Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-04-27
It Provides for a Bond Issue
of $500,00O,000.
Redeemab|e in 10 and Payable in 20
Years at 3 Per Cent.
With Such War Taxes as May Be Necessary
Under Exigencies.


the House with the war revenue bill.
Ii is an part as follows:
The precipitation on the United States
of America a war with Spain has rem
tiered il necessary to Immediately pro-
vide ways and means to meet war ex-
pcnditures on the scale demanded by
modern naval and military operations,
There is no doubt thas peace conditions
had continued the estimate of the sec
rotary Of The treasury that the revenue
for the next fiscal year would reach
$500, 600, 000--exclusive of postal receipts
SOB 900 600 in excess of the revenue
for the fiscal year 1896 and more than
that sum in excess of what the reven-
ues for the next fiscal yea. 1897 would
have been if it had not been for antici-
patory Importance in the last few
months of last year to avoid the in
creased duties of the new tariff would
have been more than realized and the
receipts would have fully met the eX-
pcnditures for the next fiscal year if it
has not been for the increase caused
by the difficulties with Spain,inaSmuch.
as the expenditures for the fiscal year
1886 exclusive of postal expenditures.
paid by postal revenue were only $352,-
geo and for the fiscal year 1897, only
$3.50 900 600
The destruction of the United States
battleship Maine in the harbor of Ha
vana on the 18th day of February last,
50 intensified the situation that Con
gresS a few weeks thereafter realized
the necessity of taking prompt meas
ures To prepare for any emergency and
the joint resolution appropriated $50
900 600 for national defence.
Upon the authority of this joint reso
luton about $50 600 coo of this appro-
priation has already been practically
used. although payments have as yet
been made for only a part of this sum
and liabilities for the remainder of the
appropriation bill have been incurred
within two weeks.
An examination of the condition of
the treasury will make it apparent that
no time should be lost in providing am
pie ways and means for carrying to a
successful conclusion the ways in
which we are now engaged.
1t will be necessary in order to meet all
the expenditures under the $5o,o00.00o APP
propriation all of which will have been
expended within u few weeks. to use SO
900 of the bank redemption fund. "a
part Of which must be replaced before the
close Of the present calendar year.
As the expenses of the preparations for
defence that have been going on for near
~ two months are at the rate of 81, 900, 000
per month or 500 900 900 per annum. and
the expenses of actual war will be much
more your committee are of the opinion
that the necessities of the country as we'll
as the early successful conclusion of the
war call or such ample provision both by
tJ%1tion and authority to make loans for
means to carry on naval and military
operations as will impress the great pow
ers Of Europe as well as Spain with the
conviction that the people of the United
States are united in the determination to
prosecute the war on a scale and with a
yigor that viii make prolongaton of hos
tiitieS useless.
With this object in view, your commit
tee recommends the levying Of internal
revenue taxes either on articles of volun-
tary consumption or on objects that will
make such taxes fan mainly on persons
able to contribute to the national defence
which viii in the aggregate yield from
revenue.
The report then cnumcrates the differ
cnt articles to be taxed and the estimate
heretofore published of the amount of rev
enuc to be derived. and continues: THESE
are all internal revenue war taxes that
can be collected by the existing Internal
revenue officials. slightly increased with
small additional expense and with til,
minimum disturbance of trade although
they are all taxes which are unwecoms
and which it would not have been neceS-
sary To impose if war had been avoided.
While all of the additional taxes arc
war taxes which would be naturally re
pealed or modified when the neccssitie>
of the war and the payment of war eX-
penSeS have ceased. yet it is Impossible
now to place a limit on them, not only
for the reason that no one can intolli-
gently forecast the length of the war. hut
also for the reason that war always
brings a train of extraordinary expcndi-
lures which do not terminate with tho
close Of actual hostilities.
It is evident that it will be neces-
sary in order to maintain the public
credit not only to raise the additions
revenue provided by the accompanying
bill, but also to authorize the secretary
Of the treasury to borrow on the credit
of the government from time to tim,
as the public necessities will require
We have given, therefore, authority
to issue and sell not exceeding $500 900
600 of l0,20, 3 per cent. bonds to be of
fered as Il popular loan believed as We
do that such bonds will be taken from
ilo1A IN, Ify-t h, 49,