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The Times News
Hendersonville, Henderson County, North Carolina
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Congressional delegations from metal mining states organize to oppose provisions in President Roosevelt's tax bill that could allow the government to seize a large portion of net revenues from gold and silver mines in the West, potentially spelling ruin for the industry. Rep. James C. Scrugham of Nevada discovered the issue and called a conference for amendments.
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Discover Government Can
Seize Large Portion of
Net Revenues
WASHINGTON, July 30. (UP) Congressional delegations from the metal mining states organized hastily last night to fight provisions of President Roosevelt's tax bill which they contend would spell ruin for the gold and silver mines of the west if enacted.
Rep. James C. Scrugham, D., Nev., yesterday discovered that present provisions of the bill would permit the government to seize, by means of an excess profit tax, a large percentage of the net revenue obtained from the development of a vein, pocket or placer deposit of gold or silver.
The Nevada Democrat then informed members from the other mining states of the "joker" in the bill and a conference was called for today to formulate plans for amendments to correct the situation.
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Location
Washington
Event Date
July 30
Story Details
Rep. Scrugham discovers a provision in Roosevelt's tax bill allowing government seizure of mining revenues via excess profit tax, informs other mining state members, and calls a conference to plan amendments to prevent ruin for western gold and silver mines.