The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-05-12
REPORT AGAINST BONDS.
War Revenue Measure Ready-WiIl
Be Considered Finally, Monday.

Washington, May 12.-With the ex-
cepton of a few administrative. feat
ures, the war revenue bill is ready for
report to the senate This report pro-
badly will be made today, though con-
sideration of the measure will not be
begun before Monday.
With the assistance of Senator Jones
new, the Democrats had control of
the finance committee and adopted
their amendments, which include a cor
poratfon tax of one-quarter of one per
cent "a provision for the coinage of the
seigniorage and the issuance of $780,
600, 900 of greenbackS. The bond pro-
vision is eliminated.
1t required only a little more than an
hour for the committee to dispose of the
Democratic amendments. 1t was soon
made evident that Senator Jones CNev.)
would vote with the Democrats on all
amendments, and his vote turned the
scale against the Republicans. They did
not enter into a stubborn struggle to
prevent this contamination. The vote
to strike out the bond feature stood 6
to 5. Jones (Nev.) voting with the Dem
ocrats. Senator Morrill, (Rep.) and
Senator Vest (Dem.) were paired.
The amendments for the issuance of
greenbackS, the coinage of the silver
seigniorage and the taxation of corpo-
ratiOnS were all incorporated by the
same vote.
The Democrats changed their rate on
corporations at the last minute, reduc-
ing it from one-half to One-fourth of one
per cent Ihey MADE TINS reduction be-
cause of the uncertainty to the
amount of revenue the amendment
would produce. 1t was the generally
expressed opinion that the sum would,
even at this low percentage, be very
large, but there was no opportunity for
approximating the figure. This pro-
vision is very comprehensive one. 1t
covers all corporations, with few eX-
ceptions, imposing a tax of one-fOurth
of one per cent upon the gross receipts.
The exceptions are charitable, educa-
tfonal, religious and eleemOSynary inSti-
tutions, and strictly mutual benefit as
sOciations which are eXempted-the eX-
emption to mutual concerns being made
so to include only those which can loan
money to their own members. Building
and loan associations were exempted
from the. operation of the bill but the
house provision dealing with this mat
ter was changed, and the language of
the exemption in the Wilson-Gorman
act practically substituted for it.
There was some discussion of the beer
tax during the day, but it was decided
to leave the matter as it passed the
house, with an increase of the rebate
from 5 to 715 per cent. The provisions
and brokers, bills of lading, inner
itances, FUTURES proprietary medi-
cinaI articles, etc, were left as pre-
fixed. The house provision for
a tax on mineral waters was stricken
out entirely.
There was some general discussion in
of the amount of revenue the
bill would produce.
The estimate of the Democratic MEM
bers placed the amount at 50,000,00O
from the revenue portion. The coinage
of the seigniorage would increase the
amount to the extent of $42, 600, O00 and
the greenbacks would make the total
s342 0OO, OOO or S47, 900, 900 in excess of
Secretary Cages estimate of the re-
qurements of extra revenue to meet the
first years expenses of the war.
I'M, hi mill hOr 1Xy a a.
BILE by it's authors when reported, as it
has been so generally amended in both |
phraseology and rates as to make 1T |
practically a new bill.