The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-06-27
IN pI.I, sI.SATE.

Tie InGOniB Tn Amopdmcutaby Mr.. lill
Voted Dswn--C0WuIitio Amendments
Adopted.
WAslrSoToS, D. O., Juno 2G.-With
the thermometer standing Gt SO do
grcs9 in the BOnatc chamber to-day tho
.senatp entered upon the thirteenth
.woct Of tho tariff debate,
At the opening OF tho tcaslon Mr..
Alton made another Intellectual at,cmpt
20 secure consideration OF his Teaolu-
hutton directing tho secretary Of tho
treagury TO inform tho BcDR!o Of the
total number OF pOrsous engaged in
protected iaduItrioS whose wages
might be Affected by tariff legislation.
Tho senate tbon resumed consideration
OF tho Income tax provisions Of tho
tariff bill.
Mr.. Hill Withdrew tho amendment he
offered on Saturday to strike out tho
provision cxemptinR the Interest on
United States bonds from tho operation
OF tho tux His object in offering tho
amendment, Mr.. An said. was 10 call
tho attPntion OF the country TO tho inct
that $685., 100000 Of property in govern
mOnt bonds wcre necessarily exempt
from tho operation OF the income tax
under the law, although the o4tcnsiblG
purpose OF tho income tax was TO reach
wealth and CQuaizc taxation. There
WAS M enornOu. Investment OF capital
which the income tax conll not roach.
Mr.. Till then moved 10 exempt state,
county and municipal bonds. which wac
defeated. Republicans voted for 1t.
Mr.. llill thcn modified his amond-
mont so ai 10 COnNne tho exemption TO
state bonds. This was also loat-27 10
80.
Mr.. Hi then moved 10 a.riko out the
provision for q tux on personal prop
orty acquired by gift or inheritance.
Lost-2B TO 81.
Tho provlSo offered by Ir. Vest last
week as an amendment to section DO,
thut in comDutiDg Che income OF any
person. corporation, company or asso.
citation there shall not be included tho
amount received from ycorporations,
ETC., Rs Interest or dividends upon tho
bonds or etoc6 Of such corporation. Gtc.
az the tax OF two per cont has hecn
paid upon It's net profits by said cor
porNdon as required by this act" waa
agreed 10.
An amendment OF Mr.. hllen'1 to per-
m. evidence in rebuttal before collec-
to Of Internal revenue as TO the
AMOUNT OF incomes wa, aprGUd to, as
ns-thc Vest amendment excluding in
tho calculation OF the incomes OF banks,
banking inat!tutione, trust companies.
lie, fire end other insurance companies.
railroad, canal, telephone, telegraph
Ond other companies, actually opcrat-
ing and business expenses, losses and
interest Oh bonded aud other indebted
ness.
a committee amendment was adopt
ed providing that tho tax shall not ap-
ply ito stntcs, counties or municipali-
ties; nor to corporations, companies or.
associations organized and conducted
solely Tor charitable, religious or educa-
tional purposes, including traternal
beneficiary gocie.ics, orders or a.socla-
tions operating upon the lodge syatem.
and providing for the payment OF lie,
sick, accident and other benefits to the
membcra OF such societies, Or
dcrs and associations and dependents Of
such members; nor 10 tho stocks,
shares, funds or securities held by any
fiduciary or trusteou for charitable, re.
liglous or educational purposes; nor to
the loans made by building and loan as
soClations to their shareholders for tho
purpose Of enabling them TO provide for
themselves homes; nor 10 snch savings
banks, savings institutions or societies
rs ahall have no stockholders or mem
bers, except dcposltor, and no capital
except deposits.
"Secondly-Shall not receive deposits
TO an aggregate arnonnt in any ono year
OF more Than $1,000 from tho same do.
positor.
'Thirily-ShaIl no. allow on accum-
ulation or total OF deposits by any one
deposition exceeding $4,000.
"Fourthly-Shall actually divide aud
distribute 10 it, depositora ratably TO
deposits al the earnings over the ne
cess.rv and proper cxpcnecs OF such
bank, institution or society. except such
as shall be applied to surplus; and
"Fitthly-Shali not possess in any
form surplus fund exceeding 10 per
cent Of its aggregate deposits"
Mr.. Allison moved to add 10 section
50 the words: "And nothing herein
shall apply to any corporation, COM
pany or association having q paid up
capital OF less than 100000"
Without acting on the amendment
the aennte at 6:l0 went into executive
session and liyo minutes later nd
journed.