The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-04-27
WILL soon ISSUE BONDS.
Chairman Dinglcy Ostlincs the War
Revenue Policy.
1nIRlY.FIvH MILLIONS EXPENDED
The Statement Calls Attention to
the Trenrury's Inability Ia Meet
the Requirements of war.


ted to tho house with the war resolutions
| bin which begins by saying there Is no toub,
| that II peace conditions had continued the re.
| ceipts Tor the next fiscal year would have
| fully met the expenditures The report con.
! unues; The destruction Of the United States
battleship Maine In the harbor OF Havana on
The 10Th OF February last so Intensified the
war situation that congress few weeks
thereafter realized the necessity of taking
prompt measures to prepare for any ex!gency,
ana by Joint resolution appropriated $4,000,
Voo Tor National defenscs Upon authority
oil TINS resolution sS5,o00,000 OF this has al
ready been practically used. although pay
incnts have rs yet not been made of part Of
the sum and liabilities for the remainder will
have been Incurred within two weeks. An
examination of the condition of the treasury
VIII make 1t apparent that no time should
DO lost In providing ample ways and means
ior carrying to successful conclusion the
war IN which we are now engaged The APP
parent cash balance In the treasury when the
Joint resolution appropriations $50, OOO, 900 for
Natiohai defense was passed. was about Sa25,-
10000, including the 100000 900 gold redemp-
ton fund, or SI25,000,OoO excluding that fund
But this balance WAS only apparent inasmuch
MS Sl3' 600 consisted of fractional silver,
largely uncurrent, and minor coins, leaving
only S1l2,ooo,oO0. But OF this amount $4,000
600 consisted of receipts from the sale of tho
Pacific railroad, held in the treasury for the
payment of that amount of Pacific railroad
bonds due January next and s.,...,vJO Cr
the bank redemption fund held for the pay
ment OF the notes of National banks failed,
IN liquidation of reducing circulation. De
10 atrnttn t,t 4.
cash in tho treasury at that time belonging
70 the government, exclusive of the green
back redemption fund, was only S65 900, 0O0
inasmucn az working balance Of about S4p,-
vVo,voo Is required to properly carry on the
operations of the government, there remained
only $25,oc00 600 belonging to the government
available for use In meeting the $4,000 ,O0J
appropriation. 1t will be necessary to make
all the expenditures under the s,O,oOooOO ap-
preparation, all OF which Will have been ex-
pended within a few weeks, to use s25, 600 600
OF the bank redemption funds part of which
must be replaced before the close of the
present calendar year.
inasmuch as the difficulties with Spain
plunged the country into a war, whose mag
nitude and length can not be forecasted. it is
necessary that measures should be immedi
ately taken to provide ways and means to
carry on naval and military operations on n
scale aud with promptness which will exert
an important influence in shortening the con
fict. AS the expenses OF the preparations for
defense that have been going on for nearly |
two months are at the rate of SIS 200, 900 per
month. or $500. 10000 per year, and the ex
penses OF actual war will be much more, |
your committee are of tho opinion that the |
necessities OF the country, as well MS the |
early successful conclusion of the war, call |
for provisions, both by taxation and author
NY 10 make loans, Ter means to carry on ,
such naval and military operations as vii, |
impress the great powers of Europe we'll
MS Spain, With the conviction that the peo-
plo OF the United States are united In de-
termination to DrOsprtlte In nj n sonia |
and with vigcr that makes prolongation of
hostilities useless.
with this object in view, your committee
recommends the levying OF Internal revenue
taxes either on articles of voluntary con-
sumption or on objects that will make such
taxes fall mainly on persons able to contrib
ute TO the National defense which will in the
aggregate yield from $4,000 900 TO 100000, 900
additional revenue The report then enumcr-
ato5 the articles to be taxed and The esti-
mate heretofore published of thu amount OF
revenue 10 be derived. aud continues
These are all taxes on objects which were
assessed during or subsequent to the civil
war, without exception and therefore do not
open up n new and untried system OF tax
alton. They are nll internal revenue war
taxes that can be collected by the internal
revenue officers with a small additional ey-
pense and with the minimum disturbance OF
trade. although they are all taxes which are
hnwelcome and which II would not have been
necessary to impose II war had been averted
While all OF the taxes are war taxes, which
WONIu naturally De repealed or mOulneu Wnen
The necessities of war and the payment of
war expenses have ceased, vet It Is impossible !
now 20 place n limit on them, not only for
he reason that no ono can ntelligently fore {
'ast the length of the war, but also for the ]
cason that war always brings n train OF on
raofdinary expenditures which do not termi i
late With the close of actual hostiltles. 1t Is :
vidcnt that 1t VIII he necessary to maintain
he public credit. not only to realize the ad-
ihdnal revenues provided by the accompany {
ng bill. but also to authorize tho secretary Z
L.
he government from time tn time MS the I |,
'ublic necessities will require. We have, .
therefore,, given authority to issue and sch .
20, cyres 20 Soo 900 ten-tyenty peg
~ as we do that such bond will be taken h
rom time IN tine by the masses OF the pcu- r
'tcr which the bonds authorized may be re- /
semod ut the pleasure of the United states G
q, nily because We regard II necessary IN o
rder c secure subscriptions at par for tho &
lttor lhstos but also because tho fact that
no No0cco,oOo per cent loan Of 1891 aud the /,
'rgo lean OF 1893 would inevitnldv io paid y
refunded by the government before a
e. cert would be redeemed, making a bond
iat cnn he redeemed at the end OF ten years i
: desirable to issue rs one that can be re- s
1emed Mt the end of ive years I,
IN view OF the fact that II would be nsces- y
Ty In few weeks, before the proposed I
ycs can bring results and before tho loan l.
ithorized can be placed to provide mems 20 i
eei The rapidly augmentlne war expendi- s
res authority is given the secretary OF the n
easnry to temporarily borrow money, for not /,
a'i ding one year by tho Issue OF 3 nor cent ~
lrtinoatos Of indebtedness. II Is iniportnnt u
NJ tho secretary of the treasury shall have u
rs AUTHORITY In any exigency that may arise 81
the future.
Washington, Ariii &c al the meeting of h,
Q ways aud means committee today. Mr. fe
siiey, ON behalf Of the democratic minority 81
'erti the substitute agraad on by them for
. issue OF $500, o,o,too coin boads. Ii pro II
tes for an income tax OF 3 per cont on in
mes from all sources In excess of 5000. al
ate county AMI municipal bonds. howcysr Is
re excepted from its provisions. 10 meet ~,
unanimous desision Of the supreme court ~
this respect The minorit. estimated that 10
sh an income tax would iaIsc sIoo ION 0oo pl
u,h,n with Y WAS the Proposition rs eoi, 10
SILVER seisniorpge. which amounts "a, 81, ~,
wv. The substitute was voted down nv a "
let party vote. No amendments ',yars' - ia
81 to the ether provisions Of the hin for III,
X or time 1"'' W | an
,-,. an
Nashinsion. April 2d-Thc war revenue nj
as reported today contains three chanrss
m the bill as originally drafted. az fol- all
's discount OF per cci, on bcer so
mps Is allowed after the passage OF Tho De-
Telephone messages are subject M GU
OF cent on messages transmitted ,hir,. Mi