Indiana State Sentinel, Indianapolis, Marion County, 19 December 1894 — Page 3

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THE INDIANA STATE SENTINEL, WEDNESDAY MORNING. DECEMBER 19. 1894.

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CARLISLE i BILL

The Secretary Presents His Financial Scheme And the Measure Is Introduced in the House. Not Entirely in Harmony with Carlisle's. More Evidence Touching the Baltimore Plan. The Ilenrlnif ly the House Commit tee on Hnnklnic nl Currency an Interesting One The Statement of AVIilte Secretary Carlisle Also liefere tlx Committee Gen. "Wearer IIa a I-vlek Co mi u jf. WASHINGTON. D. C. Dee. 11. Secretary Carlisle presented his financial bill today to the committee cn binl-'inr and currency. In the first section all a. regulating the deposit of United Stat-" bonds to secure circulating 'notes ofi actional bank? are repealed. Section 2 provide f ir the Issuing cf circulation notes to a national bank ejual to 73 per cent, of the paid up and ' unimpaired capital upon depositing legal tender note3 with th? United States treasurer equal to 30 per cent, of the circulating note? applied f r. The; circulating r.oto3 shall be in denominations of $10 and multiplies of ten, and shall be uniform in design. Section 3 levies a duty of 14 per cent, for each half year upon the avenge amount of a bank's note. on its own notes In circulation. Section 4 provides f or the mode of redemption and retirement of a bank's circulati n. Section 5 crrates th? safety fund for prompt r?ilempt!on of circ-ulitiris notes of failed national banks. Each bank shall pay to th United States treasurer in the months of Jamury and July in each yeir a tax of i p?r cent, for each half j-ear, upon the average am.nint of its circulating note outstanding, until said fund amounts to 5 per cent uf the total amount of nation il bank no:es outstanding, and thereafter .'lid tix shall cu.. A bink r. 'iring or reducing its circul iti -n, shall n:rt be entiill to withdraw any of this fund. The mode of proo-dure in cae of a bink's failure is outlined. Section t allows the secretary of the treasury to Invest money belonging to the safety funds in United States binds. Section 7 provid e that on July 1. 1S33, rati nal banks now navlng binds on deposit, miy withdraw them, and substitute the 30 per cent, guarantee fund. Section 8 repeals previous acts conflicting wir! this measure. Section 9 provides thit the secretary of the treasury may in his discretion redeem and retire United Statt legal tender ivo:es; that no United States or trea-sury notes, authorized by the act of July 14, ISM, of a denomination of less than 510, fehall b Issued. Section 10 states that banks duly organized under the ltws of any state, which transiet' n other than a banking business, f hall be - exempt from taxation under the liws of the United States, under certain conditions regulating state banks. Section 11 provide that state banks shall nit issue notes similar In design to United States n ote.3 or certificates, or national bank notes. Mr. Springer has in:nJu.red in the house Secretary Carl is 1 's banking bill. It was erderei to b? printed and referred to the conmiittie on banking and currency. Horace AYhlte'n Ulli. The following is a synopsis of the bill presented to the banking and currency committee by Horace White: The first section provides that no banking association .hall be required to deposit United States bonds .either as preliminary to the commencement of banking business or for the security of circulating nettes to be hereafter issued. Sec. 2 provid- that in lieu of the deposits of bonds each national banking association shall bo entitled to receive circulating notes from the comptroller to the aiuount of (blank) per cent, of its paid-up, unimpaired capital, upon paying to the treasurer of the lawful money to the amount of 2 per cent, of such circulating notes and thereafter a tax at the rate of of 1 per cent, per annum upon the average amount of its circulation for the jtar. The 1 per cent a 1 proceeds of the tax ere to constitute a arantee fund for the redemption of notes of Insolvent national banks and the tax is to be collected until the fund amounts to not less than 5 per cent, of the entire circulation issued. This fund is also to be in addition of the 3 per cent, redemption fund now provided by law. . Sc. 3 provides that in addition to the amount of the circulating notes provided for, each association shall be entitled to receive from the comptroller circulating notes to the amount of 25 per cent.' of its paid-up, unimpaired capital, upon paying to the treasurer 2 per cent, of such additional circulation, and that the tax of of 1 per cent, per annum upon the average amount of the same outstanding and an additional tax at the rate of 4 per cent, per annum upon the nmount of such additional circulation outstanding for the j ear, all of which sums are to be a part of the guarantee fund. Sec. 6 is devoted to the insolvency of rational banking associations, and it is provided that when such insolvency shall be asoertaine! in the case of any particular association its outstanding circulating notes shall be redeemed by the treasurer of the United States out of the guarantee fund, if that be sufficient, and If not sufficient out of any fund in the treasury. After the loss on the account of any particular failure has been made good to the guarantee fund the United States 13 first to be paid for nil advances made. Sec 7 provides that associations applying for circulation after the first payments Into the guarantee fund shall have been made, may receive circulating notes from the comptroller upon paying into the fund a. sum bearing a ratio to the circulation applied for and allowed, which the guarantee fund bears to the total circulation outeta nding. Bee. 9 provides that whenever bank notes are Issued to any association under this act it shall be the duty of the secretary of the treasury to cancel legal tender C VE ZT OT A NT iz, m TU CDC rr? 5 Thnt fmr wonderful remedy "MOTHERS Jt FRIKSD." which make child-birth ruf may 1 Jk be within the rea-h of .11 we hr rMuced the ! S rlce to mm Dollar per bottle, btwir. of : ! rrf to Mnnmw jwr wme. D.Wtn OX I raUUfl, tVUU l.U Vtv ve w-.-we I TAKE N0THINQ BUT .... . MOTHERS FRIEND. . . , SOLD BY ALL DRUGGISTS. . IT" Write fir hook "TO MOTHERS" mailed free. TUR HHADFIr l.ll II Ifil LA1ÜU CO.. Set Proprietor. AtleetA. Gm.

HORACE

WHITE'S

MS

United States, notes and treasury notes to the amount of go per cent, of the bank; notes so Issued. Sec 10 provides that any association may retire its circulation or any part of it at any time upon depositing with the treasurer an amount equal to the sum desired to be withdrawn. Sec 12 repeals sec 9 of the act of July 12. 1SS2. and also the portion of the act of Juno: 20, JS74, which provides that. the amount of bonds on deposit for circulation shall not be reduced below J50.000 and provid.-s that any association heretofore organized desiring to withdraw its circulating notes in whole or in part may do so under the provisions of the act of June 20, 1S74, modified as above indicated. Sees. 4. 5, 8 and 11 relate to certain minor routine matters.

