New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-04-27

me Authority of this joint resolution about $35ef,U"
OF this appropriation has aIeaay p' heb made FOR
only part OF this sum- and liabilities lor ll,e In
mander Of the appropriation VIII nave 0ee" 80
Cured within two weeks.
no TINE TO BE LOST
An examination of the condition OF tnc Treasury
will make IL apparent that time should be lost In
providing ample ways and means for carrying to a
successful conclusion tho war in which we are now
engaged
the jont resolution appropriating $4,000 90 for Ma
tional deiencs MAS passsd Wa Dou, NM y ;i2 o
90 excluding that fund Bui this balance was ON, 2ny
apparent nasmuch as s3Ooopo cons!sed OF ,Tae'
leaving only sli2. 1000 But of this amount fHvn-
road held In the Treasury FOR the payment OF that
amount Of Pacific Railroad bonds due January !
held Tor the payment of the notes Of National
banks failed. in liquidation or reducing circulal2n,
DcGutcing these amounts. the actual available
cash In tho Treasury al that time bcionsins TO 10
the Governmcn eNclusi..c 81 tne stee"o"0N -
Inasmuch as a working balance OF about fioeDe2
the ;ioyernment. there remained only s25.O0oD
belonging to the Government available Ior US y,
rncessery I'm order To meet All o! the expenditure
under the $5OCC0ND appropriat!on-al ~ WHEN WIZ
IS c,o c.D OF The bank redemption fund a part OK
which must be replaced before the cose OF the
inasmnSh as the difficulties with Spain have
plunged the country into a war whose masha.un"
/" I n,c"ssnry that measures should be imme
datciy taken to provide Ways ana means 20 ami an
with a promptness which VIII exert an important
!nnuenec !" sn2r.ea FOR de,nce tha, have
been going on Tor nearly two months are az The
rate o. s2jcv0D per month or s3o). 100 per an
mum ami the expenses Of actual war VIII be mucn
more. your committee are of opinion tnat tne
cess 'nl conclusion o. the war. call ior such ample
provision. both by taxation and authority TO make
operations AZ Will imnress the great Powers o.
rurope as MI i, s91g S he are uned IN ' h
determination TO prosecute war on scale ana WIN
ylgor that make prolonsation OF hostil''les use
WITH this obies, IN yiew your committee recon- ON.
on articles OF voluntary consumption or on objects
that VIII make such taycs al manly on pcr,9 rb
viii IN the aggregate yie.d rom s?ocoor" to 800
0oo 0no Of additional annual revenue
NOT AN vNrRIED TAX SYSTEM
The report then cnumerates the different articles
10 be taxed and the estimate heretofore published
o, tho amount OF revenue to be derived and con
tlnucs:
These all taxes on objects witch were as
sesset during or snhseqIent 10 tnr na' Val WA nd
untricd system Of taxation They are al internal
is,i, IN 'srr,I reycn,r officials slightly Increased
Win small additional expense. aud with the mini,
mum disturbance OF trade although thoy a;e All
taxes which are upwelcome. and which II would not
have been necessary TO impose !, war had beeh
While all o. tho additional taxes arc war taxes
which would bc naturally repeated or modlNei NN'n
me necessities ~ and the payment o. war
expeusos have ceased. yet II Is impossib" now TO
,tce a limit on them not only fOr the reason that
no on" can intellgently forecast the length Of tho
war but also for the reason that var always
brings a train o. extraordinary expenditures which
40 not terminate with the close o. actual hostil-
tics f. is evident that Il Will he necessary In order
70 nnalntan the public -rclI not only 10 raise the
additional revenue provided by the accompanying
bill but also TO authorize the Secretary OF the
Treasury 10 borrow the credit % the Govern
ment from time 10 time. as the public necessities
vii require. -
sell not exceeding $50 6o 80 OF ten-t~eny per cent
lieving as We DO that such bond will be taken
rom time to time 10y the masses % the people.
Wc have fixed ten wears as tho period after Nnlch
the bonds authorized may he redeemed At the
uleasur. OF the United states. no; only because
SO regard II necessary do this In order to secure
slhscriptlons az par for the later issues. but also
because the that the sl00 to Wo cont loan
%, ~; and the large per cont loan OF lHp, would
Inevitably 10 paid refunded lv he Government
~. fore a per cont bond would hc "edocme' makes
bond that 10 redeemed ~ The end q: ten years
os desrahe tO issue orc that can Dc redeemed
at tho end 81 five years.
In view OF the fact that Il VIII he necessary In
n very rrw wcckS before the proposed taxes
can bring results ara before the loan authorized
can be- III iced to provide means to meet the rapidly
aucmcnting war expenditures. authority Is given
the Secretary OF the Treasury to temporarily Dor
row money I'm no case SNcoclinC year. hy the
issue OF nxr cent certificates ~ Indebtedness n
Ia mnortant that the Secretary ~ the Treasury
shall have this authority In any exigency that may
arise in the future.