The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-27

spirit, intent and purpose of the unani-
NOUS consent under which the Senate
was acting.
MIR. McLaurin suggested, in a rather
sarcastic spirit, that the senator from
tennessee might have expressed his idea
without taking up so much time" and
he said that he Withdrew his motion for
the present.
TILT.
This remark proved to be rather irri-
tating to Mr. Harris, who said that he
mad given his understanding of the
unanimous consent agreement as briefly
as he knew how, and that he was "a lit
tie surprised at thetOne Of the senator
from Mississippi"
And ! am surprised at the tone of the
senator from Tennessee" Mr.. McLaurin
said,
The senator can take the tone and the
intent OF the senator from Tennessee as
he chooses, Mr., Harris said defantly.
80 | will Mr.. McLaurin responded.
And there the little disagreement
stopped
Mr.. Hill offered another amendment, in
reference to the tax on iuheritances, and
1t was reiected-yeas 10, nays rs,
All the committee amendments to sec
tion 80 were then agreed 10 without di-
vision.
Section 56 was then taken up and all
the committee amendments, principally
OF a verbal character, were agreed to. So
as to sections 81 and 50.
Sections 50, 60 and 81 were, on motion
of the finance committee, struck out and
substitutes for them were agreed to.
They relate to the income tax of banks,
companies and other corporations. and
provide that the tax shall be levied on
the profits or income above the actual
operating and business expenses, losses
and interest on bonded and other indebt-
edness of those corporations.
MUTUAL INSURANCE COMPANIES.
The amendment as TO mutual insurance
companies, or associations conducted
solely on the mutual plan for the benefit
OF their own members, was offered by
Mr., Vest on the part of the finance com
mittee. 1t provides that the tax shall
not apply to any insurance company or
association, which conducts all its busi-
ness solely upon the mutual plan and
only for the benefit Of its policy holders
or members, and having no capital stock
and no stock or share holders,
and holding all property IN
trust and reserve for its policy
holders or members; nor to
that part of the business of any insurance
company having capital stock and share
plan OF insurance and solely for the bene-
tit of the policy holders and members in
sured on said mutual plan, and holding
all the property belonging to and derived
from said mutual part of its business in
trust and reserve for the benefit Of its
policy holders and members insured on
said mutual plan"
ALLISON MOVES A CHANGE.
Mr.. Allison moved to strike out of the
first paragraph of the substitute the
words land all other corporations, com
panies or. associations doing business for
profit in the United States, no matter
how created and organized" He offered
the amendment so as to exempt small
shareholders, whose income was not large
enough to subject them TO an income tax,
from having to pay tax upon their divi-
dends from these corporations
Mr.. Allison modified his amendment by
eXempting corporations having a bonafde
paid up capital not exceeding $l00 600
He said that this would relieve from the
eXactions of the tax gatherer associations
of mechanics, and of farmers--in the way
of creameries. etc.
Without disposing of Mr.. Allison S
amendment the Senate, at 6:l5 o'clock
after a short executive session, adjourned
until tomorrow at 10 O'Clock a. IN.