The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-12
NEVADA JONES WITH DENIS.
THE BILL EXPECTED TO YIELD
$342,OGo,OO FOR WAR PURPOSES.
Proceedings of COngress-The Treas
ury Depa rtment's Reason for Dis
bursting Large Amounts of Gold.

WASHINGTON. May 11.--With the excep-
ton of few administrative features, the
war revenue bill is ready for report to the
Senate. This report probably will be made
tomorrow, though consideration of the
measure will not be begun before Monday.
With the assistance of Senator Jones, of
Nevada, the Democrats had control of the
finance committee and adopted their amend
ments, which include a corporation tax of
one-quarter of l per cent, provision for
the coinage of the seigniorage and the issu-
ance Of $150, 0o0, 900 of greenbacks. The bond
provision Is eliminated.
1t required only a little more than an hour
for the committee to dispose of the Demo-
cratic amendments. 1t was soon made evil
dent that Senator Jones, of Nevada, would
vote with the Democrats on all their amend
ments, and as his vote turned the scale
against the Republicans, they did not enter
into \ stubborn struggle to prevent this
contamination. The vote to strike out the
bond feature stood six to five, as follows:
Jones of Arkansas, White, Turpie, Daniel
and Chiffon (Democrats) and Jones of Ne
vada (Silver Republican, for it; and Allison,
Aldrich. Plat of Connecticut, Wolcott and
Burrows, all Republicans, against. Senators
Morrill, and Vest were paired, Vest for the
motion and Morr1lI against 1t.
The amendments for the issuance of
greenbacks, the coinage of the silver seig-
niorage and the taxation of corporations
were all incorporated by the same vote.
The Democrats changed their rate on cor
porations at the last minute, reducing it
from one-half to one-quarter of / per cent.
They made this reduction because of the
uncertainty as to the amount of revenue
generally expressed opinion that the sum
would, even at this low percentage, be very
large, but there was no opportunity for
even approxmating the figure. This provi-
sion is a very comprehensive one. 1t covers
all corporations. with few exceptions, i'm
posing a tax of one-quarter of 1 per cent.
upon the gross receipts. The exceptions are
charitable, educational, religious and elee-
moSynary institutions and strictly mutual
benefit associations. which are exempted,
the exemption to mutual concerns made so
as to include only those which loan money
to their own members.
Building and loan associations were ex-
empted from the operations of the BILL but
the provision dealing with this matter was
changed, and the language of the exemp-
ton in the WilSon-G German act practically
substituted for it.
There was some discussion of the beer
tax during the day, but it was decided to
leave the matter as it. passed the House,
with an increase of the rebate from to 71a
per cent.
The provisions in regard to the taxation
of bankers and brokers' bills of lading, in
heritances, futures proprietary medicinal
articles, ETC., were left as previously fixed.
The House provision for tax on mineral
waters was stricken out entirely
1t was decided to-day to increase the tax
on manufactured tobacco from IL cents, the
House rate, to 16 cents per pound, and to
exempt the stock on hand from the opera
lions of the act. It was also decided to
recommend a reduction of the tax on cigars
from 81 to $3.50 per thousand and on cigar
cites from 81 to $1.50.
There was some general discussion in COM
mittee of the amount of revenue the bill
would produce. The estimate of the Demo-
cratic members placed the amount a $780,
600 900 from the revenue portion. The coin
age of the seigniorage would increase the
amount to the extent of $42000,O]0. and the
greenbacks would make the total $342 900 000
or $42. 100000 in excess of Secretary Cages
estimate of the requirements of extra rev.
enue 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
generally amended in both phraseology and
rates as to make it practically a bill.
There are few paragraphs that have not
received some attention The changes yet
to be made are only of minor Importance,
and will deal with the administrative feat
ures and in some case with the grammatical
construction of sentences.