The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-12
BONDS KNOCKED OUT
So Far as the Senate Finance
Committee Can.
GREENBACK ISSUE INSTEAD
Corporation Tax and Coinage
of the Seigniorage.
GREENBACK ISSUE INSTEAD |

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 viii probably
be made tomorrow. though consideration
of the measure will not be begun be-
fore Monday. With the assistance OF
Senator Jones (Nev.), the Democrats
had control of the finance committee, and
adopted their amendments, which in
clude corporation tax of per cent, a
provision for the coinage of the seign-
forage and the issuance Of $50, 900, 900 of
greenbacks. The bond provision 81 elm
mated
1t required only little more than an
hour for the committee to dispose of
the Democratic amendments. II was soon
made evident ahat Senator Jones of Ne
vada would vote with the Democrats on
all amendments. and his vote turned the
scale against the Republicans. They did
not enter into stubborn struggle to
prevent this consumma ton. The vote to
strike out the bond feature stood to 5,
Jones of Nevada voting with the Demo
Gratis. Senators Morrill, Rep.) and Vest
(Dem.) were paired.
The amendments for the issuance of
greenbacks, the coinage Of the silver
seigniorage and the taxation Of corpora
tons were all incorporated by the same
vote.
The Democrats changed their rate on
corporations at the last minute, reducing
1t from one-half to one-quarter of I 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
that the sum would, even at this low per
centage, be very large, but there was
no opportunity for approximating the
figure.
This provision is a very comprehensive
one. 1t covers all corporations, imposing
tax Of one-quarter Of 1 per cent upon
the gross receipts. The exceptions are
charitable. educational religious and
eleemosynary institutions and strictly
mutual benefit associations which are ex-
empted-the exemption to mutual con-
Germs being made so as to include only
N-~DO "AAiNiA SoI iOtu money 10 L0elr
own members.
Building and loan associations were exc
empted from the operation of the bill,
but the house provision dealing with this
matter was changed, and the language
of the exemption in the Wilson-Gorman
act practically substituted for it.
There was some discussion of the beer
tax during the day, but 1t was decided to
leave the matter as It passed the house.
~ per cent. The provisions in regard to
the taxation of bankers and brokers,
bills of lading. inheritances, futures"
medicinal articles, ETC.. were
left as previously fixed. The house pro-
vision for a tax on mineral waters was
stricken out entirely.
The committee decided to increase tina
tax on manufactured tobacco from IL
cents, the house rate to Is cents per
pound, and to exempt the stock on hand |
from the operations OF the act
IT was also decided to recommend a re- |
auction Of the tax ON cigars from "a TO |
$3.50 per thousand, and on cigarettes |
from 81 to $50.
There was some general discussion In |
Of the amount of revenue the |
bill would produce The estimate of the |
Democratic members placed the amount !
At $50, 600. COO from the revenue portion.
The coinage of the seigniorage would |
increase the amount to the extent of s42-
10000 and the greenbacks would make |
he total $S42, 900 900. or A7. 900. 900 in ex- |
cess Of Secretary Cages estimate of the |
requirement OF extra war revenue to
meet the first years expenses of the war.
The bill Will hardly be recognizable by |
is authors when reported as 1t has been
80 generally amended in both phraseology
md rates as to make it practically a new
bill