
hereby appropriated out of any
money in the treasury not otherwise
appropriated to the expense of pre-
pairing, advertising and issuing the
same.