The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1898-06-25
THE BILL FOR WAR REVENUES
Plenty of Money VIII He Raisea
without Placing - burden
on the People.

The conference committee on the war
revenue bill has come 10 an agreement
on the bond provision. The house imi-
tation on the amount of bonds which
might be sold was 100000. 900. The SEN
ate reduced il TO $500, O00,000 The con-
ference committee has agreed on $780,
100000. The senate amendment re-
quires the secretary of the treasury to
sell at least $4,000. 900 of one-year three
per cent. certificates, whose issue Is au-
thorized. before disposing of any bonds.
Secretary Gage objected strenuously to
this provision, and the conferees will
recommend that the senate recede from
il.
There is one point regarding which
the dispatches are silent. The house
bill authorized the secretary of the
treasury 10 borrow money by selling
bonds, but does not specify the pur-
pose. The senate amendment author
ICES the sale of bonds TO get money ITO
defray the expenditures authorized on
account OF the existing war (such pro-
ceeds when received TO be used only for
the purpose of meeting such war ex-
penditures)." 1t has not been stated
yet whether this Limitation will be ac-
cepted by the conferees.
Hnolimitationisi imposed part Of the
proceeds of the money obtained by the
sale, at par or above, of those three per
cent. bonds, which are payable at the
pleasure Of the government in ten years
and become due in 20 years. can be used
to defray the cost of the war. The re-
mainder can be used to make large ad-
ditions to the navy, to complete the
coast Notifications, TO provide the high
power guns, TO man them, and TO lay
up ample supplies of powder, shot and
shell. Then the country would be
ready on short notice for the next war
and would not have TO make the fran
tic haste it did TO get ready for the one
with Spain.
The committee has compromised on
the coinage of the silver bullion. The
senate amendment directed the secre-
tary 20 ccin it at the rate OF $4,000,000a
month The conferees will recommend
that that be reduced 10 a million and
half a month. At that rate il will take
/ five years 10 coin all the silver. While
objecting on principle 10 this modified
proposition, the house may accept II in
order not to delay the passage of the
revenue bill and the sale Of bonds. The
treasury is getting short Of cash.
The conferees have adopted most of
the taxation amendments of the SEN
ate. Those amendments add mater
ally to the revenue producing quail
! ties OF the bill, and thus make IL much
more effective than il was when IL
passed the house. In its amended form
It will, when fairly in operation, pay
large part Of the current military ex-
penses OF the government, and after
the war is over will furnish a fund
which will extinguish speedily what
ever bonded indebtedness may have
been contracted, While the taxes
levied by this bill will produce n great
deal of money, they will not be felt
If the Bryanites had had the framing
OF the bin II would have been differ
emit affair They would have imposed
onerous and excessive taxes on inter-
ests which they wish TO destroy, and
1 they would not have allowed bonds TO
be sold. They would have authorized
the issue Of more legal tender notes to
defray governments expenses, with
out, however, making provision for the
redemption Of these notes in gold. They
would have inflated the currency and
would have rejoiced that that imitation
deprecated its value. Happily for the
country, the Bryanites were not able
10 dictate the terms OF the new rev.
enue bill.--Chicago Tribune.