The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1898-05-13
STRUCK OUT THE BONDS
The War Revenue Bill Reported
to the Senate.
FOR LEGAL TENDER NOTES
The Measure Requires the Coinage OF
the Silver Bullion Now Held in the
Treasury. Amounting to e42.-
ooo.ooo-M nority Report.


Its consideration of the war revenue
bill after a two weeks sitting and
Senator Allison reported 1t to the SEN
ate at 4 o'clock. The bill shows that
ell the provisions In the house bill for
the ssuance of bonds and certificates
OF Indebtedness were stricken out, and
MI. Allison, in reporting the measure.
made a minority report, giving au-
thority for the bond issue. The
amendment inserted at the instance of
the democrats for the ssuance of
greenbacks is as follows:
That the secretary of the treasury
IL hereby authorized and directed. for
the purpose of meeting and defraying
the expenses made necessary by rea-
son 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 need
ed during the next fiscal year, United
States legal tender notes to the amount
OF $3.50, 900, 900, which notes shall be of
like denominations and of the same
legal tender quality and shall be pay
able and redeemable and reasonable in
the same ann as the s345, 600, 900 of
such notes now outstanding as de-
scribed and mentioned in the act of
congress OF May 1, 1878, said notes.
when first Issued, to be expended only
upon the war account aforesaid. and
said notes shall be exempt from tax
alton by or under state or municipal
authority"
The provision for the coinage of the
silver seigniorage In as follows:
That the secretary of the treasury
shall Immediately cause to be coined
as fast and as soon as possible into
.s.-l-.A .sI.,z- l-lla.1 x,h,,n eAan Aa
of like weight and fineness and OF le-
gal tende quality as those provided
for under existing law, the silver bull
lion now held In the treasury being
the amount OF gain or seigniorage de-
rived from the purchase of silver bull
lion by the treasury department under
the act OF July ~, 1890. amounting to
the sum OF $42. o0O. 900. said money SO
coined to be Immediately available for
payment of expenditures on account
OF the present war with Spain. The
secretary of the treasury is hereby fur
Their authorized to Immediately issue,
i'm advance of the coinage of said seig-
niorsge aforesaid. silver certificates of
similar design and denominations and
Of the same quality, payable and re-
deemable In like manner as those au-
thorized by law. In such sums as may
be from time to time needed for pub
lie expenditures not exceeding in the
total amount OF SAID SelgnlOraSe so
held In the treasury"
The provision inserted at the instance
of the democratic members of the COM
mitteee n which has been known as
the corporation tax, Is much broader
in it's scope tina this description would
lead one to believe. The first para
graph OF this provision is as follows:
Every person, firm, company or cor
poration owning and possessing or nav
inc tho aarp or nnnaoapnnn pf anu
railroad, street railroad, sleeping car,
canal, steamboat, ship. barge, canal
boat or other vessel, stage coach or any
vehicle except hacks or carriages not
running on continuous routes, engaged
or employed I'm the business of trans
porting passengers or freight for hire,
or in transporting the mails of the
United States, shall be subject to and
pay n special annual excise tax equiv
alent to one-fourth OF 1 per centum of
the gross receipts from passengers.
mails, shippers or ~freighters OF any
such railroad. street railway, sleeping
car, canal. steamboat, ship. barge. ca
nal boat or other vessel. or such stage
| coach or other vehicle. provided that
the assessment hereby made shall not
include any amount of the receipts for
the transportation OF persons. freight
| or mails between the United States and
any foreign port. but such taxes shall
be rated for the transportation OF per-
sons, freight or mails from q port with
In the United States through a foreign
territory TO . port within the United
States, and shall be assessed upon and
| collected from persons, firms. compan-
les or corporations within the United
| States receiving hire or pay for UGH
transportation of persons, freight or
mails"
A like tax Of one-fourth OF I per cent
of the gross receipts is imposed on
ANY person, firm, company or corpor-
alton carrying or or doing an express
business" Also on any person, etc,
owning or possessing. or having the
care or management of any Geographic
or telephone lire: also on life. FIRE. ma
rine or accident insurance companies
for the security and assurance Of en-
ployers against losses by employees. all
OF which are to pay on the basis of
premiums and assessments collected
and the duties accruing. like taxes to
be paid by foreign companies doing
business in the United Etates; also on
persons. etc. furnishing gas or electric
light. electric power. heat, steamboat,
steam power. refining sugar. or petrol
cum. Then follows the provisions for a
tax on corporations. giving the exemp-
tons. which are as follows:
That every corporation doing bust
ness In the United states, WntNnel
chartered under the laws OF the United
States or of any state or territory Of the
United states or of any foreign country
shall pay a special annual excise tax
and said tax shall be the equivalent o.
one-fourth OF one per cent of the whole
amount OF the gross receipts of sucf
corporations derived from such bust
ness. provided that this section shall
not apply TO any corporation that /,
subjected TO excise tax under section
- OF this act. nor 10 religious, educa
tional. benevolent. eleemosynary o.
cemetery corporations, municipal o.
other public corporations; fraterna
beneficiary societies or orders. or asso
Citations operating upon the lodge sys
TEN and providing for the payment o
life, sick. accident and other benefits 4
members OF other societies. association
or dependents of such association. o
building and loan associations which
make loans only To their share holders
nor shall corporations which buy o
sell raw or manufactured a~gricultur