The times., 1898-06-10
Conference Committee Quickly
Reaches a Decision.
HOUSE SCORES BUT ONE POINT
The Reduction of the Coinage of
the Silver SeiGniOrage II DinSley
Victory-The Tax on Stocks on
Will Probably Adopt the Report
by Tomorrow.

it went after its concessions being in the
main immaterial and unimportant. The
House yielded all along the line. as the
House always does. The only important
matters in which the House gained an ad-
vantage was the reduction of the coinage
of silver provided for In the seigniorage
amendment of the Senate, from $4,000 600
month to $l,5O0,0oO; in forcing the Senate
to tax tobacco stocks on hand, but at a
figure equal only to one-half the increased
tax imposed; eliminating the taxes inn
posed on all receipts; in cutting down the
tax on proprietary medicines, and in in
creasing the amount of bonds authorized
to be issued by 500, 900. The Senate
yielded absolutely on but eleven amend
ments, while the House gave in to 155.
In all the other cases where substitutes
or further amendments were agreed upon.
the Senate practically had its own way.
The tax on tea. or. more strictly speak
ing, the duty OF 10 cents pound on tea,
was agreed TO by the managers on the
part of the House without a word of pro-
test, and there seemed to be a great deal
of satisfaction in getting an opportunity
ley made a big fight to prevent the
elimination of his provision taxing to-
bacco stocks ON hand, and, although he
was not altogether successful, still he
saved the Government in the neighbor-
hood of 100000. For weeks the manu-
facturers have been unloading manufac-
tured stocks upon the jobbers, the job
hers being only too glad TO buy all they
could set their hands on, for they had
every assurance that the stocks on hand
would not be taxed.
The agreement reached by the confer
ees taxes every pound OF this stock, and
will force the jobbers to pay at least
half of the profits they expected 10 make
by reason of their big stock that would
not take the increased tax into the cof-
fers of the Government instead Of into
their own pockets. The change matters
little to the small dealers or the con-
sumer The small dealer is already pay
ing the advanced price on account of the
increased tax and the consumer began
TO pay il the moment the joober began 10
put up the price on the dealer. The only
person hit by the conference agreement
IS the jobber, for every pound of tobacco
the manufacturers have on hand Is re-
quired TO pay the increased tax anyhow.
One of the biggest victories the House
made over the Senate was in the reduc-
ton of the tax on proprietary medicines.
perfumery. and cosmetics. The Senate
committee evidently had It in for these
things. and taxed them I per cent on the
retail valuation of all their products
The Chiffon amendment, which put every
thing manufactured under a patent right
or trade mark in the same category was
passed by the Senate by majority Of
ten votes and was successfully used as
club to force the conference committee to
reduce the rates The Senate had imposed
The patent medicine men gained by the
operation by having about one-third the
taxes imposed taken Off
The House agreed to the conference re-
port before adjournment, and the Senate
viii probably take the report up today
and begin its consideration. Such rapid
progress cannot be expected in the Sen
ate, for there is no method of limiting
debate, but it is believed that by tomor-
row night the report will be agreed 10.
The only question that will probably
cause any discussion in the Senate is
the change made in the seigniora ge
amendment The House has agreed TO
the tax on the gross receipts of certain
corporations, and those matters are re-
moved from the field of discussion. The
President will sign the bill the moment it
IS presented to him. With such excep-
tfons as are enumerated in the bill from
time to time. the act will take effect
on the day after its passage.
The Senate action in providing for the
coinage of silver bullion at the rate of
not less than $40OO.O00 month, came out
of the conference in the shape of COM
promise which requires not less than
| 81. 500. 600 to be coined monthly. The text
| OF this amendement is as follows:
Section 81 That tile Secretary of Treasury is
hereby authorized and directed to coin into stan
dard silver dollars rapidly the public INFER
ests may require TO an amount, however, CT not
less than one and one-half million OF dollars in
each month"; all of the silver bullion in the
Treasury purchased in accordance with the pro-
visions OF the act approved July IA, 1880, entitled
'.An act directing the purchase OF silver bullion
and the issue of Treasury notes thereon and for
other purposes and said dollars when so coined,
| shall be used and applied in the manner and for
the purposes named in said act.
The spirit of compromise also settled
the bond issue scheme, the total amount
of the bonds authorized being increased
from $500, 600 0O0 to S400, 200 $50, the Senate
| thus adding S103, LOCO to its amount, and
| the House agreeing to a reduction of the
same sum. The text of the bond pro-
| vision has also been modified so that the
proposition in it's entirely will read as
follows:
Section g. That the Secretary of the Treasury
is authorized to borrow from time to time, at a
rate OF interest not exceeding three per centum
per annu, such or sums Us, III his judgIn
may be necessary TO meet public expenditures
and TO issue therefor certificates of Indebtedness
in such form as he may prescribe and in de-
nominations of $50 some multiple of that sum ::
and each certificate so issued shall be PAYABLE
with the interest accrued thereon, at such time
not exceeding Cne- year from the date of its is
sue. as the Secretary of the Treasury may pres
crbe: Provided, That the amount of such ceFti-
Gates outstanding shall at iima exceed
$780, 900 600 and the provisions Ct existing law
specting countereiting and other fraudulent prac-
tices are hereby extended the bonds and certi-
ficates of indebtedness authorized by this act.
Section 33 That the Secretary OF the Treasury
is hereby authorized to borrow ON the credit CT
the United States from time to iire as the pro-
ceeds may be required TO defray expenditures
authorized on account of the existing war (such
proceeds when received to be used only for the
purpose of meeting such war expenditures) the
sum OF 500 600, ,000 so much thereof as may
be necessary. and to prepare and issue therefor
coupons or registered bonds of the United States
in such form as he may prescribe and in de-
nominations of $50 or some multiple of that sum-
redeemabe i'll coin at the pleasure OF the Unit, d
States after years from the date Of their is
SIZE and PAYABLE twenty years from such date and
bearing interest payable quarterly in coin at the
rate of three per centum per annum: and the
bonds herein authorized shall be exempt ON all
taxes or duties OF the United States, as well as
from taxation in any form by or under State,