The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-13
new WAR REVENUE BILL
SENATE MAKES CHANGES I'M
THE HOUSE MEASURE
ior the Issuance of
Ireenbacks and Coming OF silver
H1iiion Now in the TREASURY
stipulation as to Corn
i"x-Changes In the Tobocco
schedule-PenaItfes Provided

Tax-Changes In the Tohocco
cheduIe-PenaItfes Provided
WASHINGTON, May 12.-Tbe saroto
cconinlttee on finance today. coucIuded
i.S consideration of the war revenue
S l' dIler a tWo-weeks' sitting. and
- .or AIilson reported 1t to the SEN
en- a.. At o'clock. The bill shows thar
H. ' ne provisions in the house bill for
of ,pIo lance OF bonds and certificates
M Ht1IiDtedhess were striker out and
ma. Allison, in reporting the mes s~ ~nu
itI. o. O. minority report giving autbor
ity for the bonds. e @u'hor-
s+an amendment inserted at the in
o taiioe Oh the Democrats for tha ;ss,,
Tbo 81 sreenbacks is as follows:
bv a nt the secretary of the treasure =. -
oy authorized and directed "a NY Is mere
mad aeeelng and defraying the exnenpSttpi'oe
war enaeecessssary by reason of the existins
. t fr credit of the United States 81 issue. on
rio n1 tline to time, as the same H nn
States Ie uuTing the next fiscal year. Un,tod
Ssioo.oOG,oO0, which notes shaI h amount OF
ou aIitl and OF the same Legal tend ne
eSia "a ana Shall be payable, and redeemr
as the $346,000,0OO of such notes iii manner
s snt az as described and mentioned in ~,
W wi, OIL e congress of May 81, 1878, said notes
the war account 40 aso be expended only upon
hall
s Sta. pc exempt from taxation by or under
state or municipal authority - uHuei
COINAGE OF SILVER.
The provision for the coinage ne +ba
SILVER selgniorage is as follows:
That the secretary of the TREASURY sbou
Immediately cause to be coined as fast aad
$500 as soon as possible, into standard s'Ivsr
SSu naars, which shall be of like weight and
as those. ana nror, o. like legal tender quality
nd
ines Inc silver bullion now held in the treasury
niorseoo one amount OF the Mexican or seig-
si I1Tee h,, derived from the purchase OF
snyer bullion by the treasury under the
act OF July IA. 1890. amounting to the sum
Oh S4z, 600, said moneys SO coined IN Ia
nendItuaey available for payment of ex-
WIN Spain. The secretary of the treasury
IS hereby further authorized to issue in
aforasosa OF sne coinage of said seigniorage,
aforesaid: the silver certificates OF similar
designs and nominations and Of the same
quality, payable and redeemabIe in Iike
manner as those authorized by law, in such
eo lot said war expenditures not exceeding
IN an the total amount of said seigniorage
so held in the treasury.
CORPORATION TAX.
The provision inserted at the instance
of the Democratic members of the com
mittee, and which has during the con-
slderation of the bill been known as the
corporation tax. is much broader in
its scope. 1t provides:
-, That every corporation doing business in
the united states, whether chartered under
the laws Of the United States or of any
state or territory Of the United Safes or
any foreign country. shall pay a special an
nuai excise tax. and said tax shall be the
equivalent of one-fourth of one per centum
OF the whole amount of the gross receipts
or such corporations derived from such
business. Provided, that this section shall
not apply to any corporation that is sub
1ected to excise tax under a section of this
act, nor to religious, educational. benevo-
lent lent. eIemosynary or cemetery corpora
lions; municipal or other public corpora
tons; fraternal beneficiary societies or or
ders or associations operating upon the
large system and providing for the pay
ment OF life, sick, accident and other bene>
tits to the members of such societies. orders
or associations. and dependents Of such
members; building and loan associations
nor shall corporations which buy and sell
raw or manufactured domestic agricultural
products be required to pay any tax with
respect to such dealings except as other
wise provided in this act.
Another paragraph in this portion of
the bill imposes an excise tax on banks
as follows:
Every person, bank, association company
or corporation engaged in the business OF
banking shall pay a special excise tax,
which shall be equal to one-forty- eighth OF
one per centum each month upon the aver
age amount Of the deposits of money SUBJ
ject to payment by check or draft repre-
sented by certificate of deposit or other
wise whether payable on demand or at
some future day.
Persons affected by these provisions
are required to make monthly returns.
EMISSIONS of payment fer ten days are
punished by the addition of 10 per cent,
and for attempts at knowing evasions
a nAna1fU Of S10 mn iS rr0Vidad
TOBACCO TAX.
There are a great many changes in
the tobacco schedule. The tax on man
ufactured tobacco, snuff, etc, is in
creased from IL to 16 cents per pound; ,
the tax on cigars Weighing more than
three pounds per thousand is reduced
from 81 to $3.50 per thousand on small
cigars, from 81 to 81 on cigarettes, from
50 to $50 per thousand.
The house provision taxing tobacco
on hand is stricken out. There is
reduction of the tax on tobacco dealers
and manufacturers, whose annual sale
fall below $4,000 to Sc, from the house
rate, which was $12, and tobacco ped
dlers are exempt from the operations
of the act. There are also similar -
auctions on the licenses of cigar manu-
factureIs.
IHe DeHdlly lOr d NlOldllOu OIL SeCllOu
4, relating to adhesive stamps, is in
creased SO as to make the offense a
nMsdemeanor punishoble by a fine of
$780, or Imprisonment for a year, or
both. Failure to cancel stamps is also
made a misdemeanor, punishable by
fine of $50, or by Imprisonment for six
months The paragraph authorizing
private dies is stricken out. Imprison-
ment is also added as one of the penal
ties for issuing or accepting unstamp-
ed documents. Indeed, this addition Is
made to almost all the provisions for
violating any portion of the bill, the
effect being to make the bill far more
stringent than it was, as it came from
the house.
Then follows provision that upon
each sale, contract, agreement, or other
evidence of a sale Of any products or
merchandise at any exchange, or board
Of trade, either for present or future
delivery, for each 500 in value of said
sale, and for each additional 500 or
fraction thereof, in excess OF $780,
cent.
A proyiso is added, requiring stamps
to the necessary amount to be fixed TO
the bill, memorandum or other evidence
Of sale. The penalty is the same as the
previous proviSo.
The act Is made to take effect on
the day next preceding it's passing.
MINORITY REPORT.
The Republicans decided to make a
minority report, recommending the re-
lief Of the bond feature and also the
provision for time certificates, but re-
ducing the amount of the bonds and
changing the language of both pro-
visions.
The bond section authorizes the Sec
rotary of the treasury to borrow $780,
900, 900, or so much thereof as he may
deem necessary to meet the expenses
of the war. and issue therefor cnunon