The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1870-07-15
THE FUNDING BILL.

Section one Of the funding bill. which passed
Congress, provides for the issue Of $500 900 900
of the per cent bonds three hundred millions
of the four and q half per cent bonds, and one
thousand Of the per cent bonds, running ten.
fifteen and thirty years.
Section second authorizes the Secretary to
sell said bonds at par for coin, and to apply the
proceeds TO the redemption Of outstanding Gus
at par, or he may exchange the new for the old
bonds at par but the new bonds shall be issued
for no other purpose. A sum not exceeding l-2
per cent will be allowed for commission in ne
gotiating the new bonds.
Section three is unimportant.
Section four provides for the redemption Of
the 5-20's now or hereafter falling due at par,
beginning with the FIRST numbered and issued the
interest to case three months after proper no
tice has been given.
Section Eve authorizes 2 10 per cent interest
on gold deposits, and 20 per cent Of such de-
posts must be retained in the U. 3. Treas
ury and the balance to be used in the 70
demption Of 8 eos under the provision Of Sec
ton four. -,
Section six provides for the cancelling Of all
bonds now held or hereafter purchased on &C
count Of the sinking fund.
The tax and tariff bill has been passed by both
houses and sent 10 the President. II repeals
Internationally after Oct. LIST 1869, all taxes on
siles Of leaf and manufactured tobacco, snuH,
cigars foreign and domestic and distilled spirits
and wines; the stamp tax imposed in schedule
ID on promissory notes for less than 500, and
on receipts for any sum Of money or for the pay
ment or any debt, and the stamp tax imposed in
schedule c, on canned and preserved articles in
schedule A, the special tar on boats, barges, and
fats, on legaeies and SUGGESTIONS, on passports
and gross receipts.
The income tax provisions are rs follows:
There shall be levied and collected annually as
hereinafter provided, for the years 1870 and
1871, and no longer, - per cent. upon
gains and profits and income II every person
residing in the United States and Of any citizen
Of the United States residing abroad derived
from any source whatever. whether within or
without the United States, except as hereinafter
provided; and like tax annually upon gains,
profits and income derived from any business In
trade or profession, carried on In the United
States by any person residing without the
United States and not citizen thereof. or from
rents Of real esti Re within the United States
owned by any person residing without the
United States and not q citizen thereof-There
Is an exception of 500 and also the amount
paid for rent Of dwelling-bouse. Each five Of
the persons composing a social community, and
any remaining Fractional numbers Of such
persons less than Eve shall be held to constitute
q family, and the deduction Of $1,000 shall be
allowed for each Of said families. The tax up.
on dividends Of insurance companies shall not
be deemed due until such dividends are payable
either in money or otherwise. and money re-
turned by mutual insurance companies to their
policy holders and an annual or semi-annusl
dividend allowed or paid to depositors Of savings
banks or savings institutions shall not be con-
sidered as dividends.