Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-06-20
FROM WASHINGTON
The Tax Ell.

WASHINGTON, June 19.-The Senate FL
nance Committee, in Its amendments to the
tax bill include in the free list the fellow
ing: prussiate of potash; retorts and tiles of
clay; stamped copper bottoms; deer skins,
smoked or not; oil; dressed India rubber
springs, used exclusively for railroad cars;
iron drain and sewer pipes; cordage, rope
and cable made of vegetable fibres; peat;
printing paper of all descriptions; tarred
paper for roofing and for other purposes;
saltpetre. safes, looms, spinning machines,
pumps, steam engines, hot water and hot
| air furnaces, sewing machines, spokes, hubs,
bolts, felloes, wood tanks and cisterns for
crude mineral oil, sugar from corn, flour of
| sulphur and sulphur flour, paints, oil and
spices wine made of grapes, currants or
other fruit and rhubard.
The committee propose to strike out from
the proposed free list iron bridges and cast
ings for bridges, reapers, mowers, threshing
machines, separators, corn shelters, wooden
clocks and sulphate of barities.
The following substitute for section IA
of the tax bill was reported by the Senate
Finance Committee Yesterday:
SECTION a. That the capital of any State
bank or banking association which has
ceased or shall cease to exist, or which has
been or shall be converted into National
Bank, for all purposes Of the act to which
this is an amendment, shall be assumed to he
the capital as it existed Immediately before
such bank ceased to exist, or was converted
as aforesaid, and whenever the outstanding
circulatin of any bank association, corpora
ton, company, or person, shall be reduced
10 an amount not exceeding five per cent Of
all the chartered, or declared capital exist
ing at the time the same was issued was
paid circulation, shall be free from taxation,
and whenever any bank which has ceased to
issue notes for circulation, shall deposit in
the Treasury of the United States in lawful
money, the amount of its outstanding circu-
lation is to be redeemed at pa-, under such
regulation as the Secretary of the Treasury
shall prescribe. II shall be exempt from
any tax upon such circulation, and whenever
any State bank or banking association has
been converted into National Banking AssO-
citation, as such National Banking Association
as opened liabilities of such State bank,
or banking association including the re-
demption Of its bills, or BY agreement or IN
derstanding whatever, with representatives
of such State bank or banking association
shall use the bills Of such State bank or
association such National banking association
snail he held to make the required return,
and payment on the circulation outstanding,
80 long as such circulation shall exceed 5
per cent. Of the capital, before such con-
version of such a bank or association.
That the act Of March is, 1864, to de-
clare the meaning Of certain parts Of the in
ternal act, be amended by striking out
sections 8, 4 and 5, and inserting the follow
ing:
at shall be the duty of all persons required
to make returns or lists Of revenue income
aud articles or objects charged with internal
tax, to declare on such returns or lists
whether the several rates and amounts
therein contained are stated according to
their value in legal tender money"