Rensselaer Democrat, Volume 1, Number 4, Rensselaer, Jasper County, 6 May 1898 — FOR WAR REVENUE. [ARTICLE]

FOR WAR REVENUE.

Emergency Taxation Measure Ta Approved by the House. The war revenue bill passed the House Friday afternoon at 6 o’clock by a vote of 181 to 129. The affirmative vote was cast by the Republicans and Messrs. Cummings, Driggs and McLellan of New York, Fitzgerald of Massachusetts, MeAleer of Pennsylvania and Wheeler of Alabama, Democrats. The negative votes were cast by the Democrats, Populists and Silver men and Messrs. Tierney of North Carolina and Thorpe of Virginia, Republicans. The point at difference was the proposed issue of $500,000,000 of bonds, with the proceeds of which to obtain funds to carry on the war with Spain as fast, and whenever, it should be necessary. The bill as finally passed contained important changes as follows: Making the increased tax on beer apply to stocks placed in cold storage pending che passage of the bill; authorizing the sale of packages of fine-cut chewing, as well as of smoking, tobacco of two and two-thirds ounces; reducing the tax on tobacco dealers from $24 and S4B per annum to sl2 and $24 respectively; exempting Jelegraph messages sent under franks from a tax; taxing promissory notes secured by mortgage on real estate 25 cents; making all telephone messages upon which a toll is charged taxable at from 1 to 5 cents, according to the charge; taxing life insurance policies issued upon the industrial or weekly payment plan a cent for each unit of 5 cents of weekly payment; exempting co-operative assessment companies. A new schedule of taxes on premiums paid for property insurance, which was also made to include policies of reinsurance and those issued upon profits and titles, was inserted—lo cents on all premiums between SIOO and SSOO, and $1 on all exceeding SSOO. Warehouse receipts given for agricultural products deposited by the actual grower thereof in the usual course of business for sale are exempt. The tax on proprietary medicines, articles or preparations selling at from 10 to 25 cents, was made one-half cent; the tax on each dollar package of chewing gum, or part thereof, 5 cents. Mineral waters were taxed one-quarter of a cent a pint. The appropriation out of the tonnage tax receipt for the marine hospital service was reduced to $550,000, and the minimum bond to be sold by the Secretary of the Treasury was reduced from SSO to $25. to bring the bonds within the reach of as many people as practicable. Amendments rejected were offered by Mr. Handy of Delaware and others, reducing the amount of bonds authorized to be sold from $500,000,000; by Mr. Lewis of Washington, making the bonds payable in standard gold or silver coin—loß to 136; by Mr. Brucker of Michigan, making the bonds payable at the option of the Government in either gold or silver at the present legal ratio of 16 to I—lll to 135; by Mr. Shafroth of Colorado, making them payable one-half in silver and onehalf in gold; by Mr. Vincent of Kansas, making the rate of interest 1 per cent; by Mr. Barlow of California, making the bonds redeemable in lawful money instead of coin. Mr. McMillin's income tax substitute for the bond issue was rejected—l 23 to 143. The debate was participated in by Messrs. Dingley, Hopkins, Newlands, Shafroth, Walker, McMillin, Grosvenoi and Berry.