The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-02-24
WASHINGTON.
The English Note Not Yet "Traus.
Nsil "a. pired." ..7


| WASHINGTON, February 2S-Thc con.
tents Of Earl Granvilles note have not
yet officially transplred, and are therefore
conjectural. II Is known, however, that
Secretary Fish has prepared q dralt In
reply, and the entire matter .%tll be sub.
mittcd to the Cabinet to-day.
r, RETURN OF THE PRESIDENT.
The President returned this morning,
and during the forenoon was waited upon
by the Chicago Relief Committee, who
called to pay their respects. Half an hour
before the Cabinet meeting, Secretary
Fish, accompanied by Charles Francis
Adams, had an interview with the Presi.
dent on the German Conference.
A bill was introduced by Senator Nor.
rlll, oil Vermont, to-day, and referred to
the Committee on Education and Labor.
appropriating TO each State in which
agricultural colleges have been establish
ed IN accordance with the law OF 1869,
one million acres of public lands for
their further endowment and support.
No mineral lands are 10 be taken under
this act. -.|..,|.0sT ~
Representatives Shclhbarger of Ohio,
Sheldon Of Louisiana, Sawyer OF Wiscon.
sin, Lynch oi Maine, and Townsend Of
New York, constitute tho Sub. Committee
Of Commerce to prepare the bill for the
revival OF American commerce.
The House Committee on ApprOpria-
tions to-day completed the iortification
bill, appropriating nearly $9,OOOOOO:
7 ". CABINET MEETING.
The Cabinet remained in session until
3P. NJ to-day, all the members remaining
until the close. Nothing is yet known re.
garding the proceedings other than the
fact that the Queens message having been
laid before the meeting and that there was
n long consultation thereon.
The Secretary of the Treasury has d.
rected the payment Of the interest due
March 1st, on ten.forties from Monday
next without rebate.
THE NEW YORK CENTRAL SCRIP DECISION.
The following Internal Revenue deci
slons have been rendered. ...... i.
lst. Commissioner Douglas decides that
the issue OF interest certificates TO the
amount of $23, ,0S6, 900, on the 10Th day OF
December, 1868, by the New York Gen.
tral Railroad Company. was substantially
q scrip dividend, and taxable under the
Internal Revenue laws.
2. That the admission the company
made, and yet Of record, when the said
certificates were issued, that they were
based on the earnings ot the road and ex-
penhtures Of the company, equal in
amount to so per cent Of the stock OF the
company, $2S,QSG, 900, being the amount
OF the scrip dividend as binding, and moi
to be disregarded against the rights of the
government, though subsequently con-
tradicted by the counsel Of the com.
pany, that the Commissioner in the mat.
ter OF admissions and contradictory exE
plantations, has the power of the Court to
judge OF and accept or reject explanatory
evidence. E.rs. '.. -. ....
8. That only such earnings, incomes,
gains or profits as are represented after
September, 1862, the date Of the first in.
come tax law are liable to taxation.
4. That the measure and valuation for
the taxation Of scrip dividends Is gener.
ally the market value, but that whereby
the admission Of company scrip actually
represents dollar for dollar OF its face,
then the valuation thus solemnly given by
the company will prevail in adjusted tax.
alton.
8. That as much dividend as belongs to
the period from September, 1862, to Sep.
tember, 1868, is TO be taxed. In this case
the dividends covering in time, fifteen
years earnings, &c, six.fourLeenths of the
whole being the proportionate amount be.
tween 1862 and 1868, Is what must be
taxed. In this case six-fifteenths Of the
amount to $9,214, 400, on which the tax
is five per cent, should be collected.