The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1898-04-26

revenue war taxes that can be collected
by the existing internal revenue omclais;
slightly increased, with small adultlollai
expense, and with the minimum disturb
ance of trade. although they are an eaNes s.es
which are unwelcome, and which II wouia
not have been necessary to impose IL war
had been avoided.
sWhile All Of the additional taxes are
war taxes, which would be naturally re-
pealed or modified when the necessltles
of war and the payment OF Wal eApel'ses e
have ceased, yet it is impossible now TO
place limit on them, not only Tor the
reason that no one can itnelligently 1ore-
cast the length of the war, but also LOT
the reason that war always Drlnss tram
of extraordinary expenditures. which 90
not terminate with the close OF actual
hostilities. 1t is evident that Il Will pc
necessary in order to mainaln the pupHc
credit not only to raise the additional rev.
enue provided by the accompanying Dill,
but also to authorize the Secretary OF the
Treasury to borrow on the credit OF the
Government from time to time, as ne pup-
lie necessities will require.
I'VE have. therefore, authority to issue
and sell not exceeding so0o000,O0o OF ten
twenty-three per cent coin bonds to be
offered as a popular loan believing as we
do that all bonds 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
redeemed at the pleasure of the United
States, not only because we regard II
necessary to do this IN order TO secure
but also because the fact that the one
hundred million five per cent. loan OF
1904 and the large four per cent. loan OF
1907 would inevitably be paid or rerund-
ed by the government before a three per
cent. bond would be redeemed, makes a
bond that can b redeemed at the end OF
ten years as desirabl to issue as one that
can be redeemed at the end of five years.
"In view of the fact that 1t will be nee
essary in a very few weeks before the
proposed war taxes can bring results and
~ ho faas c11f fbsor
to provide means to meet the rapidly
augmenting war expenditures, authority
is given the Secretary of the Treasury to
temporarily borrow money, in no cose ex-
ceeding one year, by the issue of three
per cent. certificates OF indebtedness II
is important that the Secretary of the
Treasury shall have this authority IN any
exigency that may arise in the future.
Mr.. Dingiey gave notice that the rev.
enue bill would be called up tomorrow at
noon, general debate to continue tomor-
be considered for amendment under the
five minute rule until four O'Clock when
vote should be taken. The minority has
agreed to this arrangement and the or
der was entered
At the meeting of the Ways and Means
Committee today Mr.. Bailey, on behalf
of the Democratic minority, offered the
substitute agreed upon by them for the
proposition in the bill authorizing the issue
of $500, ,000. 600 coin bonds. 1t provided for
an income tax of three per cent. on in
comes from all sources in excess OF ", c0O.
State county and municipal bonds. now
ever, were excepted from it's provisions
to meet the unanimous decision of the Su-
preme Court in this respect. the minor
ity estimated that such an income tax
would raise 500 100000. Coupled with it
was the proposition 10 coin the silver
seigniorage, which at present amounts to
$42, ,000, 900. The substitute was voted down
by strict party vote. No amendments
were offered to other provisions of the
bin, owing to the lack of time.