Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1866-06-20
Men the Frontier,
Washington News.
Ihe IRN RiII.

WASHINGTON, June l9.-The Senate Fl
nance Committee in their amendments TO
the tax bill include in the free list tho fol-
lowing.
P-ussiate of potash, rvto-ts 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, ropes
and cable, made of vegetable fbres, peat,
printing paper, of all descriptions, and
tarred paper for roofing and other purposes,
fish pla'es, saltpetre, safes, looms, spinning
machines, pumps, engines, hot and cold
water furnaces, sewing machines, spOkes,
hubs, bows, and fellOes, wood tanks and els
terms for crude and mineral oil, rail made
and fitted for railroads, sugar from corn,
flours of sulphur and sulphur flour, paints,
oils and spices, wine made of grapes, cur
rants or other fruits and rhubarb.
The Committee propose to strike out from
the proposed free list iron bridges and cast
ings for bridges, reapers, mowers, threshing
machines and corn shelters and wooden
ware, and sulphate of bargets.
The following substitute for section II Of
the tax bill was also reported by the Senate
Finance Committee yesterday.
SEC. IA. That the capital of any State
bank or banking association which has
ceased or shall cease 10 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
be capital as it existed Immediately before
such bank ceased TO exists or was converted
as aforesaid, and whenever the outstanding
| circulation Of any bank, association, cor
poratiOn, company or person shall be re-
| duced TO an amount not exceeding ) per cent
of chartered or declared capital at the time
the same was issued, said circulation shall
/ be free from taxation, and whenever any
| bank has ceased to issue notes for circula-
| ton, it shall deposit in the Treasury of the
| United States, in lawful money, the amount
/ of its circulation, to be redeemed under
| such regulations as the Secretary of the
| Treasury shall prescribe. 1t shall be ex-
/ empt from any tax upon such circulation,
| and whenever any State bank or assOcia-
/ ton has been converted into a national
| banking association, and such national
| banking association has assumed the liabili-
| ties of such State bank or banking associa-
| ton, including the redemption of its bills,
| or BY any agreement or understanding what
ever with the representatives of such State
/ bank or banking association shall use the
/ bills of such State bank or banking associa-
tion, such national banking association
/ shall be held to make the required return
| and payment on the circulation outstanding
| so long as such circulation shall exceed five
| per cent. of the capital before such conVer-
sion Of such State bank or banking assOcia-
| IiOn.
That the act of March 10, 1864, to declare
the meaning of certain parts Of the Internal
| Revenue act, be amended by striking out
sections s, and ), and inserting the follow
| ing: That it shall be the duty of all persona
| required to make returns, or list of revenue,
ar lists of articles or objects charged with
an internal tax, TO declare in such returns
or lists whether the several rates and
amounts therein contained are stated ac-
cording 10 their value in legal tender money