TUR HAY'S HEARING. Horace "White nntl Secretary Carlisle Refore the Committee. The hearing before the house banking and currency committee rn the question of a reorganization of the currency laws resumed In the room of the ways and means committee, but did not move off very promptly. Among th'"e present were Mr. Hcraee White of the New York Evening Past, Ü. C. Homer ? Baltimore, chairman of the committee on rational bankers, to form the late so-called Biltimore plan, and A. 15. Hepburn of New York, ex-cemptroller of the currency. Thse three gntlf-men rep-esent the cur-r-ney ideas embodied in the Baltimore plan, and they were present for the purpose of urging the merits of that plan. Mr. White' Statement. It was expected that Secretary Carlisle w uld present his currency bill and continue his statement of yeäterday, but as the secretary was Late in arriving, Mr. White opened the hearing. In answer to questions he stated that he had drafted a bill on the lines of the Baltimore plan and K was arranged that this should be placed j ljefore the committee. Mr. White's statement was read from manuscript and was a carefully prepared review c die banking question. At the close of Mr. Wn'.te's statemen: he submitted his bill on the- lines of the Baltimore plan. Mr. White began with a reference to the Baltimore plan, calling attention to the fact that it deals with only one part of the banking business, that of Ls.suins circulating notes, a function not indispensable, but valuable to the people, lie held that it was the paramount right and duty of the state to provide for the safety of the community. Hence it may describe tht regulations undor whieh circulating notes shall be issued, or gunpowder be stored, or liquor te .-old. It is not bound to give equal privileges to all persons to exercise the.e functions. The first half of the address was devoted largely to a historical review of banking in this country and particularly the New York safety fund system of the days prior to the war which Mr. White extolled at length. The latter part of Mr. White's address was devoted exclusively to the Baltimore plan. Itoferring to the fart that it makes the circulating notes a hrit lien on the assets of the bank, he faid: ""Piere is an outcry af-'jiin.t thi l;iFt feature from some ;-ople who say that the poor depositors will suffer. Hut what is the condition of the poor depositors now? Aren't notes a firsr lien on the assets? Aren't security bonds a part of the asets? Can any depositor get any part of this fund until the note-., are paid in full? And in supposing that the bonds shili ever fall short of paying the notes could the depositor tr-et any part of the remaining a.ssets until the par value of the notes was deducted? Of course not." Mr. White said he saw no objection to the repeal of th" 10 per cent, on state bank notes provided the sfate banks comply with all the requirements of the national h.-inking law and provided theme-m of enforcing these requirements are lodge-1 t with the comptroller f the curreney. But a mere power of observation without the power of enforcement, lie would consider unwise, unsaf; and sure to cause embar-rs-ment and to end in disaster. He considered as desirable, though r. .t indLpe arable, that the icnc-r.nient shall continue as now responsible for the redemption of DanK note. The . Baltimore plan simply takes the law as it finds it. It makes a change in the manner of rei:ntu;ving the government for the redemption of failed' notes. The only question is whether the suggested change puts the government to any greater risk. This is a question, of mathematics. It is to be answered by the tables of bank mortality In the past thirtyon years. Taking tip another branch of the question, Mr. White said It has been said that there is no more reason wfty the government fhouid guarantee the notts of a bank than those of a inoronant, a manufacturer or a farmer. This would be true if the notes of the merchant, the manufacturer nnd the farmei were allowed to circulate as money, but not otherwise. Mr. White announce himself in favor of the retirement of legal tender notes, notwithstanding the retirement is not included in the Baltimore plan. He would have them extinguished, not merely temporarily withdrawn. "My reason," he said, in conclusion, "for desiring the extinction of the legal tender notes is that they are a constant menace to business in this country; they have kept political parties in hot water for thirty years nnd have obstructed progress and reform." Mr. Johnson of Ohio asked Mr. White's opinion of Secretary Carlisle's currency plan. Mr. White answered that he did not think the secretary's plan would gve the elastie currency it sought to. secure. It compelled banks to put up 30 cents every time they issued 73 cents. Mr. Walker of Massachusetts asked if the bill presented by Mr. White would secure a safe and uniform currency. "It will have that tendency," sail Mr. White. "That is not it." said Mr. Walker. "We don't want to provide agency toward a safe currency, but the r-.etual safety." "I am not omniscient," suggested Mr. Whit. Ho added that in his judgment the bill woull secure an elastic currency. Secretary Carlisle came in at this point and was an interested listener to Mr. White's answers to questions as to the want of elasticity in Mr. Carlisle's currency bill. Mr. Warner of New York asked what restrictions should be imposed on state banks. Mr. White said he would subject state banks to the same regulations as those imposed on national banks. Mr. Cox of Tennessee asked if this would not do away with the need of state banks. Mr. White answered that It would. lie wiid he believed in one uniform banking system not forty-four systems, there being forty-four states. Secretary Carllnle Itesumea. Secretary Carlisle then resumed his statement begun yesterday. He presented the bill he had prepared embodying his plan of currency revision and read it to the committee, commenting on it as he proceeded. When he had concluded reading the bill Mr. Curlisle explained it in detail. He pointed out the various sections of the present law proposed to bo repealed. Concerning the conditions Imposed on sttte bank by his b'.U, he said certain features had been added to meet criticisms made of the plan as outlined in tha annual report. Mr. Brosius asked whether it was not desirable for the government to assume the risk of redeeming notes rather than leaving it to the banks. Mr. Carlisle answered in the negative. He said be did not believe in government responsibility further than in providing the most ample safeguards. The secretary presented tables showing the profits of national banks under the proposed plan as compared with their profits under the present law. It showed the additional profits and Inducements would incline national banks to take out circulation. In the course of the general discussion Mr. Carlisle said he did not think any immediate retirement of the United States treasury notes was practicable. The secretary -poke of Comptroller Eckels's currency plan. Without wishing to criticise it, he thought its fatal defect was in requiring national banks to take out two different kind3 of circulating notes. Mr. Hall of Missouri asked the secretary as to Mr. "White's statement that

