The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-05-13
PEOPLE TO FEEL WARS PINCH.
NEW TAX BILL REPORTED TO THE
SENATE.

Provision Known as the Corpora
tioll Tax Very Broad in Its scope
Heavy Haul 10 Be Made From
Transportation Companies and
OBSERVATION-DISCLOSURES Deposits Also
the Subject of n Heavy Levy.
Washington May 12.-The Senate CON-
mittee on finance to-day conclude its con-
sideration of the war revenue bill, after
a two weeks sitting, and Senator Allison
reported it to the Senate at 4 o'clock.
All the provisions in the House bill for
the issuance of bonds and Indebtedness
were stricken out, and MI Allison, in re-
porting the measure, made a minority re-
port, giving authority for the bond issue.
The amendment inserted at the instance
of the Democrats for the Issuance of
greenbacks directs the Secretary of the
Treasury to issue during the next fiscal
year United States legal tender notes to
the amount of $3.50, 900 900. the notes to be
of like denominations and of the same
legal tender qualities and payable. redeem
able and reasonable as the three hundred
and forty-six millions of such notes now
outstanding, said notes when first issued
TO be expended only upon war account.
The Secretary Of the Treasury is also d.
rected to have coined as fast as possible
into standard silver dollars, which shall be
of like legal tender quality as those proyid-
ed for under the existing law, the silver
signiorage, amounting to $42,OOOOOO. The
secretary is to issue silver certificates in
advance of said coinage.
The provision known as the corporation
tax, inserted at the instance of the Demo-
cratic members of Congress is very broad
in its scope. All transportation companies
except those carrying mails and hacks and
carriages go running on continuous routes
ave taxed quarter of per cent of their
income.
A like tax is placed upon express compa-
MES, telegraph or telephone lines, insur-
anee companies, gas. electric light, power,
refining sugar, or refining petroleum com
panies.
Every corporation doing business in the
United States shall pay an annual tax
of one quarter of one per cent upon their
gross receipts Religious. educational
benevolent, eleemosynary or cemetery cor
porations and building and loan associa-
tons which make loans only to their
shareholders, and corporations which buy
and sell raw agricultural products are not
required TO pay any tax except as other-
wise provided in the act.
Bank and banking companies are taxed
one quarter of one per cent. each month
upon the average amount of the deposits
OF money. graduated bank license Is
a cd IN, Ha
The discount on the beer tax Is increas-
ed from 5 TO ~ per cent
The tax on manufactured tobacco, snuff
etc, Is increased from Y 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 80 to Sl5O
The House provision taxing tobacco on
hand is stricken out.
There is a reduction In the tax of tobac-
co dealers. manufacturers Of, etc, whose
annual sales fall below 5000 to SO.
There are also similar reductions i'm the
license for cigar manufacturers.
The paragraph relating to stamp taxes
received careful consideration, and covers
a wide field including transfers of stock,
sale of any products or merchandise at
any exchange, bills of exchange, bills Of
lading, etc.
Telegraph dispatches and life and fire in
Eurance policies also receive a small tax
Mineral waters are entirely exempt from
the operations Of the act, as are all wines,
except those bottled. and on these the rate
is one cent on pint bottles and two cents on
quart bottles. A drawback equal to the in
ternal revenne tax is to be allowed on ar
ticles of this class which are exported
On legacies there is a graduated tax.
The Republicans decided to make a mi
norfty report recommending the retention
of the bond feature and also the provls-
ion for time certificates but reducing the
amount of the bonds and changing the
language of both provisions.
The bond section authorizes the Secre-
tary of the Treasury to borrow $5c000O.-
600, or so much thereof as he may deem
necessary TO meet the expenses of the war
and issue therefor coupon or registered
bonds at not less than par in denomin-
atoms of twenty-five dollars or some null
tiple of that sum re-deemable in coin at
any time after 10 years, and payable in
twenty years, and bearing interest at
per cent. The bonds are not taxable. The
bonds shall be offered as a popular loan.