Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1898-05-19
ION NEW LINES.
Democrats Propose to Reconstruct
the War Revenue Bill.
1t VIII he Reported To the Senate with the
Bond Feature Eliminated and Pro-
vide for the Issue of SI50,-
100000 OF Greenbacks-A
Proposal to Tax Cor
porations.

Washington, May 12.-With the ex-
ception of few administrative fea-
lures the war revenue bill is ready for
report to the senate. This report
probably will be made to-day, though
consideration of the measure will not
be begun before Monday. With the as
sistance of Senator Jones New the
democrats had control of the finance
committee and adopted their amend
ments, which include corporation
tax of 4 of l per cent, provision for
the coinage of the seigniorage and the
issuance of S150, ,000,0 600 of greenbacks.
The bond provision is eliminated.
1t required little more than an hour
for the committee to dispose of the
democratic amendments. 1t was soon
made evident that Senator Jones New
would vote with the democrats on all
their amendments and as his vote
turned the scale against the repnb-
licans, they did not enter into stub
born struggle to prevent this consum-
nation. The vote to strike out the
bond feature stood 6 to >.
The amendments for the issuance of
greenbaclls, the coinage of the silver
seigniorage and the taxation of cor
porations were all incorporated by the
same vote. The democrats changed
their rate on corporations at the last
moment, reducing it from 15 to a of l
per cent. They made this reduction
because of the uncertainty as 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
even approXimating the figures. This
provision is very comprehensive one.
1t covers all corporations with few
exceptions, imposing tax of 4. of /
per cent. upon the gross receipts. TIL
exceptions are charitable, educational
and religious institutions and strictly
mutual benefit associations, the eXemp-
ton to mutual concerns being made so
as to include only those which loan
money to their own members. Build
ing and loan associations were exempt
ed from the operations of the bill, but
the house provision dealing with this
matter 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 de-
cided to leave the matter as it passed
the house with an increase of the re-
bate from to ~ per cent The pro-
visions in regard to the taxation of
bankers and brokers, bills of lading
inheritances, 'futures,' proprietary
medicinal articles etc, were left as
previously fixed. The house provision
for a tax on mineral water was Strick-
en- out entirely.
There was some discussion in com
mittee of the amount of revenue the
bill would produce. The estimate of
the democrat members placed the
amount at $3.50, 600, 600 from the revenue
portion. The coinage of the seignior-
age would increase the amount to the
extent of S42, ,00O,O and the green
backs would make the total S342, 000,-
600, or S42. 600, 600 in excess of Secretary
Cages estimate of the requirements of
extra revenue to meet the first years
expenses of the war The bill hardly
will be recognizable by its authors
when reported, as it has been SO gen
orally amended.