The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-07-14
WASHINGTON.

THE FUNDING BILL.
WASHINGTON, July dissection one OF the
funding bill, which passed Congress this L. M.
provides for the issue of 5000, 100000 OF the
per cent bonds; three hundred millions OF the
tour and half per cent bonds, ana one
thousand of the 4 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
5-20's at par, or be may exchange the new for
the old bonds at par; but the new bonds shall
be issued for no other purpose, A sum not ex-
ceedind IL per cent will be allowed for COM
mission in negotiating the new bonds.
Section three is unimportant.
Section four provides for the redemption of
the 5-20s now or hereafter falling due at par,
beginning with the first numbered and issued
the interest to cease three months after prop.
err notice has been given.
Section five authorizes IL per cent interest
on gold deposits and 20 per cent OF such depos-
its must be retained in the U. S. Treasury and
the balance to be used in the redemption of
20s under the provision OF section four. =,
Section six provides for the cancell1ng OF all
bonds now held or hereafter purchased on ac-
count of the sinking fund.
TAX AND TARIFF.
The tax and tariff bill was passed by both
houses to-day and sent to the President. 1t
repeats Internationally after Oct LIST 1869, all
taxes on sales of leaf and manufactured tobac-
CO, snuff, cigars foreign and domestic and dis
titled spirits and wines; the stamp tax impos-
ed in schedule on promssOry notes for less
than $780, and on receipts for any sum of money
or for the payment or any debt, and the stamp
tax imposed in schedule 9, on canned and pre-
served articles in schedule A. the special tax
on boats, barges, and flats, on legacies and sue
cessions, on passports and gross receipts.
THE INCOME TAX.
The income tax provisions are as follows:
There shall be levied and collected annually as
hereinafter provided, for the wears 1870 and
1871, and no longer, IL per cent. upon gains
and profits and income of 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 with
out the United States, except as hereinafter
provided; and like tax annually upon grains
profits and income derived from any business
in trade or profession, carried on III the United
States by any person residing without the
United States aud not citizen thereof or from
rents of real estate within the United States
owned by Ony person residing without the
United States and not citizen thereof
There is an exemption of 5000 and also the
amount paid for rent of dwelling house
Each five of the persons composing social
community. and any remaining fractional num-
bers OF such persons less than five, or over such
family, and the deduction of $1,000 shall be al
lowed for each of said families. The tax upon
dividends of insurance companies shall not
be deemed due until such dividends are paya-
BILE either in money or otherwise. and money
returned by mutual insurance companies to
their policy holders and an annual or semi
annual dividend allowed or paid to depositors
of So rings banks or savings institutions shall
not be considered as dividends.