Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1872-02-24
ITO the Associated Press. ]


WASHINGTON, Feb. pa bill was intro
duced by Senator Morrill, of Vermont to-day,
and referred to the committee on education, APP
propriating to each state in which an agricnltur-
al college is established, in accordance with the
law of 1862, one million of public lands for
their further endowment and support. No min
eral lands are to be taken under this act.
NORTH CAROLINA.
Senator Logan is engaged in preparing a re-
port, for himself and Senators Morton and
Thurman, against the claim of Gen Abbott to
the vacant seat from North Carolina, and Sem
ator Carpenter for himself and MIR. Rice is pre-
pairing minority report in favor OF MIR. Abbott.
The credentials of Gov. Vance have never been
before the committee on elections and privileges.
This case disposed Of the question concerning
the validity of the choice of Gen. Ransom by the
legislature will next be considered. 1t is antic-
pated that this subject will occasion pIo-
longed debate in the senate.
DECIDED AT LAST.
The following internal revenue decision has
been rendered:
CommssioneriDoug decides that the issue
Of interest certificates to the amount of 1913 036
600, on the 18th of December, 1868, by the New
York Central railroad company, is substantially
a scrip dividend, and taxable under the internal
revenue laws.
Second, that the admission of the company,
made and yet ON record, when said certificates
were issued, that they were based on the earn
the company were equal in amount to eighty
per cent. of the stock of the company, 1913 1885,
900 being the amount of the scrip dividend is
binding, and is not to be disregarded as against
the rights OF the government, though
subsequently contradlcted by the testimony of
the counsel of the company; that the commits
sioner in the matter of admissions and contra
dictory explanations has the power of court TO
Judge of and accept or reject explanatory evil
dcnce.
Third that only such earnings, incomes, gains
or profits as are represented after September,
1862, the date of the first income tax law, are
liable to taxation.
Fourth, that nc measure of valuation for tax
alton Of scrip dividends is generally the
market value;" but that where, by the adms.
sion Of the company, the scrip actually repre-
sents dollar for dollar of its face, then the valu-
alton thus solemnly given by the company will
prevail in adjusting taxation.
Fifth, that so much Of the dividend as belongs
to period from September, 1862, to September,
1868, is to be taxed.
TIE "NoTE" AND THE CABINET.
The note which Earl Granville sent TO Secre-
tary Fish, through Gen. Schenck, was read to
the cabinet TO day general conversation en-
sued, continuing several hours, in which the
| merits of questions were presented concerning
the Interpretation, and were discussed There
may be further conference on the subject when
the reply of the secretary of state TO this friend
| ~ uotV oudil hdNC UGH pltpdICu' Nhllc tllo
| government does not seem disposed TO modify
the statement of the case, 1t will doubtless re-
| spond TO the British objections in such n spirit
as will show lis earnest desire for settlement
of the questions at issue in a manner altogether
honorable TO both nations, through the tribunal
oil arbitratOrs provided by the treaty.
This is known to be the desire of the president
and all the members OF the cabinet. Applica-
ton was made to-day for II copy OF the British
note for publication, but without success, the
refusal being based on the ground that to fur
nish it would not only he against precedent,
but disrcspectlnl to the British government at
this stage of the proceedings, and it was further
sad tonight, by a high executive officer that
not even the substance OF the British note could
now DC communicated through an official, nor
had u been repeated TO any private parties.
AT tue same time, ii was remarked that as
the note was OF friendly character, ald couched
IN delicate language, and, as the re Nv would be
10 IKE temper, there was, therefore, no cause
whatever for apprehension as to continuance
OF peace between the two countries. Hon.
Charles Francis Adams remained at The execu-
tive mansion but a short time after the cabinet
assembled, having spent Il few minutes in con.
yarsati0n with them.
OUR REPLY.
Secretary Fish has prepared n reply TO the
note OF Earl Granville to Gen. Schenck, n copy
OF which was informally communicated to Sir
Edward Thornton yesterday afternoon, II Ii