Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-05-13
Revenue Bill as Reported to the
Senate.
PROVISIONS MADE FOR 0. s. NOTES
Opposition to an Issue of Govern
ment Bonds.
TAX ON CORPORATIONS

| IHC wal REVENUE Dill was reported 10 the
Senate at 4 o'clock yesterday afternoon,
| the committee on finance having had it I'M
der consideration for two weeks. All the
provisions in the House bill for the issu-
ance of bonds and certificates Of indebted
| ness were stricken out, and Mr.. Allison, In
| reporting the measure. made minority re-
! port giving authority for the bond issue.
For Issue of United States Notes.
| The amendment inserted at the instance
| of the democrats for the issuance Of
"greenbacks" is as follows
| That the Secretary of the Treasury is
| hereby authorized and directed for tho
purpose of meeting and defraying the ex-
pendltures made necessary by reason of the
| existing war against Spain. to prepare and
issue, on the credit of the United States
| of America. from time to time as the same
may be needed during the next fiscal year,
United States legal tender notes to the
amount OF S150.OO0,o00, which notes shall
be OF like denominations and of the same
legal tender quality, and shall be payable
and redeemable and reasonable in the man
her as the S346, 100000 of such notes now
outstanding. as described and mentioned in
| the act of Congress of May 81, 1878, said
notes when first issued to be expended
only upon the war account aforesaid, and
| said notes shall be exempt from taxation
| by or under state or municipal authority"
Coming the seignioraxe.
The provision for the coinage of the sill
var seigniorage is as follows:
THAT the Secretary of the Treasury shall
Immediately cause to be coined, as fast and
as soon IS possible, into standard silver
dollars, which shall be of like weight and
fineness. and of like legal tender quality as
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 bullion
by the treasury under the act of July Il
1917. amounting to the sum of $429G0,OOO;
said moneys 50 coined to be immedia tely
available for payment of expenditures ON
account OF tie present war with Spain.
Inc Secretary Of the Treasury Is hereby
further authorized to Immediately issue, in
advance or the coinage of said seignorage
aforesaid. silver certificates of similar de-
sign and denominations, and of the same
quality, payable and ra6eamable in like
manner as those authorized by law in such
sums as may, from time to time, be needed
for said war expenditures not exceeding in
all the total amount of said seigniorage so
held In the treasury.
Corporation Tax.
The provision inserted at the instance of
the democratic members of the committee
and which has during the consideration of
the bill been known the corporation tax
is much broader in it's scope than this de-
scription would lead one to believe. The
iiISt pdIdSTdpH VI tnlS SlSlOn Is as IOl-
lows:
Every person. firm, company or corpora
ton owning or possessing, or having the
care or management of any railroad, street
railroad, sleeping car, canal steamboat
ship. barge, canal boat, or other vessel,
any stage coach or other vehicle, except
hacks or carriages not running continu-
Gus routes. engaged or employed in the
business of transporting passengers or
freight for hire, or In transporting the
mails of the United States shall be subject
to and pay a special annual excise tax
equivalent to one-fourth of one per centum
of the gross receipts from passengers
| mails. shippers or freiehters of any such
| railroad. street railroad. sleeping car
canal. steamboat, ship barge, canal boat
or other vessel, or such stage coach or
other vehicle: Provided, That the assess
ment hereby made shall not include any
amount for the receipts for the transporta-
ton of persons freight or mails between
the United States and any foreign port:
but such tax shall be rated for the trans
portation of persons. freight mails from
port within the United States through
foreign territory to a port within the
United States. and shall be assessed upon
and collected from persons, firms, COM
panieS or corporations within the United
States receiving hire or pay for such trans
portation of persons, freight nails
A like tax of one-fourth of per cent of
the gross receipts is imposed on ANY per-
son, firm, company or corporation carrying
or o. doing express business also on
airy person, etc. owning possessing or
having the care or management of any tel
esraphic or telephone line" also on life,
fire. marine or accident insurance or COM
panies for the security and assurance of
| employers against losses by employees, all
OF which are to pay on the basis of prem-
inns and assessments collected and the du-
tbs accruing, like taxes to be paid by for
eign companies doing business in the Unit
| ed States; also on persons, etc, furnishing
gas or electric light, electric power steam
| heat, steam power, refining sugar or refin-
ing petroleum.
Another paragraph in this portion of the
bill imposes an excise tax on banks, as fol-
lows: