The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-11-12
WASHINGTON NEWS.
WHAT mas TRANSFERRED At THE M
IION5L C5PITAL.
The New Income Tax-Wail Street Working
ON Carlisle for New Issue of
Bonds-Other News.


Washington, November 6.-Work prelim-
| mary to carrying into effect the new in
come tax law is going forward as rapidly
| as its nature will permit, under the direc-
ton of MIR William H. Pugh, who. in DC
tober last, was appointed superintendent
| of the income tax. number of compn-
| Gated and interesting questions having
arisen under former laws. and anticipat-
! ing that questions will arise in the future
| of equal Importance, IL Is essential lor
| their solution to understand what has been
the former legislation of congress. the de-
| cisions of the courts and the rulings OF the
| department on the subjecl of the Income
tax. With this in view, Mr. Pugh has
| been occupied since his appointment in eN-
| amining and preparing digest of the
court decisions and the department rulings
| curtailed under their respective headings.
| He has also prepared a comparison of all
! the former laws upon the income tax, ar
ranged SO that all the provisions herex-
fore made upon the same subject shall APP
pear properly grouped, and any one at
single glance can the various changes
and notifications that have taken place.
There have been several acts upon the
subject of income tax. The first was passed
August 5, 1861. Under this act, however,
nothing was done. The act failed to pro-
vide many provisions contained in the sub
sequent legislation, both as to the subjects
of taxation and methods of collection.
These were provided for in subsequent
acts. The second act passed July /,
1862: the third act June 80. 1864; the fourth
act March B. 1865; the fifth act March 2,
1867. Under the first act $500 was the
amount re~erved from taxation and the
rate of tax was per cent on all sums
over that amount Under the act of July
/. 1862, the amount reserved from tax was
| as follows: If the income exceeded 5000.
| and did not exceed $4,000. duty of per
cent on the amount above $500: if said in
come exceeded the sum of $4,000 duty Of
per cent on the amount exceeding 5000.
| Under the third act 5000 was exempted,
ard the duty was per cent excess;
under the fourth and fifth acts $1,000 was
| free from taxation and The amount Of tax
/ was per cent on excess of that sum.
A>Ki"g Tor Mere funds.
Washington. November 9.--rreasury Of
| fcials have been aware for some days OF
! an agitation in New Yo.k financial circles
/ i'm favor Of q new bond issue. Ii has not
escaped their notice that the financial pa
/ pers that voice Wall street sentiment daily
/ call attention to the treasury gold reserve
and suggest that ii should be built up 10
strengthen public confidence In the treas
. ury's condition. Letters. too have been sent
I to Secretary Carlisle by fnanciers. all hav-
ing the same end in view The surplus
money in the New York banks is very
\ great and treasury officials here who
/ watch the course of money matters do not
/ hesitate to express the opinion that the
sol!citude expressed by Wall street mag
4 mates for the treasury Is not entirely un-
/ selfish but that new bond issue is de
1 sired by Wall street simply as a means
/ Of providing an Investment for their sur
/ plUs and accommodating funds. limitations
/ of gold exports to force the treasury 10
| issue bonds have reached here through
/ brokers and others who keep In close touch
| with New York fnancers That they can
| do this by presenting United States notes
! COR gold and thus reducing the gold re
serve, IS only too true, as proved by past
| transactions Of the Kind. The opinion, how
ever. is expressed in treasury circles that
! Secretary Carlisle VIII permit the cid re-
serve 10 reach a mucn tower point Than \
| now has S5i,Go000o before he VIII leei
| justified in the present good condition 81
/ the treasury, in making another issue OF
| United states bords.
An Issue shortly.
| 1t was stated on Wall street today thar
/ there viii be an issue Of $50 ono or $'ol-
Glt00 OF per cent government bonds he
fore congress again assemblies when the
| last issue OF $J0.0oo.0ao was made, and the
| public de lined to take the bonds. syndi-
cate Of bankers headed by John A. stevens,
| president OF the United States Trust Com
/ many and Edward King. president OF the
/ Union Trust Company. made the sale.
! - -, -. ,.ts,,al,, f,,t,yastad in than
! "a''Ae' VIZ - q. ~ - ta,,,,,,,,t.
There will be an issue of bonds shortly.
/ The president and secretary of the treasury
! have determined that the gold reserve shall
4 MOI b. further impaired They have Dsen
! advised that an export movement Oi bold
/ will begin in a few weeks, and they, ac-
! cordirgiy have determined to take prompt
/ measures
Wnea asked whether a syndicate Wo"id
/ be formed which would Le GuafaHteea q
commission 70 float the bonds, ne IepAeu'
Il DO not kno%. That hes N 1he a., -
/ ton Of the authorities in NashinStaH. Iht'
much is ceItain-the per cent bonds VIII
/ lie issled, propaby upon the ger cent pa
1 sis. as before; they VIII DC olsrea 70 VIZ
puo4c but inc stint ~ NJ. !" ~,
Tie ~. 80 = - ,,.itI ,.,r,V tprnuph Inc
| pieSldtlt, tie' ~ "''i eo'''
! M baut5.r added that IL $50 090000 of
/ t,,Fl, ,,., f..l4tfit.5.sut thar SlIUUU 00j more