New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-05-12
THE BOND SECTION CUT OUT
DEMOCRATS AMEND THE WAR REV.
ENUE BILL
THEY CONTROL THE FINANCE COMMIT La
WITH THE AID OF SENATOR
JONES OF NEVADA.

THEY CONTROL THE FINANCE COMMITTEE
WITH THE AID OF SENATOR
JONES OF NEVADA.
Washington. May 11.-With the exception OF
! a few administrative features. the War Revenue
bill Is ready for report to the Senate. This re-
port probably will Re made tomorrow though
consideration Of the measure will not be begun
before Monday. With the assistance OK senator
Jones. Of Nevada the Democrats had control Oh
the Finance Committee. and adopted their
amendments. which include q corporation TAX
Of cne-quarter OF per cent. provision TOT the
coinage OF the selgniorage and the issue OF
$50 OCO 900 Of greenbacks The bond provision
is eliminated
II required little more than an hour FOR the
committee to dispose Of the Democratic amend
ments. II was made evident that Senator
Jones, OF Nevada. would vote with the Demo-
Gratis on all their amendments. and as MS vote
turned the scale against the Republicans trey
did not make stubborn struggle to prevent
this contamination. The vote to strike out the
bond feature stood six TO five, as follows:
To strike out-Senators Jones. OF Arkansas
White Turpie Daniel ard Chiffon tDemocrats)'
and Jones, " Nevada (Silver Rep).
against striking out-Senators Allison AID
rich. Plat. OF Connecticut, W oicott all" Dur
rows. all Republicans
Senators ,iorriM (Rep) and Vest Denl). were
paired. Mr. Vest for the motion and Mr. Morrill,
against II.
OTHER AMENDMENTS ADOPTED.
The amendments for the issue Of greenbacks
tn. coinage Of the silver seignioraGe and the
taxation Of corporationS were all Incorporated
by the same vote. The Democrats charged their
rate on corporations at the last minute. reducing
it from one-h,lf to n quarter q per cent. They
made this reduction because Of the uncertainty
as to the amount Of revenue the amendment
would produce. 1t was the generally expressed
opinion tina; the sum would. even at this low
percentage. be large. but there was no oppor-
tun,y for even arproxlmating the figure This
provision Is 4 comprehensive one. 1t covers
all corporations with a few exceptions. imposins
a tax OF a quarter OF ] per cent on the gross
receipts The exceptions are charitable, cduca-
tonal and religious institutions and strictly
mutual benefit associations. The exemptions 10
mutual concerns are made SO as 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 language Of the exemption IN the Will
son-Gorman act practically substituted for it
There was come discussion OF tho beer tax
during the day. but 1t was decided to leave the
matter as it passed the House. with an increase
~ the rebate from y to "a per cent.
The provisions in regard 10 the taxation OF
bankers and brokers. bills II lading. nheri-
tanCes. Futures" proprietary medicinal arti-
chs etc. were left as previously fixed. The
House provision fer n tax on mineral waters
stricken out entirely. II was decided 20
recommend reduction OF the tax on cigars
from - to So ~ thousand, and on cigarettes
from - to 81 10