the treasury plan lacked elasticity. Mr. Carlisle said there was no difference tetween the plans as to the amount of circulation which could be taken out. The shipment of gold was discussed at much length. Mr. Carlisle said the loss of gold was very heavy after the passag? of the Sherman law. The loss of our geld hid brought on financial distrust and had threatened panic But there had been no real" danger. Those panics were largely the result of sentiment and public feeling instead of well based fears. During a general discussion between Mr. Carlisle and members of the committee, the secretary referred to the Issuing of bonds. He said that as much a3 he regretted it he saw no way of preventing the further i3ue of bonds as long as the present system remained. Mr. White was again questioned after the recess. Mr. Ellis of Kentucky asked him if national banks would consent to become guaranteers for the notes of all the banks. He said at the out?t he doubted whether national banks would adopt this plan, but that they would ultimately accept it. Homer on the Haiti more Plan. Mr. Homer of Baltimore then addressed the committee on the Baltimore plan. He spoke of the requisite that a bank note be secure. The proposed plan undertook to provlds thl3 requisite without the necessity of a government bond. Uniformity wa3 another requisite of safe banking. This was also secured by the proposed plan, so that the system would be truly national, uniform in all states, insteading of varying in etch of the forty-four states. He urged that th? confidence and safety of the note holder was best secured by government redemption. The Baltimore plan gave this authority for redemption to the government and secured the government against los by a guaranty fund and numerous safeguards. The government would not be called on ta meet thi losses of failed banks, except so far as the guaranty fund permitted. It would be a hardship under the treasury plan to require a bank to advance 30 per cent, and then to guaranty the redemption of their notes. It was too nuich to ask of one national bank to become responsible for all other banks in which it hid no direct concern. Mr. Walker of Massachusetts asserted that the "sehem'j" presented by Mr. H 'ioi"r In behtlf of the national banks carried confusion to the present confused condition. Mr. Walker's questions took a wide range, during which he joined issues with Mr. Homer on the noes-its of mmy features of the Baltimore plan. The committee adjourned until 10 o'clock tomorrow morning. THE INQriltY COMPLETED.

House Committee Decide to Ileport CarlUle'd Plan. BUREAU OF THE SENTINEL. WASHINGTON. D. C, Dec. 15. The house banking and currency committee toniarht completed its hearings upon the plan proposed by Secretary Carlisle for a ieformation in the banking system and agreed to report a bill to the house by a vote of 0 to 8. Congressmen Johnson cf Ohio ai.d l-:iiis of Kentucky voting with the republic.! i members of the committee. The bill Ls substantially the same as the one proposed by the secretary of the treasury. Interest now turn? froüi the committee on banking an i cu:r -ncy aud centers upon the hous . The acti -n of that body is of great mummt to the. party in power as well as to the ecuMiy at large. This will be the list piece ,"f L:eat financial lei,isluion wnich that b )ly will be called upon to eonsid-r b.tore an adjournment is had. The imperative necessity for some kind of legi.-la.ion upon this quos:i n seems to have s;jJit:iiy impressed itself upon the present democratic namotrship of th? house, and tonight the general consensus of opioi n is t :at w'thiii a few days the hjiue v. ill pass s nie till irtdkatir.g th- evils which at present exist j:i our bankirg sys'-m, if not wh Ily e!ia::si':g it. Too ipp"dii..n of Congres men Conn, Hoininn, Johnson of Ohi and other western and northern members is still very sironv- against the Carlisle bill rind an effort will be made to amend it when lined action is taken r.y the house. An amendment will Le offered, and one which it seems ii v possibly may carry, striking out all after the enacting clause and providing for the immediate issue of enough bjnds to redeem all the outat.tnding greenbacks and silvtr certificates of lsOO which may now b used to draw gull i.'om the treasury. With the goli thus received the greenback and silver notes woull be redeemed as rapidly as presented to the treasury. A large number of demct rnt-s believe that this would temporarily solve the diilieult nnd knotty problem that is today confronting the trei-ury. Such a proposition as this will receive the entire republi-aa vote and it is believed by many thit sutiicient democrats wid support it to secure its passage. It is argued by many prominent democrats' that the administrati n is in favor of authority beiog given to issue bonds for this purple and that it may use its influence t secure the passage of -such a bill. Nevertheless, Congressman Sprinter is making a strong eff rt to seeu-e the passage of the Carlisle bill. The southern democrats will U'-e thir efforts in its behalf, and it is claimed Tiy them that a sufficient number of northern democrats can be induced to support K to secure its passage, though this is considered doubtful. It is now a foregone conclusion that one of these propositions' will pass the house within a very short time, possibly before the adjournment for the holidays. Every democrat is thoroughly aroused to the imperative necessity for some kind of immediate legislitlon upon the subject and it is believed tonight that if the -house takes prompt action, as it is believed it will, the senate may also take similar action. Th report to the house will be mule on Monday, debate will begin on Tuesday and the committee on rules will be asked to fix the final vote in the house for next Friday at 3 p. m. Gen. AVca'ver's Opinion. DENVER, Dee. 11. The Rocky Mountain News today publishes a letter from Gen. Weaver, in which ho says: "The Baltimore currency scheme 4s a bold and bare-faced proposition to apply the methods of the stock exchange first and the board of trade, combined, to the entire business of the country ta authorize th money shirks to alternate the bull and betr to gather to themselves the profits of industry. It is an attempt to transfer, as a gratuity to speculators, the highest attribute of sovereignty, that of issuing the currency of a great nation and controlling it3 volume. A congress which has its walking papers is just the kind of a body the money power delights to toy w.th." DRUG CLERK'S MISTAKE. Comet Xcur On u ulnar the Denth of Tvro Person at Mnncle. MUNC1E, Dec 13. Special. A drug clerk's mistake came vtry near costing two lives here today. Early this morning Dr. J. S. Mann administered what he thought was codia to Mrs. Frank Raburn. She was soon at the point of death, showing all signs of poinon. The doctor protested, and finally, to show his confidence, swallowed a bigger dose of the medicine. In a half hour he tumbled on th floor unconscious, and It has been a life and death struggle with him all day. His partner. Dr. Trent, analyzed the drug and found that he had been given attroplne instead of codia as ordered. Hope Spring! Eternal In the human breast Despite repeated disappointments, the divine spark rekindles after each. Though there may not be a silver lining to every cloud, the vapors which obscure the sky oft waft aside an3 disclose the full splendor of the noonday sun. Thus is hope justified. Invalids who seek the aid from Hostetter's Stomach Bitters In the hope of something better than a mere modification of the evils from which they Buffer, will fin) that it Justifies their expectation. Chills and fever, rheumatism, dyspepsia, liver and kldnpy trouble, nervousness and debility are thoroughly, not partly, remedied by the Bitters. Doss of flesh, appetite and deep are counteracts by this helpful tonic as by no other medicinal agent, and to the old, Infirm and convalescent it affords sjeedily appreciable benelit A winegiasdful three times a day.

