The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1899-02-28

this Madison county bond debt he con-
sidered valid. Parties, like indivId'
mails. preserve certain features and
eharactertics, which they hand down
through years. The Democratic party
il known for it's economy and lnteg-
rity. Madison county does not WISH
to repudiate, and the passage or this
bill merely enables an honest county
to pay an honest debt.
The motion to adopt the minority re-
port was lost, and Senator Fields mo
ton that the bill be tabled was almost
unanimously carried. The ''clincher"
was put upon the bill.
The calendar was taken up and bills
passed: to provide for a finance COM
mittee for Mitchell county to establish
graded schools in Morganton; to al
thoriza Fayetteville to establish cleo
trio and motive power.
Bills further passed: To provide for
special tax for school purposes in Mt.
Airy; to provide for graded schools II
L~incolnton; to provide a light planefor
Tarboro; to establish graded schools IN
Newbern; to amend the Mecklenourg
road law, land the same as amended
be the Guiltord road law; to prevent
live stock from running at large IN
Cumberland county,
Bill to give Greensboro q ~dispensary
passed after long debate.
HOUSE.
At 1O:45. on Mr.. Holman's motion,
h House went into committee Of the
whole CMr. Moore, of Jackson, in the
chair on the revenue bill, which was
considered by sections.
Section 2, fixing 81 20 as the poll tax,
was adopted. Section 3. fixing he
general State tax at 213, pension at 81
and school tax at IS cents, making tue
total property tex 43 cents on the 800
valuation, was adopted. There was
some discussion as to section 4, In re
gard to collecting taxes on bank stock,
the assertion being made that the
counties failed to get taxes on 50, 900,
600 of this class Of property. Mr.
BoushaIl said the machinery act had
been specially arranged to secure this
tax, Mr.. Willard thought the State
Treasurer should collect the tax and
credit to the counties their respective
amounts. Mr.. Allen said the bill did
not cover cases in which the owner OF
bank stock lived in the State, but not
in the county in which the bank is
located. He sent up An amendment
designed to remedy this, Mr.. Willard
offered an amendment, which Chair
man Holman, of the finance commit
tee, in charge Of the bill, accepted. Ii
says land the State Treasurer shall
credit to the sheriff in his settlement
the amount paid to him on account oI
taxes which are properly due to each
county" Mr.. Aliens amendment was
also accepted and adopted. 1t is al
follows: THE owner of every share
of stock in such banks or building anC
loan association resides" this takins
the place of the words ''such banks Oh
building and loan association ar
located" Mr.. Holman said this madr
section 4 stronger and clearer.
Section 5, regarding taxation o.
building and loan associations, waI
adopted.
Section 6, taxing incomes, wa
adopted. The tax On gross profits anC
income from untaxed property is 5 pc,
cent. on gross income from salarie
and fees, public or private, ] or 1 pc
cent. on excess over 81 600; / of 1 pc
cent. on excess over 81. 600 to IS 900;
of 1 per cent. on excess over IS. 900 t.
80 600
Mr.. Rountree offered an amendment
to section z, which as adopted make
"any and all investments made by an,
railroad company or other ~corporatiol
In the stocks, bonds or other securitie
other corporations or loans shall b
taxed upon the amount of the actua
value Of such investment" The word
irrespective Of the market or othe
value Of a single share of such stock,
at the end of the section, were atricke
out.
It was read, passed second readins
and went over till to morrow.
SENATE.
FORTY THIRD DAY-Feb. ..