The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-03-07
READY FOR THE governor.
noUsE REvExuE BILL PASSED NJ
THE SENATE.


Special Dispatch to the Post-Intelligencer.
OLYMPIA. March s.-The senate today
passed the house revenue and taxation
bill. yeas g, nays s Al the morning ses-
sion consideration of the bill was taken up
and motion was made by Wiltshire 10
insert the following amendment:
Sec. 5. That section Il OF said act Is
hereby amended TO read as follows;
Sec. n. All the shares of stock in banks,
whether OF issue or not, existing by au
thority OF the United States or OF the
state, and located within the state. shall
be assessed 20 the owners thereof in the
cities or towns where such banks are 10
ment Of all state, county and municipal
taxes imposed and levied in such place.
whether such owner Is resident OF SUCH
city or town or not. AL such shares shall
be assessed as follows: From the par
value OF the total amount OF the paid-up
capital and surplus OF each bank there
shall be deducted the amount invested by
said bank in real estate. and the amount
invested by said bank in shares of stock
or OF property Of other companies. cor
porations ana associations, which are re-
Quired by law to list for taxation their
property within the state, or which are
required by law to pay taxes within this
state upon the shares of their own stock.
Each shareholder shall be assessed his
proportionate part of the full and fair
value In money of the remainder on the
first day OF March In each year at the
same rate and no greater than at which
other moneyed capital in the hands of
citizens and subject 10 taxation is by law
assessed. and the persons or corporations
who appear from the records of the banks
to be owners OF shares at the close of the
business day next preceding the first day
of March in each year shall be taken and
deemed TO be the owners thereof for the
purposes OF this section
Senator Warburton objected TO the Sec
ton. 1t was. he said. an unfair advan-
tage in the interest OF the bankers. In
stead of deducting from the par value OF
the total amount of the paid-up capital
and surplus the amount invested in real
estate by a bank. the deduction should
be for the present value OF the real es-
tate.
The Wiltshire amendment to insert failed
After half an hours consideration OF the
bill. Plummer moved its indefinite post
ponement. This failed, and the senate
took the usual noon recess.
Two hours were taken up at the after
noon session in consideration of the bill
But few amendments were made In the
printed bill. mostly technical The most
important change. aside from the elmina-
ton OF section 8. was the elimination of
the proposed section lion from the gen.
eral account A part of the stricken Sec
ton was as follows: Sec. l2OA. Neither
the owner. occupant nor any other per-
son shall have right to despoil any lands
for which certificates of delinquency have
been issued OF their value. by the removal
Of buildings. or by cutting, removing or
destroying timber or other valuable prod
ucts growing. existing or being thereon
at the time Of issuance of said certif-
Gates"
The revenue bill was then passed. The
emergency clause was also passed.