NCDHE ' TAX

Regulations Prescribed for Its Collection Are Approved by Secretary Carlisle. PENALTIES ARE PROVIDED For an Evasion of Law's Provisions the By Either Individuals or Corporations. The Iletnrn to Be Made on or Before the First Monday in March of Each Yenr anil Shall Include All Income from Every Sonrce- Eiemntloii of ll,ooo Allowed to Persons Not Extended, to Corporations. WASHINGTON. Dc 13. The secretary of the treasury today approved the regulations prescribed by the commissioner of internal revenue for the enforcement of the collection of the Income tax under the late tariff act. Under the regulations provided and approved, pursuant to law, every citizen of the United States, whether residing at home or abroad, and every person residing or doing business In the United States who has an annual income of more than $3,500, shall make a full return of the same, verified by his oath, to the collect :t cf internal revenue of the collection district in which he resides, or i; not a resident in which his business or property from which income is received is situated on or before the first Monday in March of each year. The first return under the law shall be made on or before the first Monday in March, 1SD3, ai d shall include all inoeme from every source received in the year 1S9-I. from the first day of January to the 31st day of December in said year. Guardians, trustees and all persons) and corporations acting in any fiduciary capacity are required to make similar returns for ail minors, wards or benefici iries for whom they act. The affidavit attached to the list must be subscribed and sw-rn to by the person making the return, and is to the effect that the alüant has included in said return all grains, profits and incomes from every source whatever received by him or to which he Ls jusdy entitled for that year, and that he is honestly and truly entitled to make all th- deductions entered on his return, and tint h v h i.s truly answered tfoe interrogatories s-t1 forth? on sai l blank form. When completed and duly vorifi'-d by the oath of the person rendering the .'jme, the return must be delivered, by mail or otherwise, to the collector at any time b-vw;en the first day of January and the first Mondty of March in each year. The givss gains, j refits and incomes returned by persons shall in.elude: (1) Gmss profits of any trade, business or vocation, waerewr carried on. (1) Itenrs ree-'ived cr accrued during the year. J) Profits from .sales of real etate purchased witl.i.i two. -yens. U) Farming oper ill ms and .ov-ei. (: Money ard value of all personal property acquired by gift or inherit tree. ' Premium on bonds, st ocks, notes and coupons. (7 lac nie from trad or profession not by stated saliry and not heretofore e.iunv rated. . Fr m 3iUry iT con'per.stt ; on other th.tn thit received from the Unit d States. (9) Undivi. hd g.ins a.td profits of any partr.trsh'p. (10) Intr'-st received or accrued fr tm oil notes, l nds or other securities. (11 Interest on bond or coupons paid of any c rporatien. Dividends from c orp rati ms. (b5l Income of wife or minor cii. M or children.- (14) All other sources of inoeme not above enumerated. The Jed acti oi3 allowed on the return and therein enunvratr-d are: (1) Four thousand dollars exempt by law; (2) interest due and paid within the year; (3) rational, stare, county, school and municipal taxes paid, no' Including assessments for '.oct. benefits; (!) amount expended in purchase or production of live stock or produce sold within the year; (5) necessary expenses, specified by items, actually incurred in carrying on any business or trade; losses actually sustained during the year specified; (7) actual losses on sal3 of real estate purchased within two years; (8) debts contracted and ascertained in the year to be worthless; (9) salary or compensation over $4.000. from which the tax of 2 per centum has been withheld by disbursing officers of the United States Fovernment; (10) dividends included in the estimate of gross profits from corporations on which the 2 per cent, tax has been paid by such corporation. In the case of non-residents the return must be made and filed in the manner provided for residents, and if not so filed, the collector must make return for the non-residence, making no allowance for exemption. If any person fail to make return in the manner nnd time provided by law. or make a false or fraudulent return, tho collector hall make the return from evidence obtained by summoning the person and examining his books, and from all other evidence obtainable, and shall aid 50 per cent, to the amount of tax found due as penalty, in case of neglect or refusal to make return; and 100 per cent, penalty In case of a false or fraudulent return. The penalties and interest will be added after notice to the party, and full hearing, if such is desired by him. Where the tax has been returned and paid in another district, or where the party has not a taxable income, he may so declare in printed affidavits on the blank, annual returns. Affecting Corporations. All corporations, companies nnd associations, both resident and foreign, doing business for profit in the United States, shall make annual return of all net profits above business and operating expenses on a separate blank prepared for them, and when duly verifi-ed by the oath of the president or other chief officers of such corporation, tho. return must be delivered to the collector on or before the first Monday in March of each year. The first return of corporations fthall cover all net profits and income for the calendar year 1894. The exemption of $4,000 allowed to persons is not extended to corporations, but the return must cover all net profits without exemption. The annual return of corporations must include: (1) The gross profits of all kinds of business. (2) The expenss exclusive of interest, annuities or dividends. (3) The net profits without allowance for interest, annuities or dividends. (4) The amount paid on account of interest, annuities and dividends. (5) The amount paid in salaries of $4,000 or less to each employe. (6) The amount paid in salaries of more than $4,000 to each employe and the name and address of each of such employes. Tha gross profits include: O) All profits of any trade or business; (2) interest or coupons from bonds of other securities of any corporation; (3) dividends received from any corporation; (1) undivided profits of any corporation; (5) premium on bonds, note3 or stocks; (6) commission or percentage; (7) Interest on government securities, not exempt by law; (S) interest on other notes bonds and curitieE; (9) profits from sates of real estate; (10) from rents; (11) profits from a'.l other sources, to be enumerated. The operating . expenses sha 1 include: fl) Interest paid or accrued within the year on bonded or other Indebtedness of euch

