The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1851-05-07
RULES FOR vALUING PROPERTY.

which such real property would sell at
auction, or at forced sale, shall not be
taken as the criterion Of such true value.
Each tract and lot Of real property belong
ing to the State, or to any religious, liter
ary, scientific or benevolent society, or in
stitution, whether incorporated or unn-
corporated. and school and ministerial
lands, held under lease, shall be valued at
such price as the assessor believes could
be obtained at private sale for such lease
hold estate, upon the terms OF sale above
specified. Personal property OF every de-
scription shall be valued at the usual SELL
ing price Of similar property at the time
of listing, and at the place where the same
NAV then be; and il there be no usual
selling price known to the person, whose
duty il shall be 10 fix value thereon, then
at such price as it is believed could be OBJ.
tanned therefor. in money, at such time
and place. Money, whether in possession
or on deposit. shall be entered in the state.
ment at the full amount thereof; Provided,
that deprecated bank notes shall be en-
tered at their current value. Every credit
for sum certain payable either in money,
property of any kind, labor or services,
shall be assessed at the full value Of the
sum so payable; if for specific article. or
for specified number, or quantity Of any
article or articles of property, or for GER
tain amount Of labor or services of any
kind, it shall be valued at the current price
Of such property, or Of such labor or SER
vices, at the place where payable. Annu-
tiles, and moneys receivable at stated Pc
RODS, shall be valued at the price which
the person listing the same, believes them
TO be worth in money. All manufactured
articles, remaining unsold in the hands Of
any mechanic by whom they shall have
been made, shall be valued at so much as
the materials entering into their compost
ton shall have cost such mechanic.
Sec. II. Personal property Of every
description, other than that of merchants
and manufacturers, shall be listed as the
property of the person who shall be the
owner thereof, il resident Of the county
where the same shall be, and if not, Of the
person having possession or charge there
of, at the time when the same shall be list
ed, and the value to be attached thereto,
shall be the value thereof at such time.
OF DEDUCTIONS FROM MONEYS AND CREDITS.
Sec. 12 In making up the amount Of
moneys and credits which any person is
required to list for himself, or any other
person, company or corporation, he shall
be entitled to deduct from the gross amount
Of moneys and credits the amount of all
bona fide debts owing by such person,
company or corporation, to any other per-
son, company or corporation; but no ac-
acknowledgement of Indebtedness, not found
ed on actual consideration, believed, when
received, to have been adequate, and no
such ackno wledgment made for the pur-
pose Of being so deducted, shall be con-
sidered debt within the meaning Of this
section; and so much only Of any liability.
as surety for others, shall be deducted. as
the person making out the statement be-
ieves the surety is legally or equitably
bound TO pay, and so much only as he be-
lieves such surety will be compelled to pay,
on account Of the inability or insolvency
of the principal debtor; and if there are
other sureties who are able to contribute,
then only so much as the surety in whose
behalf the statements made, will be bound
to contribute, and no person, company or
corporation shall be entitled to any deduc.
ton on account of any bond, note or OBJ.
legation of any kind given TO any mutual
insurance company; nor on account Of
any unpaid subscription to any religious,
literary, scientific or charitable institution
or society; nor on account of any subscrip-
ton to, or instalment payable on the capi-
tai stock of any company, whether incorpo-
rated or unincorporated.
OF LISTING AND vALUEING THE PROPERTY OF
MERCHANTS AND MANUFACTURERS.
Sec. I3. Every person that shall own,
or have in his possession, or subject to his
control, any personal property, within this
State, with authority to sell the same, which
shall have been purchased either in or out
of this State, with view of being sold at
an advanced price or profit, or which shall
have been consigned to him from any
place out Of this State, for the purpose OF
being sold at any place within this State,
shall be held to be merchant; and, at all
times, when he shall be by this act requir-
ed to make out and deliver to the assessor
statement of his other personal property,
he shall state and attest, on an oath or af-
irmation, the value Of such property ap-
pertaining to his business as a merchant;
and in estimating the value thereof, he
shall take as the criterion the average val
ue of all such articles of personal property
which he shall have had from time to time
in his possession, or under his control,
during the year next previous to the time
of making such statement, if so long he
shall have been engaged in business, and
if not, then during such time as he shall
have been so engaged, and the average
shall be made up by taking the amount in
value on hand, as nearly as may be, in
!, each month of the next preceding year in
which the person making such statemen