Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-05-12
WAR-RENENUE BILL.
II is Practically Ready for Report
10 the Senate.

10 the senate.
WASHINGTON, d. c., May u.-With
the exception OF a few administrative
features the war-revenue bill is ready
for report to the Senate. This report
probably. will be made tomorrow
though consideration of the measure will
not be begun before Monday. with the
assistance OF Senator Jones. OF Nevada,
the Democrats had control of the Finance
Committee. and adopted their amend
ments, which include a corporation-tax
of Ia of l per cent. a provision for the
coinage Of the seigniorage, and the is
suance of $15O.O0OJO Of greenbacks. The
bond provision is eliminated
The vote q strike out the bond feature
stood to ;, as follows:
Ayes-Messrs. Jones, of Arkansas
White. Turpie, Daniel. and Chiffon, Dem
ocrats. and MIR Jones, Of Nevada, silver
Republican.
Nays-AIessrs. Allison, Aldrich. Plat,
(of ConnecticuU. Wolcott. and Burrows
Republicans Senator'S Morrill, (Republi-
cam and Vest DemocraO. paired, Vest
for the motion, and Morrill, against it.
ISSUE OF GREENBACKs.
The amendments providing for the issu-
ance of greenbacks, the coinage Of the
silver seigniorage, and the taxation OF
CORPORATIONS were all incorporated by
the same vote.
The Democrats changed their rate on
corporations at the last minute. reducing
il from a half TO one-quarter of l per
cent They made this reduction because
Of the uncertainty as 10 the amount OF
revenue the amendment would produce.
IL was the generally-eXpressed opinion
that the sum would, even at this low
percentage, be very large. but there was
no opportunity for even approXimating
the figure. This provision is compre-
hensive one II covers all corporations,
with few exceptions imposing tax
of If Of 1 per cent upon the gross re-
ceipts.
The exceptions are charitable. educa-
tional. religious, and eleemosynary in
stitutions. and strictly mutual benefit as
sociations. the exemptions as 10 mutual
concerns being made so as TO include only
those which loan money 10 their own
members.
BUILDING ASSOCIATIONS.
Building and loan associations were eX-
cmpted from the operations Of the bill.
but the House provision dealing with
this matter was changed. and the lam
euage of the exemption in the Wilson
German act practically substituted for
it,
There was some discussion Of the beer
tax during the day, but IL was decided 10
leave the matter as ii passed the House,
with an increase Of the rebate from to
Z II per cent. The provision in regard
10 the taxation Of bankers and brokers'
bills Of lading. inheritances. futures"
proprietary medicinal articles. etc. were
left as previously fixed. The House pro-
vision for a tax on mineral-waters was
stricken out entirely.
The committee decided 20 increase the
tax on manufactured tobacco from u
cents. the House rate. to 16 cents per
pound, and to exempt stocks on hand
from the operations of the act.
The committee also decided to recon-
mend a reduction OF the tax on cigars
from 81 TO $3.50 per thousand. and on
cigarettes from 81 to $50
PRODUCT OF REVENUE.
There was some general discussion in
the committee Of the amount Of revenue
the bill would produce. The estimate of
the Democratic members placed the
amount at SlJ0000,0oO from The revenue
portion. The coinage Of the seigniorage
would increase the amount 10 the extent
Of Si2, 00O0 coo, and the greenbacks would
make the total Sli2O00,OO0. or $40 900
in excess of Secretary Cages estimate
Of the requirements of extra revenue TO
meet the first years expenses OF the
war.
The bill will hardly be recognizable by
Its authors when reported. as it has
beeen so generally amended i'm both
and rates as to make Il
a new bill. There are few
that have not received some
attention.
The changes yet to be made are only
Df minor importance, and will deal with
the admin strative features. and In some
cases with the grammatical construction
lf sentences