corporation; (2) losses actually sustained during the year, which must be separately stated and fully described as to cause, date and amount; (3) all taxes actually paid; (4) salaries and pay of officers and employes actually paid during the year; (5) rents and necessary repairs ; (6) all other necessary expenses, which must be itemized and fully explained in tne r3turn. The net profits shall Include: (1) All amounts paid to stockholders or shareholders; (2) the amount of undivided profits on hand or carried to surplus or any other fund; (3) amount of net profits used for construction, enlargement or Improvement of plant; (4) all other expenditures or investments from the net profits. Corporations are required to keep accurate books of account, and may be requested to allow collectors to 'nspect the sarnj in verifying returns. If the annual return is not filed with the collector in the time required by law the corporation making default shall forfeit a penalty of $1.000 and 2 per cent, a month, on th3 tax due until paid. Certain specified corporations for charitable and like purposes and certain savings banks, mutual Insurance companies and building and loan associations are exempt from income tax. In such cases it is held by the department that the Intention of the exemption is to extend benefits to the small depositors and beneficiaries of such mutual and savings institutions, and that the corporations as such and those who speculate la tha shares, stock or fund3 are not beneficiaries of the exemption. Collectors are re-quired to extmin? the articles of Incorporation and business methods of corporations claiming exemption, and where such are not within the class specifically exempt, to causa return to be mad? for taxation as In ths case of other corporations. Employes of the Government. The tax due from salaries of officers and from pay of employes of the United States will be deducted from the first excess payment over $4,000 by paymasters and disbursing officers in paying th? same and will ba paed over to the collectors of the -several districts wherein such disbursing officers reside or make payments. It is provided that no part of the salary, fees or emoluments of any state, county or municipal officer Is subject to income tax, and no return thereof shall be made of the salary or fees of such officers. Salary received by government officials in 1S94 shall be included in the first annual return to be made on or before the first Monday in March, lJ.33. Appeals, and the method thereof, are allowed and prescribed in all cases where the person charged with the tax is dissatisfied with tha decision of a deputy collector cr collector. In the first instance, the appeal is to the collector, and if JissatL-fied with his decision, the appellant may have the entire cause, with all papers and evilence relating thereto, transferred to the commissiener of internal revenue for his decision. Severe penalties are imposed upon all officers and other persons who make known, in any manner, any fact or particulars containel in or relating to any return of any tax-payer or any fact as to tha source or amount of the income of any such person. Collectors are .strictly directed by the regulations to rigidly enforce this provision. As all original returns are forwarded to and filel in the office of the commissioner of internal revenue, the opportunity for exposure of the facts protested by this pro-vi-i m will be greatly reduced. The tax on incomes for tha year 1R!)4 will be due and payable on or before the 1st day of July next, and if not paid at that time, the penalties will attach for non-payment. The collection of the tax when delinquent will be enforced in the same manner as in cases of enforcement and collections of other ttxos under th? internal revenue laws of the United States.

SHU CANAL FOR INDIANA. Senator Torpte Introdnces n Memorial Prajing for One. BUREAU OF THE SENTINEL, WASHINGTON. D. C Dec. 11. Senator Turroie today introduced in the senate a memorial from the legislature cf Indiana, praying for the establishment by the government of a ship canal to connect Lake Michigan with the navigibl? waters of th? Wabash river. The proposition is one in which the business people cf Indianapolis are more largely irterested thin almost any other that has yet been brought to the attention of congress. Senator Turpie made a short speech at the time of the presentation of the memorial in which he outlined the great advantage it would be to t'r.e -hipping interests cf the people in that section of the country. The memorial sets forth that the feasibility cf thi construction of a maritime ship canal from the lower end of Lake Michigan to the hca 1 of navigation of the Wabash river has been generally acknowledged, and its value for the future development of the great northwest can hardly ba estimated, and that the various reports of civil engineers of appro"ed scientific skill, including the report of Maj. G. L. Gillespie, United States corps of engineers, made to the war department, Dec 27, 1873, demonstrate the full practicability of such an enterprise, the report showing that there is a fall approximating about seventy feet from the south end of Lake Michigan to the head waters of the Wabash river, and that the construction of the work owing to the physieial condition of the country through which it would pass, being level and sandy loam, could be done very cheaply in view of the commercial importance. The memorial also sets forth that the proposed canal would shorten the waterway from Lake Michigan to th Gulf of Mexico by nearly four hundred miles more than any other route that has been suggested or proposed. It was referred to the committee on commerce for action, and the senator intends to secure action upon it at the earliest opportunity. Followed Instruct Ions. Doctor "Did you drop the powders in water, rs I dir ected?" Johnnie "Yes; you'll find them all floating round in the bath tub; I just put the last one in." Chicago Inter-Ocean. Salt Rheum often appears In cold weather, attacking the palms of the hands and other parts of the body. Hood's Sarsaparllla, the great blood purifier, cures salt rheum. Hood's Pills are the best after-dinner pills, assist digestion, cure headache, 25c. Subscribe Xow, By subscribing now for The Indianapolis State Sentinel for one year you are entitled to the benefits of our great offer on page 5. ltead it carefully Consumption. The incessant wasting of a consumptive can only be overcome by a powerful concentrated nourishment like Scott's Emulsion. If this wasting is checked and the system is supplied with strength to combat the disease there is hope of recover'. Scott's Emulsion of Cod-liver Oil, with Hypophosphites, does more to cure Consumption than any other known remedy. It is for atl Affections of Throat and Lungs, Coughs, Cold, Bronchitis and Wasting:. PamfhUtree. Scott&Bowne. N. Y. AllOruggitta. 60c and $1.

