The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-27
REVENUE BILL REPORTED
FINAL VOTE WILL BE HAD IN
THE HOUSE ON FRIDAY
The Measure offered by the ReDub-
LEANS Provides for Increased
Taxation, a Five Hundred Million
Popular War Loan, and Gives the
Secretary of the Treasury Power
to borrow In an Emergency.
BY the Associated Press.

BY the Associated Press.
WASHINGTON, April 26-The war
revenue Dill was reported to the house
today and by an arrangement made the
debate will begin tomorrow and con-
tinue at night sessions until Friday.
At o'clock on that day the vote will
be taken.
Mr.. Dingley submitted to the house
with the bill the following report:
The precipitation on the United States of
war with Spain has rendered it neces-
: sary to Immediately provide ways and
means to meet war expenditures on the
scale demanded by modern naval and mill
tary operations.
International difficulties. even before war
conditions arose. had so stirred the public
mind as to demand largely increased up-
preparations for charging the navy and
for national defenses. The destruction of
the United States battleship Maine in the
harbor OF Havana on the 10th of February
last SO intensified the situation that con-
gress few weeks thereafter realized The
necessity Of taking prompt measures to pre-
pare for any exigency. and, by Joint resolu-
ton, appropriated $50.0OO,OOO for national
Upon the authority of this Joint resoIu-
ton about thirty-f1ve million dollars Of
this appropriation have already been
practically used, although payments have
sum; and liabilities for the remainder of
the appropriation will have been incurred
within two weeks. An examination of the
conoition OF the treasury will make it ap-
viding ample ways and means for carrying
TO successful conclusion the war in which
we are now engaged.
The apparent cash balance in the treas
ing $5O,0OO,OOO for national defense was
passed was about s2o5, COO 900. including the
S Sd0o, w, goo gold redemption fund.- or $1G6,-
0o,Ooo excluding that fund. But this BAL
ipo no,,oI,o
VO0OOO consisted of fractional silver, Largely
uen1ccunr or and minor coins, leaving only
saz,ooo.oU: But of this amount s14,C00. 900
consisted of receipts from sale of Pacific
railroad, held in the treasury for the pay
ment OF that amount of Pacific railroad
ponds due Jan; l next. and $50. 100000 of the
Dank redemption fund held for the pay
ment of the notes Of national banks failed
and In liquidation or reducing circulation.
Deducting these amounts and the actual
aavalla6le cash IN the treasury at that time
belonging to the government, exclusive Of
the greenback redemption fund, was only
$4,000 600 Is required to properly carry on
the. operations Of the government there re-
mained only $500 900 belonging to the
$4,000, 900 appropriation. 1t will be neces-
sary, in order to meet all the expenditures
under tn, the So. 100000 appropriatton-all of
weeks-to use $4,000. go of the bank re-
demption fund, part of which must be
replaced before the close of the pre- emit
calendar year.
Inasmuch as the difficulties with Spain
have plunged the country into war, whose
magnitude and length cannot now be in
te-ligently forecasted, it Is necessary that
measures should be Immediately taken to
provide ways and means to carry on naval
and military operations on a scale and with
promptness which will exert an importa
influence In shortening the conflict.
AS the expenses Of the preparations for de-
tense that have been going on for nearly
two months are at the rate Of $25, 000,GO0 per
month, or $500, 900, 600 per annum, and the
your committee of the opinion that the
necessities of the country as well as of the
early successful conclusion of the war. call
for such ample provision. both by taxation
aud authority to make loans, for means TO
carry on naval and military operations as
will impress the great powers Of Europe as
people of the United States are united in
the determination to prosecute the war on
scale and with vigor that make prolonga-
ton of hostilities useless
1t is evident that it will be necessary, in
order to maintain the public credit, not
only to raise the additional revenue provided
by the accompanying bill. but also to au-
thortze the secretary of the treasury to
borrow on the credit Of the government
from time to time. as the public necessities
will require.
We have given therefore authority to is
sue and sell not exceeding $500, 900 600 Of
ten-twenty per cent coin bonds to be Of
fered as a popular loan. believing, as we
do. that such bond will be taken from
time to time by the masses Of the people.
We have fixed ten years as the period after
which the bonds authorized may be re-
deemed at the pleasure of the United States.
not only because we regard 1t necessary to
do this in order to secure subscriptions at
par fer the latter issue. but aso because
the fact that the s100, 000, 600 per cent loan
of 1904 and the large per cent loan Of 1907
would inevitably be paid or refunded by the
government before a Fer cent bord would
be redeemed, makes bond that can be re-
deemed at the end of ten years as desira-
BILE to issue one that can be redeemed ut
the end of five years.
In view Of the fact that it will be neces-
sary in few weeks before the proposed
war taxes can bring results and before the
loan authorized can be placed to provide
means to meet the rapidly augmenting war