Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-06-14
INCOME TAX FEATURE
Amended 50 Not TO include Benefit and I du-
cationai Institutions.

WASHINGTON, June 13.-In the Senate
today, the presentation of numerous peti
tions for the exec ption of beneficial socie
ties in the provisions of the proposed income
tax, furnished an opportunity to Vest to
state, on behalf of the finance committee
that the amendments asked for in relation
to these societies were not Necessary, but
still an amendment had been agre ed upor
by the committee. The bill, as it was, did
exempt from taxation all corporations thai
were not organized for profit, and all that
were organized for charitable, religious OF
educational purposes.
These societies seemed to have agreed tc
the following amendment, to which the
finance committee had not the slightest OBJ
j. ection: "That the exemption shall extend
to those corporations including fraterna
beneficiary societies, organizations and as
sociations operating on the lodge system,
and providing for the payment of life, sick,
accident and other benefits to the members
and the dependents of such members"
Gallipger-Do l understand that the
finance committee is in favor of such an
amendment?
Vest-Unquestiona because that is
the meaning of the bill. We consulted
with attorneys and representatives Of these
societies. and under took to show them that
that was the meaning of the provision in
the bill, but they desired an amendment
and the finance committee has no objection
to it.
Sherman (Rep.) of Ohio made an argu-
me mt against the proposition to put wool on
the free list. He said the expenditures OF
ho Unyorp,,,apk rouIJ ovcooJ tho royopn,
this year nearly Sl00, 900, 900, the govern
ment is borrowing money to meet ordinary
expenses, and there was talk about selling
bonds. In the face of these conditions,
the senators proposed to strike down duty
which in four years yielded nearly $780,
600. The duty on manufactured woolen
goods, which produced 1927 .O00, 900 in the
same four years, is also to be reduced. and
the revenue from that source would be
largely decreased. The revenue on i'm
ported wool is to be thrown away. on i'm
ported goods to be largely reduced, and all
for the benefit of the foreigners.
Dubois (Rep.) of Idaho addressed the
Senate in opposition to the bill. Stewart
(Pop.) of Nevada characterized the propo-
sition to put wool upon the free list as cruel
and unfortunate in the extreme. He as
cribed the existing commercial depression
everywhere to the baleful influence of a
a single gold standard. Hansborongh (Rep. J
of North Dakota opposed the bill. Shoup
(Rep.) of Idaho made an argument against
the wool schedule of the bill, particularly
against putting wool on the free list.
Mitchell (Rep.) of Oregon also made q
speech against free wool. He said 45 per
cent. of that vast industry lay west of the
Rocky mountains. Frye (Rep.) Of Maine
gave an ''object lesson" of the benefits of
protection. He mentioned the case of mo-
hair plushes, which few years ago were
produced entirely abroad. A couple
Of New England manufacturers
undertook to make them here.
Immediately there was a cut of Is per cent
in the foreign price, followed by another of
10 and within year after by another of Is
making reduction of 40 per cent. in order
to kill of American competition. The
Americans we're not ordinary men and
would not yield. They invented new dyes.
be tier than those used abroad; introduced
the use Of power loom, at a cost Of $780,
900, for making these mohair pushes.
From that time up to year ago they ran
the mill on full time and made fair profit
six other mills came into existence in tae
United States. The result was