r . s . 7 V. V - "r"7 tt

KNOWLEDGE Brings comfort and ircprovement and tend to personal enjoyment when rightly usea. The many, who live better than others and enjoy lire more, with less erjenditure, by more promptly adapting the world's beet products to the needs cf physical It-eini, will attest the value to health of the pure liquid laxative principles embraced ia tho remedy, Syrup of Figs. Its excellence b due to its presenting in the form most acceptable and plea--ant to the taste, the ref re-Jiing and trulybeneficial properties of a perfect laxative; effectually cleansing the system, dispelling colds, headaches and fevers ana permanently curing constipation. It has given satisfaction tc millions and met with the approval oi the medical profession, becau-n it acts on the Kidneys, Liver and I'owels without weakening them and it is perfectly free from every objectionable fcubstance. Syrup of Fizs is for sale by all druggifts in 50c and $1 bottles, but it is manufactured by the California Fig Syrup Co. only, whose name is printed on every package, alsa the name. Syrup of Figs, and being well informed, you will no; "ccept anv eubstitute if oflered. GRATEFTT1 COMFORTING. EPPS'S COCOA BF.EAKFAST SUPPER. "By a thuiuufch unuwituKu 01 tho natural laws which goveru the Operations of d:KeUoa inj nutrition, and by a careful application of the fine propt-rties of w.-'l-se)ecte1 Cocoa. Mr. Epps ha provided for our breakfast and r-up-per a dellcately-tiovoured beverage which n:ay eave v many heavy doctors' bills. It ls by the Juducioua use of such articles of dit tha a constttuti'in may be gradually built u; until irong' enough to resist every tenancy to disease. Hundreds of subtle malad' s.re floating around us ready to attack wherever there is a weak point. We may escepe many a fatatal shaft by keeping ourselves tvell forties with pure Mo-l and a pr.perly nourished frnme." Civil Service Gazette. Made simply with boiling water or milk. BoH only in half-pound tins, ty Grocers, labeiei thus: JAMES HPPS A CO.Lti, Homaeopathlo Chetnirt. London, England. From U. Ü. Journal cf Medicine.) Prof.W.U.IVcke,whoniAkiaat3peciaitjofEiinersy, has without doubt treated and cared more cnsej thin nylivir. Phyeieian ; iiisstiecessittastom.hins;. We tare heard of cases of 20 yearg'utandine cured brhun. lie ;nb.'Bhcsa valuable work on tbisdiecaise which he ler.ds w ith a large l-ottle of his absointe cure, free to inypofftTOTwhoitir-y" ndth irP.O. andExpreadiress. We advice an vor e wishing a c're to addre?, Prof. W. II. PKEKK V n..4ti.rst. r.ewYorfc. Agents. $75 ft wek Fxclu-iv (rrtorr. Th lUpid D:ftttiW. W-ub-rsalitot !& for a (kmily in one mieui. Wau-ii-, rtnm and ttrirs them without wetting the faaudt. Yon ?uib i be but ion, ihr mftcblu 3oea Uie rrbt, Bricbt, pniUJifd dish, ftsd cbrful wives. No sv. lei k nnrvrs.DOMitrtitafti tsor el-tram;. rn bmkn diKbei.uoiUQHt, Cbrpt lurahle,wrrnu-d-Cucolirre. W. P. HARRISON X CO.. Cterk It, Col ab., O. SAVE the SCRAPS AnyboJy out of emplcyTifnt can mike lots money manufacturing waste maicriiil at their own home that is now thrown away, i.y turning It int-o a useful rrolaet of rvat demand. S-?n1 stamp with rami and address for inform" ti ?n how ro do it. il:i-:hlkss i im facti hivg co Ilox J53, A nxliinutua, 1). C. TTTfinlr FOR ALI. 175 a month salary and II h expenses paid. If you want employment write at on once to P. O. VICKERY. Augusta. Maine. NOTICE OF SALE OF LAXDS MORTGAGED TO THE PERMANENT EXDOWMEM FtXD, INDIANA UNIVERSITY. Notice is hereby given that the follow'ng"descrilxjd lands and lots, or so much of each tract, parcel or lot as may b necessary, will be offerel at public Ki'.e, at th south door of the rourthou?, in the city of In3ianapolis, Indiana, between the hours of 10 o'clock a. m. and 4 o'clock p. m. cn the 17th -day of January, 1, the same being mortgaged to the Mate of In.liana to secure the payment of loans from the permanent endowment fund. Inliana University, anI forfeited for nonpayment of interest due it. No. 61 The southeast quarter of the southwet quarter of section (-) two in township thirty-one fll) north of ranpe five (5) west, also the northwest quarter of the southwest quarter of section six ( in township thirty-two (12) north of ranpe five (5) west: also southeast quarter of section thirty-five (3T,) ant o-ithwest quarter of northeast quarter of s-aid section thirtyfive (00), both of last-describe! tracts In township thirty-one (31) north of ranpe six (6) west; also the north half of the northwest quarter of section one fl) township thirty CM) north of rane six (6) west. a northeast quarter of southwest quarter of section twelve (12i township thirty one (31) north of ranpe five' r) west, containing four hundred (WO) acres more or less. Mortpaged by Jaines IJsht. Principal, tl.to; Interest, $2,V.25: damag:es, $139.81; costs, $4000; total, $2,9:16. fl. No. 7&-Lot9 6. 7, S. 9, l,yi, V. 109, 110, 111. 121. 124. lJT.. 12 127. 12; 124, 1M-. 131. 132. 145. 14H, 147, 14, m ISO. l.öl. U.2. 15:5. lr.4, 155, ir,t", 157, 15S. l-r.9. MO. PH, M2. M:i. M4, Mi, UM, 1(77, 16$, 169, 172, 173, 171, 175. 17rt, 177. ITS, 179. ISO, 1R1, 1S2, 1!4, 15. lsfi, . 19, 190, 152. 2.5S. 254. ZW 2Tö, 257, 258, 2f9. liV, 2U. 2'"2, 2tV5, 264. 301, 3lC, eSKi. 3 4, 3 6, 3' it'.. S"7, 3 3 , 310, 311. 312, 313, 314. 315, 316, S17, 31S, 319, 32 321, Z22. 323. 324, 349. 350, 351. 352. 353. '354. 3.V., 35t ?.57 .'(, 359, 3fi0. Ztt. 3R2. S"3, 364. 3m. S-ifi. 3(07, 308.' 3.59. 370. 371. 372 In William J. Parts'! Sufjar Grove addition to the city of Indianapolis, Marion county. State of Indiana, Mortsrared -hv Patrick J. Mullaney. Principal. $0.2i5O; Interest. $745.23; damages, $351.76; costs. $4d- total. 7.386.99. No. 95 That part of sections 6 nnd 6 in township 5 north, ranpe 2 west and part of Rectlons 31 and 32 tn township 6 north, range 2 west. de5tcrit)?d as follows: Pepinning at the northwest corner of the southwest quarter of said section 5 and running from thence south 30 poles, thence eouth 83 degrees east 7S.12 poles to a b'.ack walnut tret?, thence north 66 degrees east 103.24 poles to- a white oak tree on the bank of Indian creek, thence north 12 degrees ve-tt 7 pole to the center of Bald cr?ek. thence up said creek with Its meandering, crossing the north line of said section 5 into said section 32, and following the center of said creek In a northwesterly and westerly direction into said section 31 and continuing with saM center line westerly and southerly Into said section 6 to a point where the said creek crosses the west line of the east half of the northeast quarter of sail section 6. thence south on said line to the south line of said quarter, thence east to the place of beginning, containing 470 acres more or 1S3. Also the southeast quarter (1C0 acres) and the southwest quarter of the southwest fractional quarter (37.45 acres) of sall section 6 and the north half (309 acres more or les?) of section 7 In said township 5 north, ranere 2 west. In aP. 976.45 acres more or less in Lawrence county. Mortgaged by Abner D. Armstrong and Jeanette Armstrong, his wife, and Alvin Armstrong and Aerie Armstrong, his wife. Principal. .000; Int?rest, ICSO; damages, $43C; costs, $40; total. $9.156.60. The above described lands and lots will be first offert-d for cash.' Should there be no bil they will be Immediately ofTer?d on a credit of five years, with interest at the rate of 6 p?r cent, per annum, payable In Rdvance. but in neither case will any bid te taken for a sa'.e ls than the principal. Interest and costs, due as above stated, together with 5 per cent. dama?fs on account of sale. J. O. HEN'DERSOV. Auditor of State. Office of Auditor of Ptate, Indianapolis, Indiana, November 13. 1S?l

