White Pine news weekly mining review. [volume] (East Ely, Nev.) 1910-1920, 1914-10-25
War Revenue Bill Passes.

War Revenue Bin Passes.
Agreement on the war revenue
bill was reached Wednesday by senate
and house conferees at a sacrifice of
from SIS. 600. 900 to $40. 900. 600 in
revenue proposed TO be derived. At
the last moment the conference ELI
minated the proposed amendments to
the liquor taxes, rejecting the senate
amendments to increase the tax on
beer from $3.50 to s1.75 a barrel and
to impose a tax of 5 cents a gallon on
rectifed spirits.
In sacrificing thsse amendments
the conferees made no substitution.
Representative Underwood's proposal
to restore the tax of 2 cents a gallon
IN gasoline as contained in the house
bill having been rejected by the SEN
ate conferees. This action fixed the
lestimated annual revenue at approx
mately ss0.000.00O instead of $685.
900. 600. as contemplated in the SEN
ate bill.
Throughout the day the conferees
fought over the liquor tax and gaso-
line amendments. the compromise
proposal having been carried to the
President by Senator Simmons and
Representative Underwood. Final
agreement. however. paved the way
for early adjournment of congress
and leaders in both houses
planned to expedite adoption of the
report so that the session might be
tie following day.
Cotton legislation met defeat in the
house while the war revenue" con
ference was in progress, the measure
to provide for a quarter of a billion
additional currncy through the issu-
ance of United States notes or Pana-
ma cannal bonds being rejected by a
vote of 123 to 81. Lack of a quo
rum prevented action on the bill TO
permit national banks to issue cir
oulating notes based on commercial
papers up to 100 per cent of unim-
paired capital and surplus and also
on the measure to license cotton
warehouses.
The eel bill agreement fixed
the tax on beer at $3.50 a barrel
with the senate amendment for . per
cent rebate for prompt payment elimi-
mated. The senate amendment re-
iducing the proposed tax on bank
capital and surplue from 81 TO 81 a
thousand was retained. The senate
proposal to tax domestic sweet and
dry wines 5 cents a gallon with a tax
of 55 nj a gallon of wines also was
RETAINED. The senate amendment in
creasing the tax on tobacco manu-
faeturers and dealers was agreed &c
with few exceptions and the STAMP
taxes we're not disturbed. Stock
brokers will be taxed $40 a rear in.
stead of $50. The graduated tax OF
theatres also was changed slightly
the final rates being a follows
. Theatres with a seating capacity o
go or less will pay s25 a year; so
capacity $50; 500 capacity SIS; NOR
than SOC capacity s1oo a year.
Southern members of the hous
:, fought strenuously but in vain 70
the bill which would have authoriz
ed a deposit in national and stat
banks in the cotton and Tobacco
; states of s25O,O00.0 900 In govern
ment funds.
Chairman Glass of the bankin
and currency committee and othe
members on both sides declared tn
plan was utterly unsound' an
would contract the credit of the sout
rather than expand it. The cotto
belt members. led by Representative
Henry and Harwick, insisted that tn
plan followed past treasury policie
a and that the treasury often mad
large deposits of government fund
e to aver financial stress in the var
r Gus sections of the country.