The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-04-22
WASHINGTON.

THE NEUTRALITY-SUSPICIOUS. BILL~-THE INCOME
TAx-TAX ON TOBACCO AND sNUFF-THE RE-
SUMPTION AND CURRENCY BILL-CoLONEL
TOM SCOTT AND THE TEXAs-PAClFIC-PER-
soSAL-PENsIoNs FOR 1S12-THE ELECTo-
RAJ coMMITTEE-THE NEW SILVER DOL
LARS-SENAToRIAL ITEMS.
from Our Regular Correspondent
WASHINGTON, April 20.-The people who
have not large incomes will be delighted to
hear that the Ways and Means Committee
this morning completed the consideration
Of the internal-reVenue bill, and agreed to
report it with resolution that the House
make it the order Of the day for May LIST.
The income tax was materially amended,
but had prepared the readers OF these dis
patches for the changes which were made.
TOBACCO, CIGARS, AND SNUFF.
The bill makes the tax on all chewing
and smoking.tobacco, including tine-cut,
and on snuff, 16 cents per pound. The tax
on tobacco is now "a cents, and on snuff 80
cents. On cigars it makes the tax So per
1000 instead OF S., and on cigarettes S1.25
per 1000 instead Of S1.75, unless they weigh
over 81 pounds to the 1000, when they are
to be taxed as cigars.
THE INCOME TAX.
The tax on the gains, profits, and income
of every person residing in the United
States, and of every citizen of the United
States residing abroad, derived from any
source whatever, and OF every person re-
siding within the United States and not Il
citizen thereof, or from rents Of real estate
within the United States owned by any per-
son residing without the United States and
not Il citizen thereof, two per cent. on all
amounts in excess OF $4,000. The bill, in
estimating what are incomes under the bill,
is very sweeping, and includes the salaries
of members of Congress and military and
naval officers, the interest OH Government
bonds, and all products Of farms except
such as are directly consumed by the family.
THE EXEMPTIONS.
The exemptions are the rental value Of
the homestead owned or used by any person
or his family, military or naval pensions,
premiums on insurance for life or property,
all taxes paid within the year, all his losses
by fires, &C., bad debts in trade, amount OF
interest paid, amount paid for rent or labor
to cultivate land or to conduct any other
business from which income is derived, the
amount paid for rent Of residence for self or
family, and amount paid for usual and ordi-
nary repairs; the salaries OF the President
and United States Judges and State officers,
whether legislative, judicial, or executive.
WHEN IT gees INTO EFFECT.
The machinery for assessing and collect
ing the tax is very complete, and the pen
alties ample. The bill provides that the tax
for 1878 should commence on the 1st Of July
Of this year, and not date back to the 1St OF
January, 1878, so that only a half-year's tax
will have to be paid ii the bill becomes law
in 1878.
PENALTY FOR FALSE RETURNS.
II any person makes a fraudulent return
of his income tax he may be indicted in any
court OF the United States having local iu-
risdiction, and on conviction be fined not
| less than 81, 900 nor more than $4,000, and
| imprisoned not less than one nor more than
ten years, or both, at the discretion OF the
court.
TAN on DEPOSITS.
The bill provides that the deposits in
savings banks shall be exempt from the
taxation imposed on bank deposits unless
the amount deposited by one individual
firm or corporation exceeds $4,000. 1t is
also provided that no bank or banker shall
be liable to said tax upon any sum under
the name OF deposits which shall appear to
be deposited with any other bank or banker,
| and which is subject to tax as deposits with
such last-naned bank or banker.
RESUMPTION AND THE BANKING AND CURRENCY
COMMITTEE.
Mr.. Richard d. Pullan, OF Cincinnati
was to-day before Judge Buckner's commit
tee, and gave his views in regard to the re-
sumption question. He said forced re-
sumption cannot be maintained with the
present volume of currency, but that il the
Government would issue directly currency
that would preserve its equvalency with
commerce it would inspire confidence, ant
everything would be right. He would
take in and cancel all the national-banh
notes as they become mutilated. Their
he would issue Government legal tender:
to the amount OF bank notes so destroyed
and would make greenbacks receivable FOL
customs dues. This would enable the Gov
eminent to accumulate in its vaults dollar
in coin for every dollar in grecnbacks il
circulation. He would have the Govern
ment 60 into the market and buy gold ant
silver to pay interest on its bonds. He i
for the repeal of the resumption act. Gen
eraI Warner, Of Marietta, Ohio, was alst
examined, and he said Nlr. Sherman car
resume, but he viii fail, and the conse
quences will be bad.
| THE TEXAS-PACIFIC.
Colonel Tom Scott is here, and hear tina
he is confident OF carrying through tn
Texas-Pacifc bill this session. The fgh
will be first made in the Senate, and Messrs
Ransom and Lamar are now among its mos
active friends in that body from the South
A petition, signed by two hundred of th
railroad-men OF Alabama, was received to
day by Mr.. Herbert, Of that State. The.
urge him to .work and vote for the Texas
Pacific bill. Petitions from the cities
corporations, and commercial bodies o
Georgia are pouring in upon the Geor
gia delegation. They: all regard this rout
as Of the highest importance, to the South
4 L t1,,r