The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-03-01
REVENUE BILL DISCUSSED,
Several Amendments Proposed and Voted
Down -Four Sections Adopted.

At noon yesterday the House went into
Committee OF the Whole to consider the
Revenue Act. he first four sections Of
it were adopted, as reported by the ri
nance Committee. after which the com
mittee arose. Consideration of the bill
viii be resumed from day tic day until il
is finished
The four sections yesterday adopted are
as follows
Section /. Objects for which taxes are
lcv:ed
That the taxes hereinafter designated
are PAYABLE in the existing national cur
rency, and shall be assessed and collected
under the rules and regulations prescrib-
ed By law, and applied to the payment OF
the expenses of the State government,
The appropriations to charitable and penal
institutions, other specific appropriations
made by Law, and the interest on, the four
per centum consolidated debt of this State.
Section 2 Poll tax.
On each taxable poll or male between
the ages OF twenty-one and fifty years.
except the moor ana infrm whom the
county commissioners nav declare and
record fit subjects for exemption, there
shall be annuallv levied and collected a
tax CT one dollar and twenty-nine cents
the proceeds CT such tax to be devoted to
nurnoses of education and the support Of
The pocr as NAV be prescribed by law
not inconsistent with the apportionment
established b. section two of article five
OF the Constitution of this State.
Section ?. Rate.
There shall be levied and collected an
nually an ad vaorem tax of twenty one
cents for state purposes, four cents for
pensions and eighteen cents for public
* hools, making forty-thrce cents or every
ore hundred dollars value Of real and per-
sonal PROPERTY in this state required to
be listed IN AN act to provide for the
assessment Of property and collection of
taxes" subject TO exemDtors made by
law. and no cit,r or other municipal cor
pCration shall have power to impose, levy
or collect any greater sum on real and
personal property than one per centum
of the value thereof, except by special
authority from the General Assembly.
Section 4 Bank taxation.
The taxes imposed for State purposes
upon he shares Of stock in any bank.
banking association or savings institution
whether state or nationaD. in this state,
shall be paid by the cashier Of such bank,
banking association or savings institu
ton, directly 10 the State Treasurer,
within thirty days after the first day or
July of each year. and upon failure to
pay the State Treasurer as aforesaid he
STALL institute an action against the bank,
banking association or saving institution
to enforce the same in the county OF Wake
or in the county in which the bank, bank
ing association or savings institution is
located, which action shall be prosecuted
in the name Of the State Of North Caro-.
lima, on the relation Of the Treasurer Of
the state, and which shall be tried at the
return term of the court: Provided. the
is filed ten days before the first
day Of such term and shall have prece-
dence over all other actions. The board
OF commissioners of the county in which
such banks, banking association or say
ings institutions are located shall assess
against the value Of shares of residents in
that county the tax imposed for school
and county purposes, which shall be paid
to the sheriff OF that county; and shall
assess against the value Of shares held
by non res.d dents of this State in such
banks. banking associations or savings
located ii that county. the
said tax imposed for school, county and
purposes, which shall be paid
to the shorff of that county bv said bank.
The relue Of such shares shall be deter
mined as IS hereinafter in this section
provided.
Every bank banking association or saw
ings institution (whether State or nation
aD shall list its real estate in The county.
ritv or town in which such real estate is
located for the purposes Of State, county
and municipal taxation.
Every such bank, banking association
or savings institution shall during the
month OF June, list annually with The
State Treasurer. in the name and for its
all the shares of its CAPT
tai stock whether held by residents or
on-residents at its market value on the
first day of June or, if it have no market
value, then at its actual value on that
lay, from which market or actual value
shall be deducted the assessed value of
The real and personal property which
such bank, banking association or savings |
Institution shall have listed for taxation
in the county or counties wherein such
real and personal estate is located. The
value of such shares shall be ascertained
by adding together the capital stock. sur
plus and undivided profits and Geductinp