lOIMi... l-A iVX

NOTICE OF SALE

OF LANDS MORTGAUni) TO TUB COLLEGE Ft Ml. Notice Is hereby given that the following descritxed lanls and lots, or so much of each tract, parce; or 1 t as may be necessary, will b- offer-ed at put. lie sale to th highest liiler, at the is.uth door of tha eourt nous-, in the city of Indianapolis, Indiana, betwet-n the hours of lo o'clock tarn, and 4 o'clock p. m.. on the 17th day of January. 1C. the same being mortgaged to the State of Indiana to secure th payment of loans from, r s.M on a crtlit, on account of the Colieee Fund. ani forfeited toy non-payment of Intenst due It: No. lell "Southwest quarter of the northeast quarter, the east h;;lf of the northwest quarter, the nrthe.i'it quarter of the southwest quarter anl the northwest quarter of the southeast quarter of section twentyseven (27) in town three 3 north ranfra fo'ir (4) west. Mortn-rH bv Hughes Kü-st and Kliza V. Eat. lrincl,al. Interest, $l.v.3t; damages, $32.2-3; costs, $15.0,0; total, $'j7;.6o. . No. 11S7 The wo-?t half of the northeast quarter of section No. twenty-four (24). town No. twentv-four 24, range No. ta (l'O east in Ulaekford county, Indiana, containing eighty acres more or less. Mortgaged, by Krank J. Hall. Principal, t''Interest. $273.13; damages. 33.4); costs, $15.00; total, $27.59. No. 1212 The southeast quarter cf th northeast quarter of s?ction four (4) In township five 5) north range four (4) eat. containing forty acres more "r ls. Mortgage! by Rachel Kolman. Principal, $T'X; interest. $msS; damaea, $29.94; cos'-s, JlS.00; total. $-i2s.!i2. No. 124 Helng the south ha'.f (Vi) of tha north half 4) of the southwest quarter of section seven (7 township twenty-five (2f) north of range twelve (12) east, contalnln; forty acre of land, more or lew. Mortgaged bv Nancy Tl. Farr and William H. Farr. Principal. $450; Interest $7.72; damarea, $27.23; costs. $15.00; total. $571.05. No. 1311 Inlot three hundred anl stv! (3o7) and inlet three hundred and eight (30S) in the city of r.loiminirton in sal.-. Monro county and state of Indiana. Mortgaged by F..ob,-rt W. Miers and Pell Miers, his wifePrincipal. $5': interest, r.71.70; d images, $i1.3J; C VS-.S. $13. 0: total. $7'M6. N. l.:ii Part of section seventeen (TT) township twenty-seven (27) range one (1) west, t.e-wtt: Commencing at the noitheast corner of the southeast quarter of th southeTLst qu.ar of said section and running thence north cn the east line of sail section sixty (Ofl) rods, th-nce west at right a?igls from saiI east line one hundred anl forty-fiv (14.5) rods, thence north paxellel with sail east line of said section one hundred rods, thence west parallel with thi n.orth line of said section ninety-five (15) rods to the northeast corner of the southwest quarter of the northwest quarter (l4 of sail section, thence south eightr f-h rods to th carter 11n of said section running east and west.ther e east eightyt) rods to the center of said section, thene-s south on the center line of fall section, running north and south eighty o"1) nods to the n)rthwest corner of the southwest quarter of the southeast quart?r of sali section and thence east onti hundred anl sixty (Kno rod to the place of Itepianlnj!:. containing 1H9 37' P ncres. more or lesta, Mortgaged bv Waldo T. Davis and Dlizabeth T. I ! vis, his wife. Principal, $-5 ; interest. S-!x.4'.t; da.m?ges, tM.C7; costs, $13.00; total, $044.1 H. No. 1394 Five ar.i CO-100 ft r-l acres ia the northwest corner of the southeast quarter of the northeast quarter of ,s?ction number thirty 2) township numher sixt?en (!') ranrre three (3) designated as lot numbefl sv n t7 in the p'at of the partition b twen John Van Pdarlciim's heirs in tha Court of Common IVas of Marion county, Indiana, record number five (Z). page S3S. Mortvraeed by Prank McCray and Claxa MrCray. Lis wife. Frlncipal $2SO; tnterewt, W.M: damages, 115.73; costs, 15.a); total, $351.39. No. i39! The undivided onf.ftb (l-S) of the wst half of the southwast quarter of section twenty (2) township nineteen (13) north of range seven (7) west in Fountain county, In.liana- Mortgage! by George V. Oronk nnl Harrret r.. Cronk, bis wlf. Principal. $250: interest. ?-4.41; dam?Ee. $17.47; c.-1s. $15.00; total. EC6.9-5. No. 1442 The southwest quarter of tha south?ast quarter of section 29, town 13, north of ranee east, containing ) acres. Mortgaged bv FTank Doyle. Principal. $2w; interest. $11.72; damages, $15.4S; costs. JIS.OO; total, '.25.2't. N . 1151 It two h'mdred and forty-flva In Daughertv's addition to the town of West Sfhoals, containing 21 60-100 acres. Mort-rasrel by P.ebfcca McCormick and Hiram McCormick. Princ.pal, $:" ; interest, rilö.40; damapea, $"1.02; costs, $15.00; total. $'J'.l.li2. 