The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-05-13

two weeks sitting. and Senator Allison
reported IL TO the senate ut 4 O'Clock Tho
bill shows that all the provisions in the
house bill for the issuance Of bonds and
certificates Of Indebtedness were stricken
out and Mr.. Allison. in reporting the mea-
sure. made minority report giving author
ity for the bond issue. Tie amendment In
serted IT the instance Of the Democrats for
the issuance OF greenbacks il az follows:
That the secretary OF the treasury =
hereby authorized and directed. for the pur-
pose or meeting and defraying the expendi-
| isting war against Spain. TO prepare and is
sue. on the credit of the United States Of
America. from time to time a. the same
| may De needed. during the next fiscal year.
United states legal tender notes TO the
amount of N50.00e.0o9. which notes shall DO
| OF denominations and Of the same iegai
tender quality and shall be payable and re-
deemable and reissuable In the same mani
/. ner as the 046, 10000 Of such notes now out.
standing. al described and mentioned in tho
act Of CONGRESS OF May 1. 1sS. said notes
the war account aforesaid. and said notes
| shall be exempt from taxation by or under
state or municipal authority
The provision for the coinage OF the sill
yer seigniorage is as follows:
THAT the secretary of the treasury shall
Immediately cause to be coined as fast and
as soon as possible into standard silver dol.
lars which shall be of like weight and fine-
ness and Of like legal tender quality az
those provided for under existing law the
silver bullion now held In the treasury be-
Ing the amount of the gain or seigniorage
derived from the purchases Of silver bull
Hon by the treasury under the act of July
IA 1870. amounting to the sum of ~. O00. 40:
available for payment OF expenditures on
account OF the present war with Spain. The
secretary Of the treasury 10 hereby further
authorized to Immediately issue In advance
OF the coinage Of said seigniorage, afore-
said silver certificates Of similar design and
denominations and OF the same quantity.
those authorized by law. in such sums as
may be from time to time needed for public
expenditures, not exceeding the total
amount Of said seigniorage so held In the
treasury"
The provision inserted at the instance of
the Democratic members of the committee,
and which has been known az the corpora
tion tax. Is much broader In its scope than
It's description would lead one to believe.
The first paragraph Of this provision Is as
follows:
Every person. firm. company or corpor-
care or management Of any railroad,
street railroad, sleeping car. canal, steam
s ooa', s snip barge, canalboat or other yes
cept hacks or carriages not running on
continuous routes. engaged or employed in
fpe f ore o. Or
mails of the United States. shall be SUBJ
Jsct to and pay special annual excise
um az the gross receipts from passengers,
mails. shippers or freighters of any such
railroad street railway. sleeping. car.
or other vessel. or such stage coach or
other vehicle, provided. that the assess
ment hereby made shall not include any
ton Of persons. freight or mails between
she United States and any foreign port.
portation of persons. freight or mails from
port within the United States through
foreign territory TO a port within the Uni
ted States. and shall be assessed upon and
collected from all persons, firms, compa-
MES or corporations within the United
States receiving hire for such transporta-
ton OF persons. freight or mails"
A like tax of one-fourth OF per cent of
the gross receipts is imposed upon ANY
person. firm. company or corporation, car
rying on or doing an express business.
also on any person. etc, owning or possess
ing or having the care OF management OF
any teiepraphic or telephone line; also on
life. fire. marine or accident insurance
companies for the security and assurance
OF the employers against losses by en-
p,oyes, all of which are TO pay on the ba-
sis of premiums and assessments collected,
and the duties accruing. like taxes. to be
paid by foreign companies doing busi-
ness in the United States; also on persons,
=
trio power. steam heat. steamboat. steam
power, refining sugar or petroleum. Then
follows the provision for tax on corpor-
atoms. giving the exemptions, which are
as follows:
THAT every corporation doing business
in the United States. whether chartered
any foreign country, shall pay A. speciai
annual excise tax, and SAID tax snail be the
equivalent OF one-fourth of l per centum
Of ha x,ha of the gross receipts
OF such corporations derived from sucn
business: provided. that this. provision
shall nor apply sx % shu under SETON Of
this act nor to religious, educational, be-
nevoent or eleemosynary or cemetery cor
rorayions frafernal beneficiary societies or
orders or associations operating upon the
lodge system. and providing for The pay
ment OF life sick. accident and other pehe-
Ats to members of the societies or associ-
atoms, or dependents OF members OF such
associations, or building ana loan assocla
shareholders. nor shall corporations which
snail huv or sell raw or manufactured
agricultural products be required TO pay
tax with respect TO such dealings, except
"a otherwise provided In this act
Another paragraph I'm this portion OF the
bill imposes an excise tax on banks, ana u
as follows:
..Srvery nersou bank association. COM
pany or corporation engaged ID tne ousi'
which shall be equal TO one-fourth OF per
centum each month, on the average de-
nossts Of money subjec, to payment by
rrhark or draft. represented by certsfeate
~ asnosif or otherwise, whether payable
an demand or at some future day
Persons affected by these provisions are
required TO make monthly returns
Eyas,ons OF paymen; for ten days are
nunlshed by the addition OF 10 per cent,
ard for attempts a, knowing evasion
,>soslsy If 81 is provided.
Taking up the bill at the beginning, the
more Important amendments are as fol-
lows:
store. beer, ale. etc. are exempted from
M, operations OF the act. the discount on
r. beer tax is decreased from 10 "a
cents ard for the house provision for
stamps on beer, etc. a similar one Is sub
st.tuted.
A l.cen-e Is imposed en- bankers. etc. as
follows:
o.. bankers employing capital OF Ss,.-
90 or less. xio for each license and s.
for each additional 81 .oe Of capital. savings
banks b. .ng exempted: brokers. $50: pawn