The record-union., 1898-04-27

amount of revenue to be derived. and
continues:
These are all taxes on objects which
We're assessed during or subsequent to
the Civil War. with one exception, and
therefore open up no new and untried
! system of taxation. They are all in
Eternal revenue war taxes that can be
! collected by the existing internal reve-
nue. officials, slightly Increased with
small additional expense, and with the
minimum disturbance of trade, al
though they are all taxes which are I'M
welcome, and which it would not have
I been necessary to impose if war had
| been avoided.
| while all of the additional taxes are
| war taxes, which would be naturally
repealed or modified when the necessi-
| ties of war and the payment OF war
! expenses have ceased, yet it is impOs-
sible now to place a limit on them,
| not only for the reason that no one
can intelligently forecast the length OF
| the war, bat also for the reason that
war always brings train of eXtraor-
| binary expenditures which do not ter
inmate with the close of actual hos
! tilities.
1T is evident that it will be neces-
| sary, in order To maintain the public
credit, not only to raise the additional
revenue provided by the accompany
ing bill, but also to authorize the Sec
rotary Of the Treasury to borrow on
the credit of the Government from time
to time as the public necessities will
require
I'VE have given, therefore, author
ity to issue and sell, not exceeding
$500. OG0 coo of ten-tWenty > per cent.
coin bonds to be offered as a popular
loan. believing as we do that such
bond will be taken from time to time
by the masses of the people We have
issued the following years as the pc
riod on which the bonds issued may
be redeemed at the pleasure of the
United States, not only because we re-
gard it necessary to do this in order
to secure subscriptions at par for the
latter issue. but also because the TACT
that the S10O.01QOG0 , per cent. loan
of 1904 and the large t per cent. loan
of 1907 would inevitably be paid or re-
funded by the Government before a >
per cent. bond would be redeemed.
making a bond that can be redeemed
at the end of five years.
| TN view of the fact that it will be
necessary in a few weeks, before the
proposed war taxes can bring results,
and before the loan authorized can be
placed. to provide means to meet the
rapidly augmenting war expenditures,
authority is given the Secretary OF the
Treasury to temporarily borrow mon
ey. in no case exceeding one year, by
the issue of per cent. certificates of
tom q
Secretary of the Treasury shall have
this authority in any exigency that
may arise in the future"
At the meeting Of the Ways ana
Means Committee to-day Bailey, on
behalf of the Democratic minority, Of
fered the substitute agreed upon by
them for the proposition in the bill
authorizing the issue of $500 000,090
coin bonds. 1t provides for an income
of 8 per cent. on incomes from all
sources in excess of $1,000. State, Coun-
ty and municipal bonds, however, were
excepted from its provisions to meet
the unanimous decision of the Supreme
Court in this respect The minority es-
Inmates that such an income would re-
alize $1OO000000 Coupled with it was
the proposition to coin the silver
to S42O000 600 The substitute was
voted down by strict party vote. No
amendments were offered to other pro-
visions of the BILL owing to the lack
of time.
CHANGES IN ORIGINAL BILL.
! WASHINGTON, April 2G.-The war
revenue bill as reported to the House
to-day contains three changes from the
bill as originally drafted as follows:
A discount of per cent on beer
stamps is allowed after the passage
! of the Act; telephone messages are sub
jected to l per cent. on messages trans
mitted thirty miles or more. the cost
of which does not exceed - cents: be-
tween % cents and 30 cents. . cents;
| between 81 30 and So, ) cents, or in
! excess of So 10 cents. Telephone and
| Geographic messages of the Govern
ment are exempt from taxation. Diff
ferential of one-half cent on mineral
waters and beverages, domestic or i'm
ported, not otherwise subject to internal
taxation, pint bottles containing one
pint or less to pay 1 cent; more than
one pint, , cents.
WILL PASS THE SENATE.
WASHINGTON, April 26-No doubt
is expressed among Republican mem
bers of the Senate Finance Committee
as to the passing of the war measure
with the bond proposition. Nearly all
the Republican members are said to
favor it, and from six to ten on the
Democratic side are said to favor it.