Evening journal., 1893-04-21

posed II the interest and the tax com
bined shall not exceed per cent. per
annum on the money loaned.
When all taxes On stocks, or shares in
any bank, or other corporation or insti.
tuition have been paid by the cashier.
treasurer, or other disbursing officer in
pursuance Of the provisions of this act,
the same shall be a first lien upon said
stock and be deducted from any
dividends or profits due or payable OF to
become due or payable TO the owner Of
such taxable stock or shares, and no
transfer thereof shall be made till the
same are paid
Each and every debtor by bond
mortgage, recognizance, decree or other
wise, howsoever, when the creditor Is "A
nonresident Of the county OF state, shall
be liable with his creditor for the tax on
his debt ia the first instance but, upon
payment thereof, he shall be entitled and
10 shall be his duty to deduct the same
from the interest due or accruing
thereon; and any such creditor refusing
to allow such credit on account of tax so
paid, shall forfeit his debt. And no
debtor shall remit or make any payment
TO his creditor out of the state until the
tax imposed upon him by this act has
been paid.
In every case where creditor ON &C
count Of poverty, misfortune or distress
Of his debtor shall suspend the collec.
tion Of his interest for time, the tax
itself may also be suspended for like
time and shall be so returned by the
collector, and added to the next years
duplicate; but in all such cases the tax
shall be paid ont Of the first interest re
ceived, and such suspension shall not be
for a longer period than three years
Debts due by insolvent debtors, and
where there is no other security shall
not be taxed and where a bond and
mortgage are given for the same debt,
only ore shall be taxed and railway
companies paying a stipulated tax in
| lieu of all other taxes as provided by
law, shall be exempt from tax on their
capital stock. And all stocks i'm educa-
tional charitable or benevolent insti-
| tuHons, whether Incorporated or not.
and when no profit is derived there
] from, shall be exempt from taxation
under this act.
The bill was discussed from all sides
and while the general expression of
the Kent and Sussex members was in
favor of equalizing taxation, the New
Castle members did not take kindly to
the measure. The necessity of doing
something to meet the demand m tho
two lower counties to relieve the
farmers Of what they consider their
excessive burdens was appreciated
yet there was some difference Of opin
ion as TO the exact nature of the bill
! to be passed The substitute, although
recognized as not a perfect measure,
seemed, on the whole, 10 commend
itself to most Of the Kent and Sussex
members, who are anxious to grant
the relief sought by the farmers The
committee adjourned without taking a
formal vote; but with the understand
ing that some acticn would probably
be taken to-day.
II the General Assembly is TO adjourn
on Saturday Of next week, there will be
no taxation legislation this session. A bill
will doubtless be passed by the House.
but the senators are too conservative
and careful to snap up such a weighty
measure and pass it under suspension OF
rules. lt will be dissected and cut uu
in way that will make it difficult for
the trainers Of the bin to recognize it.
The upper branch needs more than two
or three days to dispose of the question
Of taxation.