The times. [volume] (Richmond, Va.) 1890-1903, 1898-04-27
And Proposition to Coin the SeignOr-
age Both Defeated.
THE TREASURYS CONDITION,
The Appropriation OF S50,000,00O
Made To Prepare for War Will Com
sumo More Than is Available
And Immediate Steps Must
he Takcn.-Half a Bill
ion Popular Bonds.

WASHINGTON, April 2i.-T'he war rev.
enuo bin as reported to the HOUSE to-day
contains three changes from the nll as
originally drafted as follows:
a discount OF . per cent on beer stamps
is allowed after The passage Of the act.
Telephone messages are subjected TO a
tax Of I cent on messages transmitted
thirty miles or more, The cost Of which
does not exceed . cents; between %
cents and $50. two cents; between sL50
and s.. cents; in excess Of $. 10 cents.
Omcial telephone and Geographic mes
sages OF the government are exempt from
taxation.
The dinerenual df 1-2c on mineral
waters and bevcrages. domestic or inn
ported not otherwise subject 20 internal
taxation, in half pint bottles r eliminated
so that the dividing line is pints. bottles
containing one pint or less. cent; more
shan one pint. cents.
INCOME TAX AMENDMENT.
At the meeting Of the Ways and Means
Committee to-day. Mr.. Bailey on behalf
OF the Democratic minority. offered the
substitute agreed upon by them TO the
issue Of 500 100000 OF coin bonds. 10 pro-
vides for an income tax of per cent.
on incomes from all sources in excess OF
5000
State. county and municipal bonds.
however. were excepted from IT'S provis-
ion 20 meet the unanimous decision OF
the Supreme Court in this respect.
The minority estimated that such an
income tax would raise Si0000000l
Coupled with IL was the proposition 10
coin the silver seignOrage which at pres
ent amounts 10 Sl2O00.OOO. The substitute
was voted down by Il strict party vote.
No amendments were offered 10 other
provisions Of the bin owing to the lack
Of time.
STATE or THE TREASURY.
Chairman Dingley, OF the ways and
Means Committee, submitted to-day
report on the revenue bill. which contains
the following:
The aparent cash balances I'm the
Treasury. when the joint resolution ap-
propriating SjO.G0000 for national de-
fence. was passed, was about S225 900 900.
including the SlOO.O0OOOO gold redemption
fund. or $l2j 600 900. excluding that fund.
Ths actual available cash IN the Treasury
at that time belonging to the Govern
ment. exclusive of the greenback redemp-
tion fund was only So. oooeoe
"Inasmuch as working balance OF
about $4O,O00.OOO is required to properly
carry on the operations of the Govern
ment, there remained only $5OWOoO be-
longing TO the Government available Tor
use in meeting the $J0m0.OOO appropria-
tion. IL will be necessary 10 meet all Of
the expenditure under the $50 OOD'OOO ap-
propriatlon-al Of which will have boen
3. fTr
SIS. 900 900 Of the bank redemption fund,
part OF which must be replaced before the
close OF the present calendar year.
IMMEDIATE MEASURES.
"Inasmuch as the difficulties with Spain
have plunged the country into war,
whose magnitude and length cannot now
be intelHgently forecasted, II IS necessary
that measures should be Immediately
taken to provide ways and means 10 carry
on naval and military operations ON
scale, aud with prOmptness whlch VIII
exert an important influence in shorten
ing the conflict. As the expenses or the
preparations for defence that have been
going on for nearly two months are al
the rate Of 81. .OO0 000 per month, or $780,
600 900 per annum. and the expenses Of ac-
tual war will be much more, your COM
mittee are of opinion that the necessities
of the country. as well as the early sue
cessful conclusion of ths war call for
such ample provision both by taxation
and authority 10 make loans. for means
10 carry on naval and military operations
as Will impress the great Powers OF hu-
rope as well as Spain with the conviction
that the people of the United States are
united in the determination TO prosecute
the war on a scale and with vigor that
make prolongatlon Of hostilites useless.
THOSE BEST ABLE TO PAY.
"yVitb that object in view your commit
tee recommend the leyying OF internal re-
venue taxes on the accompanying articles
or on objects that will make such taxa
tion mainly on persons able TO contribute
10 the national defence which will in ag-
s,regate Weld from ninety 10 one hundred
million of additional annual revenue
The report then enumerates the differ
eut articles 10 be taxed and the estimate
heretofor published Of the amount OF
revenue 10 be derived. In conclusion the
report says:
1T is evident that 1t will be necessary
in order TO obtain the public credit, not
only 10 raise the additional revenue pro-
vided by the bill. but also TO authorize
the Secretary Of the Treasury To borrow
on the credit of the government from
time to time as the public necessities will
require. We have given, therefore. au-
thority 10 issue and sell not exceeding
500 900. 900 Of ten-twenty @ per cent? coin
bonds to be offered as a popular loan. be-
lieveing as we do, that such bonds will BE-
taken from time TO time by the masses
of the people.
In view OF the fact taat Il will be
necessary I'm a very few weeks before
the proposed war taxes can bring re-
courses. and before the loan authorized
can be placed TO provide means 10 meet
the rapidly augmenting war expenditures.
authority is. given the Secretary of the
Treasury to temporarily borrow money. I'm
no case exceeding one year. by the issue
Of per cent. certificates OF Indebtedness.
1t Is important that the Secretary Of the
Treasury shall have this authority in any
exigency that may arise In the future"