The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1901-02-01
REVENUE REDUCTION.
Senate Makes a New Bill in CUT
ting Revenue Taxes.
Amount Cut Off Amounts TO About the
Same as That of the House Bill
Fight in Prospect.

Washington, Jan. Ex-senator Aid
rich Of the finance committee today
reported the amended war revenue re-
duction bill. 1t is new bill rather
than amendments to the house bill,
though it provides for about the same
amount of tax reduction, $40 600, 000
The senate committee bill is regard
ed by the senators as an Improvement
on the house bill, but it is not accept
able to the members of the house,
especially the members of the ways
and means committee, who claim that
the senate committee has again over
stepped the bounds by pr eparing a
revenue bill instead of simply of
amending a house bill. Members of
the ways and means committee expect
the new bill to pass the senate, but
say that it will not be acceptable to
the house and they predict that there
will be long struggle in conference.
The taxes repealed make a substan-
tial list. They include the special tax
on commercial brokers, promissory
notes, bills of lading on exports, all
bonds except for indemnifying pur
poses, certificates of deposit, of profits
and of damage; charter party con-
tracts and brokers note contracts,
leases of property and mortgages are
relieved from the war tax burden
foreign passage tickets and proxies,
noted protests and all others. telegraph
dispatches and express receipts are
made free, warehouse receipts also are
included.
1t is provided that in the taxable
list life insurance companies hall pay
4 cents on each 500 of insurance, ex-
ceptions being made in favor of in
dustrial companies which are re-
quired to pay the nominal percentage
of the first weekly or monthly pre-
MUM 20 per cent in the first case and
per cent in the latter. Fraternal,
beneficial and relief associations oper-
ated for the exclusive benefit of mem
bers are exempted from the insurance
tax. Marine, inland, fire, casualty,
guaranty and fidelity insurance COM
nanies are 70 pay annually Il of / ger
cent on the gross premium receipts
Deeds of conveyance for real estate
when the consideration exceeds So, 500
up to So, 900 are to have a % cent
stamp, with % cent stamp for each
$500 or fractional part thereof in excel
of So, 900.
A special provision taxing bankers
81 on each 81, 600 of capital and sur
plus sued or employed by them is
drawn to include bucketshops. No
change has been made on the tax on
legitimate stock operations The COM
mittee believe that the methods sug-
gested for relief would but open the
way to avoid taxation. The taxes on
proprietary medicines are reduced one
half, except where the formula of the
medicinal preparation is according to
the United States pharmacopeia or the
national formulary. The medicines to
be designated by the name or title de-
nominated in the official publication
named are to be free of taxation.
Medicines bearing conspiciously upon
their packing or label the formula for
provided that such medicines or pre-
parations are not advertised on the
package thereof or otherwise to the
public by the makers, vendors or pro-
prietors as a remedy or specific for any
disease or ailment but no tax shall be
imposed upon such medicine or medi-
cinal preparation the proper name or
title of which may indicate its specific
use to physicians or pharmacists in
their practice. Physicians prescrip-
tions are exempt from tax.
Packets, boxes, bottles, phials or
other Enclosure of medicine are to pay
tax on one-tenth of 1 cent where the
price is 10 cents and one twentieth of
l cent for each additional cents on
the value.
The civil revenue tax on cigars of
more than three pounds per thousand
is made So. 20 per thousand. On and
after the first day of July, 1901, the
interior tax on beer is to be reduced to
81. 80 by allowing discount of % per
cent on all sales of stamps to brewers.
The tax on manufactured tobacco and
snuff is reduced from IL cents to 8
cents by the allowance of like dis
count. The discount allowed to
brewers is to be in lieu of.the discount
of ~ per cent now granted on the
tax of So. A special discount of 1 per
cent is provided for the imprinted
stamps on bank checks, drafts or other
instruments.
1t would seem that the most import
ant items are the reduction of the beer
tax from 50 to 81 80 which the house
had reduced after bitter fight to 81. 60
fiat, the abolition of telegraph and ex-
press receipt stamps, the tax on
bucketshops transactions and the ex-
emption granted to proprietary medi-
cines with registered formula.
Mrs. T. NJ Edmands entertained her
C--lo1, aoboo1 class Lost auop;pn Ro-