The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-05-12
TO COIN SEIGNIORAGE
FOR ISSUANCE OF S15O,O0OOOo
IN GREENBACKS.
INCLUDES A CORPORATION TAX
Tte Latter Tax Covers all Corporations with
Few Exceptions Charitable, Religious,
Educational Institutions are Exempt
Tobacco Tax. Sixteen Cents.

Tobacco lax, Sixteen Cents
Washington, d. c.. May 11.-With the
exception of u few administrative fea
lures, the war revenue bill is ready for
report to the Senate. This report pro
bably will be made tomorrow, though
consideration of the measure will not be
begun before Monday. With the as
sistance 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 one per cent, n pro-
vision for the coinage of the seignorage
and the issuance of S150,0O0000 OF
greenbacks. The bond provision is
eliminated.
The vote to strike out the bond fea-
ture stood six to five as follows: 1Iye-
Jones, of Arkansas; White, Turpie,
Daniel and Chiffon Democrats and
Jones. of Nevada silver Republican.
Nays-Alison, Aldrick, Platt, of Conn.
Wolcott and Burrows, Republicans.
Senators Morrill,, Republican, and
Vest, Democrat. paired, Vest for the
motion and Morrill, against it.
The amendment for the issuance of
greenbacks, the coinage of the silver
seignorage and the taxation Of cor
porations were all incorporated by thc
same vote
The Democrats changed their rate on
corporations at the last minute, rcduc
ing it from half to quarter of one per
cent. They made this reduction be
cause Of the uncertainty as to the
amount Of revenue the amendment would
produce. 1t was the generally expressed
opinion that the sum would, even ut this
low percentage, be very large, but there
was no opportunity for even approximat-
ing the figure. This provision is = COM
prehensive one. II c0vers all corpora
tions with a few exceptions imposing a
tax of quarter of one pc. cent upon the
gross receipts.
The exceptions are charitable, educa-
tional, religious and eleemosynary insti-
tutions and strictly mutual benefit assoc
ciations, the exceptions and exemptions
to mutual concerns being made so an
TO include only those which loan money
TO their own members.
Building and loan associations were
exempted from the operations of the bill,
but the House provision dealing with
this matter was changed, and the Ian
guage of the exemption in the Wilson
German Act practically substituted fol
it. There was some discussion of the
beer tax during the day, but it was de-
cidCd to leave the matter as it passed
the House with an increase of the re
bate from to ~ per cent. The pro-
visions in regard to the taxation o.
bankers and brokers' bill of lading, n
heritances, futures" proprietary medi-
fs5ra ap fr.Io atf u
Ously fixed The House provision for Il
tax on mineral waters was stricken out
entirely
The committee decided to increase thI
tax ON manufactured tobacco from 10
cents. the House rate to 16 cents per
pound, and to exempt the stock on land
from the operations of the act.
The committee also decided to recon-
mend Il reduction of the tax on cigars
from $4 to $3.50 per thousand ana on
cigarettes from 50 to $50.
There was some general discussion IN
committee of the amount of revenue the
bill would produce. The estimate of the
Democratic members placed the amount
of $150000, 900 from the revenue portion.
The coinage of the seigniorage would in
crease the amount to the extent of S42>
100000 and the greenbacks would make.
the total $342, 100000 or $40, 900. .00n il
excess of Secretary Cages estimate Of
the requirements of extra revenue to
meet the first years expenses OF the
war.
The bill will hardly be recognizable
by it's authors when reported, as it has
been so generally amended i'm both
phraseology and rates as to make it prac
tically new bill. There are few para
graphs that have not received some at
tention.
The changes vet to be made are only
of minor Importance and will deal with
the administrative features and in some
cases with the grammatical construction
of sentences.