New-York tribune., 1900-12-03
WAR TAX REDUCTION.
VIEWS OF VARIOUS INTERESTS ON THE
PROPOSAL TO CUT DOWN THE
INTERNAL REVENUE.

early day bill amending the War Revenue
law by reducing eliminating various taxes
with the object Of decreasing by about $4,000
600. or one-third. the sevenue At present col
lected under the law. has aroused discussion
among men in every lire OF business and called
forth suggestions and memorials from various
interests to the justice the necessity Of
Congress granting relief from the present
burden Of taxation. 1t is not thought likely that
any change win be made in the legacy taxes i'm
posed by the War Revenue act nor has there
been heard from any quarter a suggestion for
such action.
The stamp tax schedule however it is be-
heved will be materially altered. among others.
The tax on conveyances-5O cents where the
value exceeds 800 and does not exceed $500. and
80 cents for each additional $500 or fraction
thereOf-is one which is likely to be reseinded
for it is not only costly but has also been
much objected to rendering it impossible to
effect a conveyance on private terms. The
noying little one cent tax on telegraph and tele-
phone messages and express receipts is also
likely to be abolished. it is said.
The stock brokers are pretty well recOnetIed to
their $50 annual tax. although not a few OF
them at first tried to evade it's payment; and
they also not dissatisfied with one phase OF
the tax of 81 or each sale or agreement to
sell 100 shares of stock. Many Of the Stock
Exchange room traders. however. are understood
to complain that this tax should be imposed
only when there is actual change in the
ownership of the stock sold and a new certificate
is issued; and not. as now. whether or not a new
certificate is issued Some of these brokers.
under the law as it stands. pay each from
$4,000 10 $4,000 a year in stamp taxes on sales
Of stock
PRODUCE EXCHANGE MEMORIAL.
The members of the New-York Produce Ex.
Revenue law affecting them as burdensome in
several respects. and their views have been set
forth in the following memorial which has been
prepared by the President. Elliott T. Barrows.
for presentation to President Mckinley and to
the members of the House and Senate:
AT the request Of the Board Of Managers OF the
NsT-Y0rR Ri; Produce ExehEange have the honor to
merchandise sold on exchanges and of the special
produce exported from the Atlantic seaboard. in
Guiding grain % Hour and provisions has been for
change. These contracts subject to a stamp
exported produce is sold upon exchanges this tax
is in great measure tax upon exports. In addi-
pay stamp tax Of two cents 500 on every
t ogsal S anS 6i6t 6GPeas d e I eI esc9sgg la "
10 cents upon a bill of lading
the purpose Of paying tor t6s same there IS prac
tcallystax Of five cents 500 on All export busi-
margins Of profit, and the exporters Of grain have
and the Argentine Repn6iic and European buyers
w % % not gye pTes5enGe 70 AerG1a % SlPmsnts
exporters stamp tax Thls STAMP tax Therefore
farmers at disadvantage in competition with the
products Of foreign countries. We believe that tax
discourage commerce aqa that every T, unnecessary
ouI9eh pIaceC upon upon .IadG tellus 20 llt ~ b'
upon the producer. aud the effect OF the stamp tax
to the producer and to subject the exporters to
competition which tends TO decrease the amount OF
trade
Commercial exchanges are recognized as aids to
difhcult if not impossible to market the produce
of the Western grain fields Their continually ex-
erted influence in keeping down freight rates their
agreements with elevators and railroads for bulk
established and well known grades. their foster
ing OF commerce in every direction their rules
trade and enforcing high standard Of CONNER
cial honor are OF tncaleulaole value 20 the com
meTce of the country. They provide regular mar
kets where al transactions open and guarded
public service they ask no aid from State or Gov
ernment, but only freedoem from special burdens.
tax is practically imposed upon the facilities fur
nished oy such exchanges : Tor 5 qoIns business
which formerly were had on the Exchange are now
or in the offices Of the merchants and the tax is.
therefore injurious to our Exchange. IL seems 70
members The same sale which is taxed if made
at any exchange goes free il made elsewhere. Com
merciaI exchanges are not the enemies, but the
of tTansactions on the New-Yors Produce Ex-
change made in the actual prodGct, ana are
part of the commerce OF this port Inc speeulatlve
trade has been declining for number OF years,
exchange activity. In calling this matter to your
attention we are showing our solicitude for the
which is essential 10 our National prosperity.
Much of what have said is apDlica5le also to
We desire to call this matter 70 your az atsenu9n, M
sincerely hoping that you will lend your AID IN m
ducing Congress to relieve US from the burden OF
this tax.
1t is understood that similar representations
are to be made to Congress on behalf OF the Cot
ton and Coffee exchanges.
THE PATENT MEDICINE TAX.
It Is likely that Schedule B will be repealed in
great part This schedule includes a tax on
proprietary medicines which is regarded dis
eliminating and unjust. The manager Of such
a medicine said few days ago:
On business Of 100000 year the tax amounts
to $4,000 II is true that the tax Is only "a per
DTistor % sgtsr allowing the retailers and fobbers'
profts realizes only about one-half of the retail
cent. in additon 10 this IL costs about per cent
10 affix the revenue stamps. making an actual tax
business. No legitimate business stand such
tax tax
The question OF repeating certain clauses OF
the war tax which affect the interests of law
yers bankers and brokers. excites little interest
at present Such is the belief Of Carl A. De
Gersdorff. Of the firm Of Seward. Guthrie &
Steele. at No. 40 Wall-st
Every one is 50 prosperous he said recently.
that one rarely hears complain OF the
war taxes. Even the brewers are rather ir
favor of the retention OF the tax on the articles
they manufacture. They prefer retention TO a
lowering Of prices. Some OF the brokers. who
make a large number of small transactions each
day. are anxious to be relieved OF the tax. Such
is the case too with those who effect many