The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1898-05-12
COINAGE OF SEIGNIORAGE
IS VOTED BIZ THE SENATE FINANCE
COMAITTEE.

S15O,O0O,OOO of Greenbacks and the
War Revenue Measure is Further
Changed by the Elimination of the
Bond Proviston-yyith the Assistance
ex-senator Jones of Nevada the Demo-
Gratis Had Control of the Committee.
Washington, May 11.--With the ex-
ception Of few administrative feat
ures, the war revenue bill is ready for
report to the senate. This report prob
consideration of the measure will not
be begun before Monday. With the
assistance of Senator Jones of Nevada,
the democrats had control of the SEN
ate finance committee and the commit
tee to-day adopted their amendments.
which included a corporation tax on
one-quarter of 1 per cent, a provision
for the coinage of the seigniorage and
the issuance of $150,OOO000 of green
backs. The bond provision is elimin-
ated
In required only little more than an
hour for the committee to dispose of
the democratic amendments. 1t was
soon evident that Senator Jones would
vote with the democrats and as his
vote turned the scale against the re-
publicans they did not enter into a
stubborn struggle to prevent this con-
summation. The gote to strike out the
bond feature stood six to five as fol-
lows.
Jones of Arkansas, White, Turpie, Daniel,
and Chiffon (democrats), and Jones of Ne
vada silver republican,, for it, and Allison,
Aldrich, Platt of Connecticut, Wolcott and
burrows (republicans) against it, Senator
| Morrill, (rep.) and Vest (dem.) were paired !;
Vest for the motion and Morrill, against it.
The amendments for the issuance of
greenbacks, the coinage of the silver
seigniorage and the taxation Of corpo-
rations were all Incorporated by the
same vote. The democrats changed
their vote on corporations at the last
minute, reducing it from half to a
quarter of 1 per cent. They made the
| reduction because of the uncertainty as
| to the amount of revenue the amend
| ment would produce. 1t was the gem
orally expressed opinion that the sum
would even at this low percentage be
very large, but there was no opportuni-
| ty for even approximating the figure.
| This provision is very comprehensive
| one. 1t covers all corporations, with a
| few exceptions, imposing a tax of a
quarter of / per cent. upon the gross
receipts. The exceptions are charita-
| Bile, educational and religious institu-
tions and strictly mutual benefit asso-
Citations, which are exempted.
| The exceptions of mutual concerns
are made so as to include only those
which loan money to their own mem
bers. Building and Loan associations
We're exempted from the operations of
the bill, but the house provision deal
| ing with this matter was changed and
the language of the exemption in the
Wilson-Gorma act practically substi-
| tuted for 1t. There was some discus
soin of the bank tax, but it was decid-
| ed to leave the matter as it passed the
house with an increase from to ~
per cent. There was also some discus
| sion as to the amount Of revenue the
bill would produce. The democrats say
the total will reach $425, ,000, 900. The
| bill hardly will be recognizable by its
| authors when reported as 1t has been
so generally amended in both pharase-
| ology and rates. 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.