The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-02-07

rborizfnc the cancellation Of starIps on
armented-fiuuOTs- by UerfOrati0n; re-
ducfng bv One-haU the tax upon for
efgu bills of eXCha age, FOR the appoint
raent pf Il competent person TO secure
The enforcement OF ,he tax imposed
uD0u 1eEacies aJsd distinctive SPARES or
personal property, prOviding that the
purchaser OF an uncOmpOunded meulci-
mai drug on which the tax already has
been paid shall not be required TO pay
further tax
THE amendment OF tho-rOunmittee fix
ing the tax upon transactions in stocks
through s0-Called bucket shops was
agreed TO- with an amendment offered
tv Mr. Mason providing chat a tax Of
= cents Gustead Of cent? 'on each SlUD
i'm value of the merchandise cOverC1 or
pretended 90 be covered"
4 committee amendment modifying
the tax ON cigars AMI cigarettes in ac-
Cordauce with the PROPOSITION made
previously by Mr.. Platt (Conn-) was
agreed TO-
Tax on Life Insurance.
AIr Allison offered an amendment ex-
emptiug from the tax levied upon life
insurance companies amy post NOR
tenn assessment association organized
and conducted solely lor the members
thereof"
in rsspous to an inquiry by Mr..
Jones of Arkansas. Mr.. Allison said the
the recognized life insurance COmpa-
MES. mutual ur otheTw .se.
Dir. H1ar Massachusetts. urged that
the. taxation of life Insurance cOmpa-
nfes was iudefensiDle and i'm s, me sense
vicious.
Mr.. Aldrich. in reply, declared that
the four or five great life insurance
companies I'm New York hal assets
greater than half the aggregate bank
ing capital of the United States. They
were doing banking and guaranty
business, he said and were justly and
properly subject to taxation.
Mr.. Chiffon said that many of the
sO-caIled mutual companies were really
great investment companies, and as
such were often controlling factors in
financial affairs.
Mr.. Allison said it was true that in
many of those sO-called mutual COM
panies the persons assured share the
profits of the companies in which they
held policies. Others, he said, divide
only portion of their earnings, the re-
suit being vast accommodations which
We're not 10 be paid out to persons now
insured. This accumulation becomes a
surplus for investment. He thought
such companies should pay taxes. The
IraJernal companies charge not more
than half as much as the so-caIled mu-
tual companies and for this reason,
he said, had been granted eXempuGl.
Mr. Chandler declared that nearly
all Insurance companies are mutual ID
a greater or less extent, and that in the
course of time all the surplus of any
of fine companies goes to the benefit
eiares ot policy holders. He did not
believe that any life insurance should
be taxed.
The Allison amendment was agreed
10.
Effect of Bill Explained.
lIr AIdrich. explaining the effect Of
the bill. said that according 10 the cal
CIdations OF the committee the reduC-
ton of the revenues made by the bill
would amount TO $4,000, 600. This cal
CulatiOn did not, however, take in ac-
count the effect of the amendment for
taxing bucket shops. which the senate
today had incorporated in the bill. He
had been informed that there are go
900 of these bucket shops in the United
states. If each one Of them should pay
$500, the government would derive S10,-
100000 from that source.
VI e. CoCkreIl inquired what the diff
ference was between the pending sub
stiJute and the original bill.
Air. AldTich replied that the house
Had adopted the policy of looping off
entirely a large number of the special
taxes. The plan Of the senate commit
tee had been TO reduce rather than TO
take on the taxes entirely, although in
some instances the taxes had been re-
moved,
Mr.. Turley. Tennessee, suggested that
Sc would have been well had the com
miItee presented a proposition TO tax
telegraph and express companies, as,
despite their great wealth, they had
escaped entirely The tax under the
original law.
Want TO Protect Dividends.
Mr. Aldrich said il was well under
stood when the original bill was passed
that the tax on telegraph messages was
to be paid by the sender. He had been
assured by the Western Union TeIe-
graph company that by Jhe low rates
OF It's tolls to the government 1t was
now contributing from $4,000 TO $780,
900 - year. If required to pay even
uEe-half of the tax it would be impOs-
slh'' for the company TO pay its per
cent dividends He said express COM
IauieS maintained that if the tax were
placed upon them d. would absolutely
destroy their business.
An amendment was agreed TO prOVid-
1-E that the tax vG new banks shall be
q. IMPUTED from the time the institu-
lions begin business.
Mr. Chiffon offered an amendment
reducing the tax ON bank checks from
cents 20 1 cent but it was defeated, |
Is to g..
An amendment offered by Mr.. Nc
tomas. Maryland. was agreed to. pro-
NiliuE that the internal revenue COM
n isSioner should place the stamps pro-
E'dad FOR in the UiII ON sale at The
p1stOiiiCcS of the country.
afr. Jones. Arkansas. moved to elimi-
nate from the Dill the proposed eNemp-
uUu from tax ON .aIaETaph and teIe-
phone messages. He gave notice that
.. the motion was greed 10 he would Z
offer ar amendmrUI eco tax both teIe-
graph ana telephone rnmDaniaS on
their gross, business =n as to cOmDeI [
H D.