The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1898-05-13
AS AMENDED.
Senate Committee Made Over Two
Hundred Changes in the War
Revenue Bill.
Bond Clause Dropped and Coin.
age Of the Silver Seignorage
Authorized.
In Addition S15O,OOO,OOO in
Greenbacks Are Authorized
to Be Issued.
Gross Earnings Tax on Corpora.
tiOns and an Inheritance Tax
Also Provided.

WARRINGTON, May l3-The senate |
committee on finance at l2 o'clock |
began what was hoped would be its
last meeting on the war revenue bill,
the measure having been practically
completed. The bill, as presented to
the committee, shows almost 200
amendments, and fully half of it is
original matter. The most striking
features are the omission of the prov!-
sions for bonds and time certificates.
and for tonnage tax on foreign ship.
ping, which the bill carried when it
passed the house. These are all strick.
en- out, not trace of any Of them be.
ing left.
Greepbacks aud Seigniorage.
Next in order Of importance are the
| provisions for the issuance Of green.
backs, the coinage Of the seigniorage
and the taxation Of corporations, IN.
serted at the instance Of the Democrats,
with the assistance of Senator Jones of
| Nevada, and for an inheritance tax,
placed in the bill by joint efforts OF
Democratic senators and Senators
Jones of Nevada and Wolcott Of Colo.
| rado.
The seignorage provisions authorize
the secretary of the treasury to coin not
to exceed SAP 0OO, 900 of silver com, and
to issue certificates based upon 1t. The
| 20 a n
to the secretary of the treasury to Issue
during the next fiscal year, to defra,
the expenses of the war with Spain
not to exceed $50 900, 600 in Unite'
States legal tender notes. They ar
to be redeemable the same as the green
backs now in circulation.
Tax on Corporation Earnings.
The provision for the taxation OF COZ
porations, enumerates railroads. stree
railroads, sleeping cars, canal boats
steamb boats, express, telegraph, telt
phoue and insurance companies OF a
kinds, including life, fire and acciden
gas. electric light, electric power an
steamboat companies. and also suga
; and petroleum retineries. 10 thes
specifications is added IA general pr
vision for taxing "all corporations.
The rate on all is made one.quartt
of one per cent of the gross receipts.
penalty, fine or imprisonment, ls III
posed for evading the tax. 1t is mac
the duty of managers of such instlt'
tions to make their returns Of their /
celpts monthly.
: sliding Tax on LeGacies.
The tax OH legacles are Oh doub
= sliding scale, the rate increasing Wi
the amount of the bequest and also /
. ing governed by consanguinlty. J
~ lepacies below $1,000 are taxed. Tho
} between $1,000 and S2oO,OOO are tax
at the rate of IS cents for every xlOO
cash where the beneficiary is line
descendant or ancestor. or brother
sister of the testator. The rate is au
mented as the beneficiary is removed
relationship until it reaches So on t
;. 500. where he is a stranger.
:. tax is increased Oh larger legac
5 Those made to husbands or wives 8
G. exempted from tho operations OF I
10 act. The tax OH the bankers Is levi
be at the rate of 500 year OH all ban
re ing institutions which have capi
i'll stock Of $4,000 and So is added
yo each additional $1,000 Of stock.
Brokers are assessed at the unifor
rate of $50. There is also tax
nawnbrokers, insurance agents and
ed properties of theaters. clrcuses, bow II
,ft a,levs. etc. The tax on board of tr:
and exchange operations Is made
II the rate Of cent for each 500, to
reported by memoranda. aud brok
. eyading the giving Of these are liza
...o1o,AiaAH,