HEARINGS

BEFORE THE

SUBCOMMITTEE OF THE
COMMITTEE ON THE JUDICIARY

UNITED STATES SENATE

SEVENTY-FIFTH CONGRESS

FIRST SESSION

ON

S. J. Res. 5

A JOINT RESOLUTION PROPOSING AN AMENDMENT TO THE
CONSTITUTION OF THE UNITED STATES TO ENABLE THE
UNITED STATES TO LAY AND COLLECT TAXES ON INCOME
DERIVED FROM SECURITIES ISSUED BY ANY STATE, AND
TO ENABLE EACH STATE TO LAY AND COLLECT TAXES ON
INCOME DERIVED BY RESIDENTS FROM SECURITIES
ISSUED UNDER AUTHORITY OF THE UNITED STATES

AND

S. J. Res. 154

A JOINT RESOLUTION PROPOSING AN AMENDMENT TO THE
CONSTITUTION OF THE UNITED STATES RELATIVE TO
TAXES ON CERTAIN SECURITIES AND THE INCOME DE-
RIVED THEREFROM AND ON THE COMPENSATION OF
OFFICERS AND EMPLOYEES OF THE STATES AND THEIR
POLITICAL SUBDIVISIONS

JUNE 24 AND AUGUST 3, 1937

Printed for the use of the Committee on the Judiciary

J 92 i

CONTENTS

Statement of Senator Augustine Lonergan

Letter from Senator Lonergan to the Secretary of the Treasury, dated

June 4, 1937..

Reply thereto, dated June 10, 1937.

Letter to Senator Lonergan from Edwin R. Seligman, dated June 18,

1937__.

Tabulation of tax-exempt securities as of 1936-

Statement of Representative_McFarlane, of Texas.

Extract from Congressional Record

Statement of Senator Harry Flood Byrd..

Letter to Senator Byrd from Assistant Secretary of the Treasury,

December 22, 1936.

Tables referred to in said letter__

Statement of C. F. Stam, counsel for Joint Committee on Internal Revenue
Taxation__

Statement of-

Senator Augustine Lonergan, of Connecticut__

Roswell Magill, Under Secretary of the Treasury-

Franklin S. Edmonds, Philadelphia, Pa......

THE LIBRARY OF THE

SEP 3-1937

UNIVERSITY OF ILLINOIS

III