Washington, June 11.
DOPTING the Treasury's amendment exempting all but speculative profits from the 50 per cent. tax imposed in the House of Representatives measure, the Senate to-day passed the Administration's Silver Bill by a vote of 54 to 25.
Observers here believed this afternoon that, if the conference between representatives of the House and Senate adopts this amendment, regulations to be sued by the Treasury Department probably will exempt from taxation bankers operating in New York silver futures in conjunction with the legitimate financing of trade between the Far East and the United States, In this connection, it was pointed out that it is the practice, when buying Shanghi exchange to sell simultaneously New York silver futures, wherefore a decline in the New York market would place bank~ ers in the impossible position of having to pay a 50 per cent. tax on profits in that market, without being allowed to deduct corresponding losses in Shanghai.
Exemption of all but purely speculative prams would remove this insur mountable obstacle to the financing of trade between the United States fand Oriental countries The Senate amendment also, would exempt from taxation profits den through mining or Industrial opera-tons.
"Three attempts to amend the Silver Bill were defeated, the final effort coming when Senator Henrik Ship~ stead, ¥armer-Labourite, of Minhesota, made a surprise move by offering the Patman Soldier Bonus Bill, already passed by the House, as This highly inflationary amendment was defeated by the Senate by a vote of SI to 31.
Defeat of this amendment was interpreted as dooming the bonus issue completely so far as any action tat the present session of Congress concerned.
An amendment offered by Senator Huey Long, Democrat, of Louisiane providing for the free and unlimited coinage of silver at the ratio of be tween sixteen and seventeen to one, was defeated by a vole of 59
Text read from the printed page and cleaned; old type leaves the occasional error.