New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-06-04

The next amendment was one offered ny MI; Ia 49,
Gs Agree Il TO- - to add to the exemptions LOSSES y
The next amendment was ono offered by MT BuK
CHARD (Rep ny to amend section 40 so as to make u
read The Assistant Assessor shall require every such
return to be verified by the oath OF the after
notice such person he has reason TO bec'e tn"' o
amount is understated." Agreed to. =, NJ. TT
rep n ~ not requiring the income return 70 include
the wages of minor children not receveu A. WcTi
The next amendment was one Offered ny MI mJo a,i
THY ep, N ". to strike out all The sections re'ns
TO Income tax Reected-Yeas ogi Nayo, iL offered
The question next REQUIRED on the ailehune lt,
by Mr. EECK Dem XVI TO Section A. TO include United
States Bonds among those Of corporauohs from WIN"
' Mr. r sCnTNCK cp ohio addressed the House in OPP
nosition 10 The amendment He argued that as section
!" rnauired the income from United States bonds Ia he
included in the income returns that WQu W. 9bonI5
IL 10 a double tax. IL well that TINS question sno. a.
he met distinctly and clearly, Decause an Why
would meet another question that often
was il that the United States with their prosperity ana
resources the weahiest ana most loWssiii' ni d
the world could not into the market Oi te worm anu
obtain money at low interest as any ohei great great
powcri 1t was because questions Wefe 'OnIna va ny
raised whether bonds Of the United states WERE 10 po
Whether they should be scaed-whether the obligations
of the Government should he met aec9fdi refd
i'm the minds of capitalists ut home and abroad that they
refused to lend TO the Government OF the United sts
whole of IT, The public credit Of the nation was the ne
Of the nation The word of the nation ought to be IKE
the gospel Of the people OF that nation on the pnpe
credit and good faith of the Government dePehuSn ies
ability in time Of trial To obtain money Tor us own ue
Tense and the preservation of the national existence
Mr. BECK DEM Kyl ADVOCATED MS ae'ao oId pI h
imposing double tax. As TO the circuit Oh te uovcl
ment he said the United states nPus SatSn
but left open to Federal taxation, tne same S an
provide that the bonds issued under il should be exempt
IRON Federal taxation, admitting that holders OF lhe
present bonds know that they were subject to Federal
taxaton There was, therefore, no bad faith in his
proposition and no nation had ever 80 ~.
Mr. BUTLER Rep. Mass) supported MT Beck
amendment and proposed also that the interest on town.
city, county, and State bonds should he taxed III te
same manner. They not taxed now. II was only
the conscences OF the holding those bonds that
were taxed and he soITy 10 say that conscience ha
man now paid tax on his income from these bonds and
the object to make the roSues pay also The Commit
tee Ways and Means had provided by the Dl 10 TAX
the Savings Banks hustaxng the ttance OF the serving
girls, widows and orphans but had excused from taxa
Mr. BENTON Q{ep., n. H. did we not agree to pay the
amount specified on the bond and interest
Mr.. BUTIER-Ncs, sir, and going to DO II, ana
then we going to collect tax ON IT, 80 tat the r ais
who hold those bonds and DO not pay tax on the interest
Mr. BESTON~isa man rascal because he holds
United States bonds
Mr. BUTLER-Only when he swears that he has not
drawn the interest why should not the tax be deducted
al the Treasury This very b required that 10 De doe
day railroad bonds were going abroad bearing
cent interest in order 10 compete WIN united olates
Mr. KELLOGG Rep., Comm asked Mr.. Butler whether
he did know that foreign holders OF these railroad
bonds did not get the full amount OF the interest WITHOUT
Mr. BUTLER replied in the negative. The railroad
| companies were bound to deduct the tax.
Mr.. SCHENCK Rep., Ohio remarked tat the tax thus
improperly withheld from the foreign bondhoideIs was
MI BUTLER asked why, if that So there was a
provision iii the DILL to perpeuatc It, He did not Know
Britain taxed her national debt Ill this way ana
Nj BENTON~Win the gentleman state the name OF
anyone who holds United States bonds ana s"eais iht
! MIR BUTLER-He who can count the stars in tue sky
may try 20 do that lLaughter.i ., A.. poo,,,s
amendment He did not propose that this Republican
Government should commit suicide; they might as well
under Funding BILL because they could not tell but
| than those bonds would be also taxed.
, bJ 9nnc of iust ~. he had supposed IL would In
stead OF reasoning 10 the effect which the proposition
was made upon, and an attempt made 70 create a
prejudice against those who happen TO hold The secu
lies of the Government The fashionable phrase as ap
KIM the Gentleman from Massachusetts ir Builer had
improved on that by calling them all rscals All that
was 1.-THE gentleman would pardon INN Tor laying so
mere with Great underlying Question.
How would such legislation affect the credit OF the Gov
the marIcts of the world and hiding purchasers for its
bonds bondhoders of the least possible con
ton was not to who held the bonds or what their
characters were, but It was one OF principle affecting
the Government and its good name. III lad that
extent and no more. There no international or
statute law to tax the foreigner in regard to property
said that that dOc in regard to railroad bonds Dui
IL he "A
St1tes ernreuIe Court Treasury Department had,
where that DONE paid back to those fore gners the
faxes thus improperly assessed upon them and col
cctedl He had heard within the last "a hours Of a
Treasury warrant for some $1,000 for the restoration OF
money thus improperly retained toIn foreign bond
holder. - -, ,
| Mr. EIDREDGE (Dem, Wis., sustained the amend
nent He was able TO how the good character
and fifth nation TO be destroyed or injured by
IT, The value of all property depended on the success,
the happiness the prosperity OF the natOn and why,
therefore, should not such property pay its proportion
of the taxation imposed to support the Government
This was question Of how the tax should he col
eced The right of taxation had been already conceded
Inv imposing the tax and there could be no improperly
| in collecting il in the form proposed
| Mr. BUTLER remarked that if ever the Committee OF
Ways and Means expected the holders OF six per cent
bonds to give them up for four per cent bonds, where
the former free from taxation, they were greatly
mistaken There reputation III the proposition,
and all there in it was to provide for an honest col
| lection Of the tax.
| MI. SCHENCK Uep Ohio replied that all that would
do very well the stump, but would not down with
people sensible those of the United States. He be-
ieved eXpedient to put III the bond proposed 10
should not be liable to taxation not because such thing
was necessary in law right but in order TO close the
mouths people and prevent propositions Of the
| kind being made.
After further discussion the vote taken Mr..
Beck s amendment and it rejected-Yeas 49, Nays,
| no. as follows
|
| Allison, Davies. Mccarthy. S"9r1ter,
| Amber Degener, Mctray, SchOlebl,
| Ames DOney, mcJreS, Sheldon w III
Armstrong. Duval Mckenzie, Stocvta,
| ArnelL FeTnss, McrcuT, Smith lOho)