The times., 1898-05-13

vided for in the House bill. The tax on
mineral waters has been stricken out and
the tax on sparkling wine reduced from
two to one cent on pints and from four
to two cents on quarts. The proyiSo rela-
tive to the taxing of stock in hand is as
follows:
All articles and preparations provided for in
this schedule which are in the hands OF manu-
facturers or OF wholesale or retail dealers on the
lst day OF june, 1898. shall be subject TO the
payment OF the stamp taxes herein provided
for bat il shall be deemed a compliance with
this act as 10 such articles ON hand in the
hands OF wholesale or retail dealers as af0re-
said, who not manufacturers, to efhx the
proper adhesive tax stamp at the time the
packet, box, bottle. pot vial, or other IN
closure, with its contents, is sold at retail.
Beer and manufactured tobacco and
cigars are not included in the schedule to
which the above applies.
The Excise Tax.
The excise tax on persons, firms and
interpretations provides that every person.
firm. company or corporation owning or
possessing. or having the care or man
agement of any railroad street railr bad.
sleeping car, canal. steamboat. ship
barge, canal boat. or other vessel or any
stage coach or other vehicle. except
hacks or carriages. not running on con-
tinuous routes. engaged or employed in
transporting passengers or freight for
hire. or in transporting the mails of the
United States. shall pay special annual
excise tax of Ia OF l per cent OF the gross
receipts; provided that this shall not in
clude any amount of the receipts for such
traffic etc. between the United States
and any foreign port.
This tax also applies to any person.
firm. company. or corporation carrying on
the express business; any person, hrm,
company, or corporation, owning or con-
trolling any telegraph or telephone line;
any life, fire, marine, or accident inSur-
ance or guarantee company, and IKE
tax is 10 be paid by the agent OF any for
eign person, firm. company doing busi-
ness in the United States; any person.
firm. or corporation. etc. carrying on the
business OF furnishing gas or electric light.
electric power. steam heat, or steam pow
er, refining petroleum or sugar. is subject
to a like tax. Finally. in order 10 cover
everything, the section levies the tax
against "every corporation doing business
in the United States, except religious. ed
ueational. benevolent. eleemosynary or
cemetery corporations municipal. other
public corporations; building and loan.
fraternal beneficiary societies, etc, oper-
ating on the lodge system and providing
for the payment of life, sick, accident, or
other benefit 10 the members of such So
eieties; associations which make loans
only TO their shareholders. nor shall cor
perations which buy and sell raw or IN
manufactured domestic agricultural prod
ucts be required TO pay any tax with re-
spect TO such dealings.
Every person, bank, association, COM
pany or corporation engaged in the busi-
ness OF banking shall pay special ex-
else tax which shall be equal 10 one
forty-eighth OF one per centGm each
month upon the average amount OF de-
posits OF money subject to the payment
by check or draft represented by certI-
ficate Of deposit or otherwise whether
payable on demand or al some future day.
And a true and accurate return Of the
amount of deposit as aforesaid shall be
made and entered mon -hly by each OF
such banks. associations. corporations.
companies or persons 10 the collector OF
the district in which any such bank, as
sociation. corporation. or company may
be located. or in which such person has
a place of business.
All the above corporations are required
to make a monthly statement TO the col
lector of internal revenue Of their district
of the gross amount of their receipts
The Inheritance Tax.
The inheritance tax one of fhe import
ant additions to the bill. excerpts personal
property from taxation below the value
OF s.. 080
The financial section directs the Secre-
tary of the Treasury TO coin the $i2, coo 00o
Of seigniorage in the Treasury and to i'm
mediately issue. in advance of such coin
age, silver certificates redeemable in Ike
manner as those now authorized by Law.
The Secretary is also directed, for the
purpose of defraying the expenditures
made necessary by reason of the existing
war against Spain, 10 issue 10000. 00J of
greenbacks.
The act takes effect on the day next sue
ceeding the date OF its passage
The Republican amendment 20 the
House bond scheme will undoubtedly be
agreed TO III the Senate.