The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1894-06-27

| WASHINGTON, Sune 9Th senate tool
up the income tax paragraph when It me-
this morning. Discussion on the cousti
nationality of a national tax on state OF
municipa! bonds continued for some timt
aud then vote was taken on Mr.. Hill:
| amendment Lost-25 TO 30
MIR. Hill then modified his amendmen:
so a. TO coutine the exemption to state
| bonds.
a long constitutional discussion of the
powers aud limitations OF Federal tax ltiou
| followed, in which Messrs. Horr, Morgan,
Pugh, Lindsay, Caffrey and Gray partici-
| pated.
Mr.. Hills amendment to exempt inter
est from state bonds was Also lost, p to 50.
/ Mr.. Hill then moved to strike cut the
/ provision for tax on personal properI Y
/ acquired by sift or Inheritance. Lost, u
/ To 81.
The proviso offered by Mr.. Vest last
week as an amendment 10 section 30, that
IN computing the Income OF any person,
| corporation, company or association, there
shall not be included the amount received
! from any corporation, etc, as Interest or
| dividends upon the bonds or stock of such
| corporations; ETC.. Il the tax of per cent
has been paid upon It's net profits by said
corporation as required by this act, +" was
! agreed 10.
An amendment Of Mr. Aliens to permit
! evidence in rebuttal before collectors ct
| internal revenue, rs TO the amount of in
comes. WAS agreed TO. as was ih- West
| amendment including in the calculations
| OF the incomes OF banks, banking iustitu-
lions, trust companies, life, fire aud other
assurances, railroad, canal, telephone, teie-
graph and other com Dauies. actual Operat-
ing and business expenses, losses aud inter
est on bondeG and other Indebtedness
committee amendment was adopted
providing that the tax shall not apply TO
states. counties or municipalities: uor to
corporations, companies or associations
organized and conducted solely for charit-
bic, religious or educational purposes, iu-
GLIDING traternai beneficiary societies.
orders or associations operating upon
the lodge system aud providing
for the payment of life. sick, accident
and other benefits to members of such
societies, orders and associations, and de-
pendentS OF such members: nor to the
stocks, shares, funds or securities held by
any hdlcuary or trustee FOR charitable,
religious or educational purposes, nor to
the loans made by building aud loan as
soclations TO their shareholders for the
purpose of enabling them to pro-
vide for themselves homes; ncr
to such savings banks, saving
institutions or societies as shall
first, have no stockholders or members
posits; secondly, shall not receive deposits
TO an aggregate amount III any one year OF
more than s. 900 from the same depositor:
third, shall not allow any accumulation or
total of deposits by any one deposition ex-
ceeding $1,000; fourth, shall actually
divide and distribute TO Its depositors
ratably TO deposits, all the earnings over
the necessary and proper expenses OF such
bank, Institution or society. except such
as shall be applied to surplus; and, fifth,
shall not possess in any form IA surplus
fund exceeding ten per cent OF its aggre-
gate deposits"
Mr.. Allison moved to add to section 80
the words And nothing herein shall apply
TO any corporation, company association
having a paid up capital OF less than
500. 600.
without acting upon the amendment
the senate at 6:l0 went into executive ses-
slon and a five minutes later adjourned