The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-06-24

81 "a ~ 1 -
would be derived therefrom. Counting out the i've
per cent bonds, about the taxation OF which there
no special jealousy, the total amount OF gold bearing
DoW Ss q sp' 81 arg Sea
Europe leaving but ST. $50 600 600 In this country TO
which taxation could in any event apply but Of this
81 $50 100000 more than 0ne-thrd or $425 600 900,
are held by the national banks and no form OF pro-
perry a pays 50 large a local and general , tax
tax, at the highest rate, they pay tax
to the general government amounting to
Of bonds we find but ss25 900 600 not taxed; but Of
this vast sum the savings banks hold SITS 600 as
an investment for their deposits and these deposits
receive no exemption from taxation by reason OF
being invested IN United States bonds This, then,
reduces i the sum total OF the untaxed bonds to
$3.50 900; but this sum Is TO be further reduced
by $50 900 held by the insurance companies and
stall further by 900 held by the fire and
rine insurace companies, the annuity trust COM
panies and numerous other corporations not readily
classed. All these investments in bonds by institu
taxation, and the sum total left untaxed is
reduced TO s495, 0o0, 900. Allowing that $780,
600 OF the i've per cents are in the
and it followed that less than s6OO,OoO,O00
OF government six per cents in this country go I'M
tiOn 1t would be found in the income returns recent
ly made throughout the country, disclosing that the
OF wea, ON
point will be accepted true even by the uncnaras
bic, when 1t is remembered that 1t was the intent OF
the parties making them to exaggerate rather than
depreciate the amount OF these government bonds
held by them. Thus 1t would be seen Mr.. Blaine
argued that II the power OF local taxation could
apply to the bonds less than one-thrd OF the whole
amount could be subjected to any more tax than
they pay to-day and II the power OF assessing TAX on
these given would prove OF no advantage TO the
community. The ready power OF property In bonds
would enable the holders to escape anu evade taxation
almost entirely, the tax lists OF the country would
not be increased an average OF one per cent. Mr..
Blaine reviewed at some length the proposition to
and contended that such q step would undermine
our credit at home and abroad 1t was in effect
simple proposition to reduce the rate OF interest ana
this could be done In far better and more straight
forward way. He paid tribute to the stand main
tanned by Congress in support OF the government
credit and to the noble declaration OF the Chicago
National Convention to the same great end.
At the CONCLUSION Of Mr.. Blane's remarks, at a
quarter before Ave o'clock, the committee took rs
cess till halfpast seven O'Clock this evening"
Evening Session.
The House reassembled at hafpast seven O'Clock
in Committee Of the Whole. Mr.. Blaine OF Maine, in
the chair and resumed consideration OF the Tax bill
Mr.. AisOn's amendment in reference to vinegar,
which was pending at the close Of the day session.
Mr. ALLISON then. in order to make the law clear
| and definite, offered an amendment requiring the
| tax on whskey used in the manufacture of vinegar
| to be paid, which was agreed to.
| No amendments other than verbal were made,to
sections four. five, six, seven or eight which regu-
late the internal management OF distilleries, the
fling Of bonds by dstillers, the propretorship Of
distleries and lots and the furnishing OF plans and
/ descriptions OF dlStlllerieS.
Messrs. INGERsOLL and KNOTT wanting to go back
to offer amendments to the sixth and seventh Sec
lions, and objection being made, motion was made
| that the committee rise, and division by telers
| showed that quorum was not present. The roll was
then called and ninety MEMBERSHIPS than quo
run-answered to their names. 'g tA
| Mr. SCHENCK wished to know whether, il further
proceedings under the call were dispensed WITH the
Committee would be allowed to go on with its bust
ness letting the will of the majority control the ques-
t0nsY f.e Id fr.- ra O.. l. .
In ynllA To nfYar m
| sixth section. rUl ~ !E .tfllI a
Objections were made In positive tone and then
the doors closed and the names Of the absenteeS
| were called for excuses. large number OF the alb
sentees appeared to he at their homes on leave and
for others excuses were made on account of SICK
ness ..~ .--,i.-.Lr... =. Il E. r.sai u f0l
to constitute quorum had collected at the doors,
and that fact being announced the doors were opened
and all further proceedings under the call were dis
pensed with, having consumed over an hour.
Mr.. SCHENCK asked leave to offer resolution d.
recting the Clerk TO make out full list OF the abb
sentees noticing opposite their names those absent
on leave, and to publish the same consplcu0nsty Id
Objection was made. rt.. 6.t II
Mr.. scHENcK said he would withdraw the resolu-
ton now wished the attention OF the country
drawn to the record that 1t might be known what
members attend to their duties and what members
| Mr. PRuYN remarked that the Globe would publish
the names OF the absentees without any such resou
MT. CoBURN, (rep.) Of Ind, stated that he was
corded on the Journal and in the Globe as having
voted Yesterday to refer 20 the Committee OF WAYS aS
puclic debt. He had voted against such reference.
The committee then proceeded with tee Tax bill.
Mr.. 1NGERSOLL again asked leave 10 Oner an
| amendment to the sixth section
| Several members objected. r
No amendment was offered to the ninth section in
| reference to the survey OF dstilleries.
Opposition was made by Messrs. Butler, Pruyn,
Ingerson and others to the tenth section which for
ment located within six hundred feet of any author
lied dstillery The section defended by Messrs.
Schenck Logan, Griswold, Allison, Eggeston, VIII
son. OF Iowa, and Others. The discussion was
lengthy and excited, and finally Mr.. Schcnck sug-
gested change OF verbiage, providing tina; If two
such establishments belonging to different persons
are within that conguity of each other neither shall
be licensed and that where they belong to the
person only one Of the establishments shall he
Mr. SCHEHcK, referring TO some remarks In the
course OF the debate as to the Committee Of Ways
and Means being Influenced by the aE&e dlstillcrs,
repudiated the insinuaton, and declared with some
warmth that he would not notice again any such
mean and contentemptible illusions.
Mr.. BUTLER replied to the last remark OF Mr..
Schenck, and commented upon the lecture which
the chairman Of the Committee Of Ways and Means
had delivered to the House yesterday, and which he
had again INDUCED In tonight. If the Committee Of
Ways and Means had not been Influenced by the
large distillers, 1t was most remarkaDic circum-
stance that the distance-six hundred feet-as re-
commended by those dstillers was an inch, tho
exact distance recommended by the Committee Of
The amendment offered by Mr.. schenck was
M: NuSens DEM Of ohio, offered an amend
assessor, &C., and have the duties performed by
state oficers Rejected. 80 +. :,
Mr.. HARDING, (repJ OF ILL.,, offered an amendment
that the act shall not be deemed to prohibit the pro-
ducton Of alcohol in distllery by primary continu
Finally at hafpast ten O'Clock the committee rose,
having disposed OF ten sections fourteen pages VI
the 1891, and the House adjourned. ~ 9t
THE LAKE ERIE DISASTER