Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1894-06-28

mometer standing at So degrees i'll The
senate chamber yesterday the senate
entered upon the thirteenth week of
the tariff debate.
Mr.. Hill withdrew the amendment
offered on Saturday to strike out the
privision eXempting the interest on
United States bonds from the opera
ton of the tax His object in Offering
the amendment, Mr.. Hill said, was to
call the attention of the country to the
fact that S635,0o0,000 of property in
government bonds were necessarily
exempt from the operation of the in
come tax under the law, although the
ostenSible purpose of the income tax
was to reach wealth and equalize tax
alton.
There was an enormous investment
of capital which the income tax could
not reach. Mr.. Hill then moved to eX-
empt state, county and municipal
bonds. lie argued that the taxation of
state bonds by the federal government
would be Il direct attack upon the ad-
ministration OF states. If the federal
government had the right to diminish
the value of statc bonds and securities
it had the right to destroy them.
Mr.. Vest hcld that state or munich
pal bonds could not properly be cX-
empted from taxation. Mr.. Chandler
expressed the hope that upon reflec-
ton the democratic majority would
not place states and municipalities
when they were forced to borrow
money in Il worse condition than the
United States.
Mr.. Mitchell, of Oregon, agreed with
Mr.. Hill that the taxation of state and
county bonds was of doubtful consti-
G tutionality. Mr.. Sherman also agreed
tlwith Mr.. Hills position.
Mr., Hills amendment was lost-25
e ~ 80.
la' A second amendment offered by Mr..
dill eXempting state bonds from the
H. ~ y to ''s so. VI ''' ''''"'' '"N was ''''
10 Mr.. Hill then moved to strike out
three provision for Il tax Oh personal
Atperty acquired by gift or inhcri-
I'VE. Lost, 26 to "a.
al ca nator PETER gave notice of an
me1 duty of $50 per head upon every
lien arriving in the United States.
At the opening of the session Mr..
Jo llen made another Intellectual at
II ampt to secure consdera ton of his
t'leSa!ution directing the secretary of
/ 1Ir ,rrasury to inform the senate of
the total number of persons engaged
J in nj WI pp
might be affected by tariff legislation.
Mr.. Gallinger objected and Mr.. Mer-
rill moved to refer it to the finance
committee. Mr.. Allen gave notice that
as long as the resolution remained I'M
acted upon he would object to all
legislati by unanimous consent Mr..
Merrill's motion was defeated-16 TO
81.
The amendment Of Mr.. Aliens to
permit evidence before the collectors
of internal revenue as to the amount
of incomes was agreed to, as was the
Vest amendment excluding in the cal
culatiOn of incomes of companies the
actual operating and business ex-
penses, losses, and interest on bonded
and other Indebtedness.
A committee amendment was
adopted providing that the tax shall
not apply "to states, counties of munic-
qualities; nor to corporations, COM
panies or associations organized and
conducted solely for charitable, religi-
Gus or educational purposes, including
fraternal beneficiary societies, nor to
stocks, shares. funds or securitiesAh eld
by trustees for charitable, religious or
educational purposes; nor to such saw
ings banks, savings institutions or so
cieties as shall. first, have no stock
holders or members except depositors
and no capital except deposits; sec
ondly. shall not receive deposits to ag'
gregate in amount in any one year
more than 81 900 from the same de
postors; third. SHALL not allow the &C.
emulation or total deposits by any
one depositor exceeding S1o,OOu
fourth, shall actually divide and dis.
tribute to depositors ratably to de
posts, all earnings over the necessary
expenses of such bank, institution or
society, except such as shall be applied
to the surplus; and, fifth, shall not pos,
sess in and form surplus fund ex'
ceeding 10 per cent. of its aggregate
deposits"
The senate at $40 went into execu'
tive session and five minutes latter ad
journed.
HOUSE.
Washington, June 27.-Another lega
holiday has been added TO the list OF
those now existing, so far as congress
has the power to do so, as on motion
of Mr. McGann. the senate bill making
labor day national holiday was
passed.
The house bill was passed to give the
same weight and effect 10 the oaths Of
priyates and non-commissioned officers
in pension cases as Is given oaths OF
commissioned officers.
The house went into committee o.
the whole, and the deficiency bill wal
taken up.