The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-05-12
WAR REVENUE BILL READY.
DEMOCRATS OF SENATE COMMIT
TEE CARRY THE DAY.

Bond Issue Feature. EIiminatei-Tax
of one Quarter of One Per Cent.
to BE Levied ON Gross Receipts OF
COrporatfOns-Provi Inserted
for the Coinage of the Seignorase
and the Issue of ST5O,O0o,0O0 o.
Greenbacks.
Washington May u.-With the excep-
ton of a few administrative features the
war revenue bill is ready for report to the
Senate. This report probably Will be made
tomorrow, though consideration of the
measure will not be begun before Monday.
With the assistance Of Senator Jones Of
Nevada the Democrats had control of the
finance committee and adopted their
amendments. which include a corporation
tax OF 4 of ! per cent, a provision for the
coinage of the seigniorage and the issu-
ance Of Sl5}.010DoO of greenbacks. The bond
provision is eliminated.
The vote TO strike out the bond feature
stood to 3, as follows:
Aye-Messrs. Jones of Arkansas, White,
Turpie, Daniel and Chiffon Democrats,
and Jones of Nevada, Silver Republican.
Nays-Messrs. Allison. Aldrlch, Plat of
Connecticut. wolcott and Burrows (Re-
publicans),
Senators Morrill,, Rep, and Vest, Dem,
paired, Mr.. Vest for the motion and Mr.
Morrill, against It. aa
The amendment for the issuance OF
greenbaoks, the coinage Of the silver seign-
forage and the taxation of corpora tons
We're all Incorporated by the same vote.
The Democrats changed their rate on
corporations at the last minute, reducing Ii
from onc-half to one-quarter of per cent
They made this reduction because of the
uncertainty as 10 the amount of revenue
the amendment would produce. II was
the generally expressed opinion that the
sum would even at this low percentage
be very large, but there was no opportu-
nifty for even approxlmating the figures
This provision is a comprehensive one. II
covers all corporations with few excep-
tons, imposing tax of a quarter of per
cent. on the gross receipts. Exceptions are
charitable, educational, religious and ele-
mosynary institutions and strictly mutual
benefit associations, the exceptions exemp-
ton to mutual associations being made so
as TO include only those who loan money
TO their own members
Building and loan associations were ex-
empted from the operations OF the bill, and
the House provision dealing with this mat
ter was changed and the language of the
exemption in the Wilson German act prac-
ticallN substituted for It,
There was some discussion of the beer
tax during the day, but II was decided To
leave the matter as 1t passed the House
with an increase OF the'rebate from to
~ per cent.
The provisions In regard to the taxation
OF bankers and brokers, bills of ladine in
heritances, futures" proprietary inedlcI-
nal articles, We're left as previously fixed.
The House provisions for tax ON mineral
waters were stricken out entirely. .
The committee decided to increase the
tax on manufactured tobacco from u
cents the House rate, to 16 cents Der
pound, and to exempt the stock on hand
from the operations of the act
Inc committee also decided TO recon-
mend reduction of the tax on cigars
from 81 10 $3.50 per 1000, and on cigar
cites from 50 to $l.50
There was some discussion by the COM
mite OF the amount of the revenue the
PHI would produce The estimate of the
Democratic members placed the amount
al I5OoW'0O0 from the revenue portion.
me coinage of seignorage would Increase
the amount to the extent of $40 600 OOo
ana the greenbaeks would make the total
SS42.OOOW0 or $42.O0O,000 In excess of Sec
rotary Cages estimate OF the requirements
OF extra revenue to meet the four years
expenses of the war
The bill hardly will be recognizable by
It's authors when reported. as it has been
so generally amended in both phraseologv
and rates as to make 1t practically a new
bill There are few paragraphs that have
not received some attention. The changes
yet 10 be made are only of minor import
ahce and will deal with the administrative
features and in some cases with the gram
NAUTICAL construction of sentences