Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1845-04-18

trade and brokers, for county .AudiOrY ana
Assessors.
AUDITOR OF STATES OFPrcE.
Columbus, March 25, I845,
SIR herewith transmit 10 YOU COW
OF the TACT to provide more effectually for .
correctand equal assessment Of money and
capital in trade, for the purpose Of taxa.
ton" and of the ''act to tax money bro.
kers," with instructions and forms 10 he oh.
served by you, and the township assessors
which have prepered in obedience 10 law
for the purpose OF carrying into effect said
acts. II was the intention of the Legisla
tnre, NOT only to bring new objects of taxa.
ton upon the Duplicate, but to prevent the
evasions by which the intention of former
laws had been in some degree defeated -
The leading object Of the law is to obtain
full statements Of all "money at interest, .
and Of all "capital employed in trade" tha,
they may be placed upon tile duplicate fol
taxation. The oct itself is explicit in def.
ming the meaning of the terms "nloney a
interest,"" and "capital in trade" as used
in the statute. The third, fourth, and fifth
sections specify the cases intended to be in.
cluded under the law. The annexed forms
OF the statements required of each individ.
uaI, refer TO the statute, and are intended
to bring to his notice every item to be in.
cluded in his statement.
The phrase "money atinterest" includes,
not only money loaned, which was taxed
under the old law, but also all money and
credits upon which any interest, or premi.
um, or any consideration for the use there.
OF, has been reserved, taken, contracted
for, or agreed upon, or is payable.
All debts, or creditsupon notes, bills, con.
tracts, or agreements, acquired, bought,
purchased, or discounted, whether bearing
interest or not, are 10 be considered and adj
Judged money at interest. A note. or bill
given for land, or real estate, or other prop.
erty, which would be exempt from taxa.
ton in the hands Of the original party, OF
payee, if discounted, sold, or transferred
must be included in the statement of the
holder, or assignee, as money at interest
subject to taxation.
"All notes, debts, &c, for personal prom.
erty, sold at vendue, or otherwise, and all
notes, debts, &c, payable to Executors
Administrators, or Guardians. for money
loaned, or for personal property sold, upor
which interest is legally payable, are to he
est"
Unincorporated banks, bankers and bro
kers are expressly included in the provis
ions OF the act relative to money at inter
est; and therefore all money, debts, notes
&c, upon which interest is taken, reserv.
ed, &c, ard all rotps, bills, &C., discount.
ed or purchased by unincorporated banks,
bankers, Or brokers, must be included in the
statement Of money at interest, which the
assessors should require of them.
Five cases are specified in the sixth and
seventh sect'o"s in which exceptions OF
deductions from the gross amount of mon.
ey at interest are 10 he made. But the law
Is careful to provide that these exceptions
shall not be made the means of evading
the payment Of the tax.
In some parts of the State Mutual Tnsu.
rance Companies are formed, to which
notes bearing interest are given, for the
purpose of effectng nsurances--these
notes are not to be deducted.
No deduction or exception shall be made
for debts, owing by ary person or compa-
nv. which do not bear interest, or upon
which interest is not CHARGED and PAYABLE,
except in the case of money owing to any
person ont of this State for land within the
State which is listed for taxation.
The term "capital in trade" as defined
in the statute Includes
First The personal property in posses
sion of any individual, company or firm.
engaged in the businessof purchasing and
selling personal property of any kind, for
the purpose of making profit thereby; such,
for example, as merchandise of any kind
dry goods, groceries, pork, whskey, flour,
iron, lumber, drugs, &c. &c. In these and
other similar cases, the medium amount Of
the goods, or other articles of personal pro-
perty, appertaining to such business, in the
possession of such individual, company, or
firm, during the past year, or during the
time they were so engaged, must be inclu-
ded in the statement which is required 20
be made out by the owner, or the person in
possession thereof, and attested by his oath
or affirmation.
Second: The personal property in pos
session of any individual, company. or firm,
engaged in the business Of purchasing per-
sonal property, with view to increase the
value thereof, by any process of manufac-
turing, refining, or improving it, for the
purpose OF selling the same at an increased
price, such as wheat, corn, or other grain,
purchased by millers, distillers, or brewers;
hides, and stock in tanneries; metal, and
stock in foundries; stock in paper mills, cot
ton mills, and other manufactures; cloth
purchased by merchant tailors; the raw ma
teral purchased by mechanics and manu.
facturers, &C., &C., all these, which are but
examples of the class of cases in which
the medium or average amount Of the pro-
perty appertaning to such business, must
be included in the statement to be made
out and sworn To,
All furniture of every description. used
for fitting up and furnishing the lodging
rooms, parors, and other rooms of all pub
lie boarding houses, taverns, and hotels, &c.