Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1845-05-16

'OiHiNi HOiH tIIS AuuiLOT OF NuFKIUBuln
county, and the latter from the Auditor of
State. As they may answer good pur-
pose in expainingth the provisions Of the new
tax law, as understood by the functionary
whose dutyi is to carry that law into effect.
AUDITOR OF STATES OFFICE.
COLUMBUS, April II, t845.
SIR: Your letter Of the ed inst, was an
swered, in part by Mr.. Adams, chief CLERK,
butin order to presentmy views fully, will
notice each OF the questions you propose.
[QuEssi. Are "moneys and credits" due
upon Book Accounts, whetherol merchants
or others. and whether there be any con-
tract, written or verbal, for interest, and
whether the account has been closed or due
Tor more than six months, after which, in
the absence Of all agreement as to interest,
according to the decision of our Supreme
Court, interest begins to rum-wilhin the
operation of the law-the act being silent
as 10 book accounts, 60 nomine, of every de-
scription?l
1. Book accounts for goods or property
sold in the ordinary course Of business, up
on which interest is not charged OF payable,
is not to be included in the statement Of
money atinterest. Book accounts for goods
or ether property sold which have been cIo-
sed or which are running upon interest
where credit was given for more than SIX
months are "credits due and owing" and
are 10 be included in the statement as mo-
ney al interest,
(QUEs. 2. Are "moneys and credits" due
upon notes, &C., which have been "acqui-
red, bought, or purchased" at their fuN0atue
at the time OF their acquision or purchase,
and With0R any discount, "before, at, or at-
ter maturity, and whether the same bear in
terest Or not, included in the law-the act
= in terms providing only for notes, &c, sac
, quired, bought or purchased at any rate Of
! discount" (Sec, g. Does not the law by ina
king, in a second and separate clause OF
. section 8, provision for notes, &c, "acqui-
red, bought or purchased" )" show that notes,
&c, acquired, bought or purchased" are
not according to the understanding of the
: Legislature, within the first clause Of sec.
+ llon 3, orany other provision OF the act, and
= II so, are not notes, &C., "acQuired, bough
T or purchased" but not at discount, Who'll
y unprovded for by the act!]
!, 2. Notes acquired, bought or purchased
not at a discount, are 10 te included in tn
statement OF money 1T interest. If the
bear lntetest they come within the frs
j. clause OF the third section. If they do nc
q bear interest i would lie fair to presume tha
t some consideration had been taken or re
served equivalent to interest or premium
Few individuals would advance in cash tn,
full amount Of note or bill which had Il
or 10 months to run without interest, |
the purchase was made with property, tht
y price would doubtless be put high enough
TO cover the interest, Or TO be fair consid
} Grafton for the use Of the properly for thu
time the note had to run.
[QUEs. 3. Are notes, &c, for persona
property mentioned in section 6, which b,
their terms are made payable within sil
months, taxable after the expiration of thu
SIX months, when by operation Of law in
terest commences; and are notes, &C., Civ
Q en- to merchants for goods sold in the way
e OF merchandising, "noes ior personal pro-
perty" within the meaning of this section
and therefore exempt from taxation!]
3. Notes for personal property which arr
bona fide payable within six months from
the date Of the sale are not to he included
aftel the expiration Of the six MONTHS
Notes for personal property sold, which dt
not bear interest, and which remain in Iht
= hands Of the original party, are not to be in
cIuded in thestatement. But if such note.
are upon interest, or past due, and wert
0 payable more than six months from thu
!. time of the sale Of the property, they mus
e he included. A note given upon closing
4 book account of six months standing upor
which interest is payable, must be included
as money at interest
[QUEs. 4. If person has money loaned
1T interest, buthas less than SlOO OF "no
ney at interest" and from whom therefore
according to the provisions of the Cd sec.
tion, no statement is required, is he liable t
be taxed for his money so loaned at inter
est, under the iOrmeriaW in relation to taxa.
ton; or does this act "conhict" with or ''su.
perCede" the former law in this particularly
a. A person who has less than SlOO al
interest upon loan or otherwise, is not liza,
bic to be taxed for money at interest. The
old law is certainly in this particular su.
perceded by the new law. If the person
has more than SlOO capital in trade or mo-
ney at interest, the whole amount must be
included in the statement without deduct
ing the 500.
[QUEs. 5. Are Ohio State Stocks, or State
Bonds, or due bills, or other evidences of
: debt given by the Superintendent of the
National Road for work, materials or repairs
on said Road-whether bearing interest by
express agreement or by operation of law
within the provisions of the actl]
S, Ohio State Stocks or Bonds are not
within the provsionsof the law. Due bills
or evidences of debt given by the Superin-
tendent of the National road, are,included
in the law if interest is legally due or pay
able thereon.
[QUEs. 6. Are "money and credits" due
to lawyers and physicians for their profess
sional services solely, whether interest or
not, liable TO taxation under this act--law-
yersand physians being gunder the act ofFeb.
20, 1880, taxed according to the amount of