The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-02-14
Will Be Finally Passed On this
Week by Committee.
REVENUE ACT COMPLETE
TAX MUST BE PAID ON ALL
NOTES AND MORTGAGES.
BANK STOCK NUS NOT ESCAPE
Something will Be Done 10 Make the
Collection of the Poll Tax More
Complete Merchants Pur-
chase Tax a Failure.
chase Tax a Failure.

The Revenue Act has been completed
by the Finance commFttee and is now
ready to be presented TO the House as
soon as it can be printed. Before this is
done, however, the express companies VIII
be granted IA hearing on the new section
taxing them ON all the business done
in the State instead of the gross receipts
The Machinery Act will also be conn
pleted and the two printed together, as
usual.
Ihe Revenue Act, as it now stands Is
about the same at it has been for the past
two years, with the exception OF the
changes noted in last Sunday news
and Observer.
The Machinery Act has not yet been
finally passed upon, though most OF Wle
important amendments are already E4n
shane and in the hands of the commltlee
to be considered at the meetings thls
week.
Among the most important changes
nroposed and those that will probably pc
adopted are:
THAT cashiers of banks be required 20
renort to the Auditor the names ana
residences of stockholders with the o.
mount of stock held; that such mforma-
tion is not to be made public, but to De
usad for the benefit of sheriffs III 5ecur-
ing the enlistment of this stock MI coun-
ties where it is held. Many are IN favor
of making this rule apply to all corpora
lions in the State.
This law grows out of the fact, point
ed out in a letter to the Finance commit
Zee by Auditor Aver sometime ago, that
out of the $5,000,000 of bank stock IN
the State only about 100000 of it
nays tax i'm the counties in which 1t Is
held
Another amendment, very much IN the
same lime, that will be adopted, Is that
ali notes and mortgages or papers repre-
senting solvent credits, subject to taxa
ton. shall bear some evidence, OF having
been listed each year. and In the absence
Of such evidence such notes or mortgages
shall be non-collectible by law.
Sheriffs are to be made liable 10 sule
ON bond for failure to report any false
return of property, which may IN any
manner be discovered, and 1t IS made
their duty to report it to the grand jury.
The section providing for tax on IN
comes derived from property not already
taxed and an income of over Sl,OoO ue-
rived from salaries and fees, will prob
ably be repealed as it is Thought Oy tle
committee TO be simply fiasco and an m
spfrat:on to prolific lying. They tnank Ii
II cannot be made operative 1T ought 70
be stricken out.
The number Of polls listed for taxation
in the State was 237.612. The number
of voters in the last election was 81, l99.
This shows an excess of 93,5S7 voters
over poll tax payers There are at least
$4,000 non-voters in the State, and these
added to 93.5S7 will make an excess Or
113. 5ST voters over poll tax payers. IL
seems incredible that there Is so large d
number of adults in the State who are
poll tax free. 1t has been proposed oy
some to make the penalty for failure TO
list. sixty days work on the public roads,
and failure to pay, thirty days more.
1T is not probable that this suggestion
will be adopted, the penalty being con-
sidered too severe. Some change, how
ever. will be made in the law looking to
a more complete collection of the poll tax.
In this same connection another abuse
is complained Of and the committee viii
endeavor to find a remedy for it.
The Auditors report shows that there
is only $4,000 of merchants purchase
less than 100000 purchases to raise this,
the tax being 40 cents on every $1,000
purchased. This means only about $3.50
per capita purchased by each person in
the State. The tax is levied on every
thing bought in or out Of the State, ex-
cept from the producer.
The amount thus given in is ridiculous
II low. How low can be seen when it
IS remembered that one firm in Raleigh
every year buys and sells nearly third
as much as the entire amount Of pur-
cbases given in by merchants throughout
the whole State. Indeed, it may be ques-
toned if there is not at least two Or
three times as much bought and sold
in Raleigh as is given in for tax in the
whole State.
No remedy for this has yet been pro-
posed. but Auditor Aver is investigating
the matter with a view to making some
recommendations in regard to It.
BROTHERHOOD OF ST. ANDREW.