Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1914-10-22
~Ejfiae1-tQ Twenty NIL
lion Dollars a Year Is Sac
dficed in Compromise Be-
tween Senate and House,
gEER TAX INCREASE IS
STRICKEN FROM MEASURE
FIGHT Over Liquor and Gas
oline Amendments Lasts All
Day; Early Adjournment Of
Congress in Prospect,
.o,s,aa ,oosn., .-sei.. ls...o w,.,i

washington, oct Enlargement
an the war revenue bill was reached
TODAY by senate ana house conierees
At a sacrifice Of from Is to 80 mill
ion dollars In revenue to be derived.
Al the last moment the conferees
eliminated the proposed amendments
ia the liquor taxes rejecting the sem
ate amendments to increase the tax
an beer from $50 to $i.75 a barrel,
and 10 impose tax OF five cents a
gallon on rectfed spirits.
In sacrificing these amendments the
conferees made no substitution. Rep
resentative Underwood's proposal to
restore the tax of two cents gallon
ON gasoline as in the house bill, was
rejected by the senate conferees. This
action fixed the estimated annual rev.
enue at the approximated 90,000,O00
instead OF S105, 100000 as contemplate
ed in the senate bill
Throughout the dag the confereees
fought over the liquor tax and gasoline
amendments. the compromise proposal
having been carried to the president
BY Senator Simmons and Rep. Tn
derWood Final agreement, however
paved the way for early adjourn
ment of congress and leaders in both
houses tonight planned TO expedite
adoption Of the report so that the
session might be ended tomorrow
night The agreement will be report
ed to the house at 10 o'clock tomor-
row morning and will be taken up in
the senate Immediately after the house
acts The cotton legislation met de-
feat in the house while the war rev
enue conference was In progress, the
measure to provide for "a quarter of a
billion additional currency through
The issuance Of United States notes
or Panama canal bonds being reject
ed by vote Of l23 to 81.
No Quorum Present.
Lack of a quorum prevented action
on the bill to permit national banks
to issue circulating notes based upon
commercial paper up to 100 per cent
of unmpaired capital and surplus ana
also on the measure to license cot
ton Warehouses. Indications tonight
were both Of these measures would he
"pocketed" in the rush for adjourn
ment tomorrow.
The war revenue bill agreement
fixed the tax on beer at $l.J0 bar
rel. with the senate amendment for a
five per cent rebate for prompt pay
ment eliminated The senate amend
ment reducing the proposed tax on
bank capital and surplus from $2 to
ST per 81 900 was retained. The senate
proposal to tax domestic sweet and
dry wines cents gallon with tax
Of So cents gallon on brandies used
in the Qualifications of wines also was
retained The senate amendment on
tobacco manufacturers and dealers
was agreed to With the following eX-
ceptlons and the stamp tax was mol
disturbed Stock brokers will be taxed
$50 year instead OF $50. The grad
uated tax on theaters also was chang
cd slightly, the final rates being az
follows
Thcatcrs Must Pay.
Theaters with seating capacity OF
$50 or less will pay $25 year DOC
capacity $50; 500 capacity So more
than $500 capacity 500 a year
Southern members Of the house
fought strenuously but in vain for the
BIZ which would have authorized
deposit in national and state banks II
cotton and tobacco states Of S2oo,
100000 in government funds
Chairman Glass of the banking ant
currency committee. Republican Lead
or Mann and others in opposition OF
both sides declared the cotton plaI
Was utterly unsound" and would con
tract the credit of the south rather
lhan expand it. The cotton belt mem
bels led by Representatives Henry anf
hardWick insisted that the plan TOT
leWed past treasury policies and ina
the treasury often made large deposits
q government funds to avert financia
stress in the various sections Of IN
country