1454 Lots nlnetv-three (9. ninetyfour e&4) and ninety-five 95. In Herman Mint'-fs subdivision ..f Clifton-on-th--RiTer, In Marlon county. Indiana. Mortgagsl by Agnes tr. Patterson nnd amuel W. Patterson, her husband principal, $200: interest. $'W.76; damages. $12.2; coi.u, $15.t6; total. No. 14:9 The s-outhwest quarter of th northwest quarter of section tlva. township four, north of range three we-st. exr"ept tha right of way of the EvansviTle & Richmond Railway Company through said land. Mortgac-ed bv Henry 711m Felle anl Matilda rum Felde. Principal. $T"0: interest, $1 "U9; damages, 1.20; costs, $15.00; total, $055.19. No. 14S7 The wet half (w 4) of tha northwest quarter (n. w. -i) of the northwtt quarter in. w. ') of -section thirty-five CT.). townahip twenty-five (25 north, rang three (2) east, containing 00 acrc-s, more or less, situate in Miami coun'y. in tha Stat of Indiana. Morttragfd Ly Charlee R F. Cl.-uk and Mamie CN. Clark. hU wife. Principal. t5"0; interest, m.2".; damages, $29.21; costs, $150"; total. $.715X7. Xo r.cglnnlng at the southwest cor ner of the west half of the southwest quarter of ecrin eighteen tlM. township twenty-three (22) north, range ten (10) east, and running thrmce thirty-nine rods and twentv-three links: thence north one hundred "and sixty rods; thence west forty" rods and twenty-fix links; thenre soaiU one hundred and sixty rod to tha plaee o b--rinning. containing forty acres, mora or jrs Mortgaged by William K Coata and Armilda C. Coate. his wife. Principal, .v: interest. $"S.S5; damages, $23.17; costs, $15.: total. $12F.2. n-a-jLot N.o. fifty-eight GS) ia C. Al, Jav's Diamond addition to the city of Ko irorno, In'liana. Mortgage.1 by Henry Mart zoff. Principal, $5"0; interest. $V5.40; danvages $29 07; costs. $15.00; total, $10.47. No. 1495-L-ots No. 20. SÖ. IIS. 175 and ITS. In Parkview addition to the city of Kokomo. Indian-. .Uortgn gd by Franrt Friemann. IMnclpal, Interest. $3.63; damages. $29 03; costs. $15.'0; tota2, $X9.66. Xo. 1509 The northeast quarter (i) of the southwest quarter (;) of section seventeen (17), "township twenty-five (25) n-orth, range ten (lö east, containing 40 acrs of land, more or less. Mortgaged by Charles H. Morgan. Principal. $5; Interest. $-71.; damages. f2 82; costs. $13.00; total. $-306 26. No 151S I-tot numberel seven (7) ia Spann & Campbell's subdivision of lots numbered seven (7). elpht S and nlna 9 in square numbered peventy-one (71), ia the city of Indianapolis. Indiana. Mortgaged by Joseph P. Parrett, Thomas K. Rarrett and Susan J. Rarrett. his wlf. l'rlnclpai. 55'; interest. $.52.79; damages, $2S.39; costs, J15.0O; total $''' I. No." 1522 Part of the southeast quarter of the northwest quarter of section nine (i) in township twenty-six (26) norr.". range twelve (12) eat. in Wells county. State of Indiana, bounded as follows, to-wit: Commencing at the southeast corner of Ball northwest quarter; thence north on the east line of saii quarter sixty-five (5) rods: thence west parallel with the south line of said quarter suction sixty-one 61) rods; thence south sixty-five tfi5) rods: thence east 61 rods to the place of beginning, containing twenty-five (25) acres of land. Alsa right of way t3n feet wide on the soutla side of a tract containing 40 acre?. Immediately west of and adjoining the above desenbe-i tract conveyed by grantor to Samuel J. Keller, by deed, dated Nov. 10. Ij-Xi and recorded In Rook 13. p-ge 308. to which deed reference is hereby made. Mortgaged by Charlotte E. Miller and William li Miller. Principal, $.'".5": Interest, J.1V97: damages. $19.8u; costs, $15.00; total. The above described lands and lots will be first ofTered tor cash, "should there be no bid thev will be immediately offered on a credit of five years' with Interest at the rate of 7 per cent, per annum, payable in advance, but In neither case will any bid tie taken for a sale less than the principal. Interest and costs, due as above state!, together with 5 per cent, damages on account of sale. J. O. HKN'DERSON. Auditor of State. Office of Auditor cf State, Indianapolis, Ind.. Nov. 13. 1S94. County Canvassers Wanted ! For the Daily and Weekly Sentinel and other publications. No exjerlence or capital needed. Only two orders a day will clear you $100 per month. We want a live, intelligent worker la every county of the LTnited States, to canvass for the Daily and Weekly Sentinel, and other publications. Indies enn do th work as we'.l as men. No eTprienee ot capital needed. If you take only twe orders a day you will clear $H) per month but it is easy to average five or more orden daily. Our special new plans enable out agents to take an otMer lrom nearly every person canvassed. The business Is exceedingly popular, an I the work lieht. Anybody can do It. Write for particulars tc H 10. The Sen tin eL G AH CUR tr. TTftrtx&ftA miMt Sur Cmmt. a hk .MA A A.4 J.M. 1 RA. 1 ru. la aitI Ö. a- hoy mm tu wsw.