Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1902-02-07
WILL CEASE JULY !. /
WAYS AND MEANS COMMITTEE
DECIDES TO REPEAL ALL -.
"..: = ,...,. e.
WAR TAXES. 4
Chairman Payne Is Instructed to Pre-
pare a Bil-Statement on Pro.
posed Measure Made by That Gen
tleman-Reducticn Will Amount to
81, 000,0O0-Present Balance In
Treasury ~$174, 100000.

Washington, Jan. 31.-The ways and
means committee, by unanimous vote. |
has instructed Chairman Payne to
prepare a bill repeating all the wal
revenue taxes except the tax on mixed
flour. The action taken was in the
form of resolution to the effect that
the bill should provide for the repeal
OF the remaining war taxes to take
effect ON July 1, 1902. The only divi.
sion in the committee was on amend.
ments proposed by Democratic mem.
bers. Representative Richardson OF
Tennessee proposed an amendment to
put trust-made articles on the free
list. This was defeated by a party
vote, as was the amendment of Rep
resentative Robertson of Louisiana to
continue the tax on bucket shops"
Representative Newlands of Nevada
offered two amendments, one except.
ing from the repeal the tax on petro.
leum and sugar refineries, and another
Imposing tax of one-tenth of per
cent on the gross receipts of any in.
dustrial corporation having receipts
OF 100000 annually. Both amend.
ments were defeated by party votes.
Chairman Payne made the following
statement on the proposed repeal:
"The treasury now has an available
cash balance of something over $174,-
100000. It is not likely that this will
be increased materially during the
present fiscal year, as the treasury is
buying bonds at a rate that will use
up the surplus to accumulate between
this and the end of the fiscal year,
June 30 next. The secretary of the
treasury's report estimated for the year
A Surplus of $1oo,ooo,ooo,
and subsequent results seem to con.
firm this estimate. The committee,
therefore, thought it was entirely safe
to repeal the remainder of the war
revenue taxes amounting to $68,00O,-
600, and the tax on tea of 100000,
in the aggregate S77,000,O0O at this
time. This will still leave a surplus
estimated on this years receipts and
expenses of $22,000,000 or $23,000,0OO
for the year, while we will start upon
the next fiscal year with $174,OOO, 900
available cash in the treasury. The
committee deems it wise to have the
repeal OF the tax on tea take effect on
Jan. next in order to enable those,
especially retailers and small dealers,
who have small stocks of the duty paid
goods on hand, to dispose of them be.
fore the repeal takes effect We can
provide a rebate on the tobacco tax
and guard against any fraud upon the
revenue for the reason that the in.
ternal revenue department has this
trade under close surveillance and can
and will take an account of the stock
IN the dealers hands on the first day
OF July next. But this will be impos.
sible as to teas, which come in as Gus
toms duties and of which the govern
ment has no account save as they are
imported in large quantities by the
importers. Continuing this tea tax to
Jan. will give US six months revenue
in the next fiscal year upon tea and
will make the ultimate reduction for
the next year Considerably less than
$75,O00,000. The bill will be present
ed to the house as soon as it can be
prepared" -