New-York tribune., 1870-06-03

whether held at home abroad He argued that thas
would he ample substitute for the income tax which
not particle reputation in It, because all who held
these bonds were bound on overy principle OF RECIPROCITY
to contribute to the support OF the Government WHICH
rendered their property valuable and safe.
Mr. JUDD ReP I'D explained m n fhe s5o ae%nem sGonn on
bonds, notes, securities and all that class ot property
II struck out all relating to the business OF ihe e%
derived from trade, which he believed the trader charged
over TO the consumer II left TO be taxed al
derived from speculation In real estate anu n'Vto
ducts If tho amendment were adopted 1t would leave
the tax 10 he imposed the invested anu leahu rap
"a Mr. BR0OKs d:ep. Mass.j offered an amendment
striking out the provision recurring man =" "o'ou"'
Mr. H0AR dsep. MassJ offered an amendment prohib
iting the publication of income returns ,..
Mr. BECK Dem. Kyl offered an anendinent reuucins
the number OF persons 20 be allowed deductions III re
ligous or social communities from ten to eight
Mr. DAWES Qiep, hass.) moved 10 reduce INC huhpcr
Mr' ROOTS Rep.. Ark) admitted that the win Of the
peope should he attended TO in regard to taxation but
he believed the will Of the people In regard 70 the
income tax that IL should not be retained was
with people taxed az with the man who had the boil on
his nose and who. when asked where he preferred to
have IT, replied: well, believe would rather nave IL
on some other body" tLaughterl
Mr.. HOLMAN Dem. lnd) offered an amendment Inn
posing tax of ten per cent in the interest on Govern
Mr. AMBLER Gep Ohio offered an amendment re,
qurng legacies and SUGGESTIONS when not direct from
the descendant to his wife or family to be accounted Tor
as an income ,o,,cu
Other amendments were offered by Messrs. LoUGH-
RIDGE, CLEVELAND, AXTELL and others. -,
Mr. ANTELi, Dem. CALI regretted that ne cOulu
have had opportunity to express his views III hVe
minutes. =,
The SPEAKER remarked that there were forty other
gentlemen I'm the sOsitiOn. -
Further amendments were offered by Messrs. MAY
Ram, LAFLIN, BURCHAHD, TOWNSEND, Ella,
LYNCH, and INGETSOLL.
MIR sCHENCK ORep., Oho) closed the discussion. He
said that the Committee had proposed to reduce the IN
come tax by increasing the exemption 10 N,5O, when
would he reduction of nearly 100000. HsOwn opinion
that that about much as could be safely done
at this time But he not at all prepared 10 say that
next year and the after and so on these reductions
might not be continued. Gentlemen were not 10 Dc nus
led by suDpOsng that that was 10 he proposed ny he
Committee of Ways and Meansin the shape OF reduc-
tOn of taxation 1t included in this D and he had
objection in stating distinctly so that there might
he misunderstanding, that he had section or Two
prepared TO he offered the close of this b which was
"a bill "tO reduce internal taxation and Tor Other
PURPOSES" which would amend, by short provisions,
the tariff To take of s230OOO or s2iOOOO more
than this bill would III the proposition to strike out the
income tax should prevail, he wanted gentlemen to re-
member that they would not only strike out sODOO OF
the revenue the loss Of which could not be Afforded but
wOud strike ont the only provisions made IN law, and
the only ones, some thought that could he maue IN
law, for taxing the income United states bonds. IN
conclusion Mr.. Schenck moved the previous question.
The previous question seconded, and by agreement
the vote the sections in relation to the income tax,
with all the amendments, was postponed until to-lnOr
4th section the of which would be tax the inter
est on all Government bonds five per cent.
on division the SPEAKER announced the vote TO be
90 TO G5 in favor Of its adoption.
Mr.. WILLARD rep, VIZ demanded the Yeas and
bonds held abroad and was to that extent population
Mr.. ALLISON (Rep., Iowa. moved an adjournment,
which was agreed to by 90 to 81 The House then ad-
jOurned amid much excitement.