The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1862-11-07
THE WEEKLY PIONEER AND DEMOCRAT


The following convenient summary Of
the Tax Law is given in Thompson's Re
porter:
Bankers (not corporated banks) pay
license of $lOO.
Bankers receive deposits, discount, and
pay checks and drafts.
Brokers pay license of$50.
Brokers buy and sell specie, uncurrent
money, stocks and exchange.
Banks that do any brokerage business,
as defined above. must take out brokers'
license of $50.
Land warrant dealers must pay license
of 1926.
For bonds and mortgages, stamps are
required for each instrument-one for the
bond and one for the mortgage.
The income tax is to be paid on the in
come of the year commencing January J.,
1862, so that on the evening Of the 31st of
December, everybody should have very
clear record of their income, gains or pro-
fits for the year. And, as many sources of
income, such as dividends and railroad
bonds and stock, insurance stock, savings
bank interest &C., they having already
paid the income tax,), are not again taxed,
it, therefore, becomes necessary to have a
clear record of the sources of income, that
there may be no dispute with the assessor.
The income tax for the year 1862 is
payable on the first of May, 1868.
A man in business must make up the
net profits of his business for the year,
and pay the tax on the amount, less 5000.
A man may, outside of his business,
spend all and even more than his profits
in business; nevertheless he must pay on
all net business profits, except the 5000.
And SO with salary; all over 5000 must
be taxed, though personal or family ex-
penses consume it all.
Checks, drafts and orders for money,
whether at sight or on time, if for sums of
500 or under, are not required to be stamp
ed
Notes of hand, due bills, &C., if for sums
over $40 require only two cents for any
amount.
Time drafts and notes require stamps
in proportion to the amount, five cents
and upwards.
Foreign drafts, if single or solo, whether
at sight or on time, are on the same scale
as inland time drafts and notes of hand /;
but, if drawn in sets, the first, second and
third must each be stamped according to
the scale for foreign bills in sets; three
cents and upwards.
The payer is required to stamp bills
made abroad at the time of accepting, if
on time; and at the time of paying, if at
sight.
The party attaching or first using the
stamp is required to cancel it by putting
his initials and the date upon it. The pen
atty for not doing so is fifty dollars; but in
case the maker of the instrument omits to
cancel the stamp, the party receiving it.,
or the payer, may cancel it. This, how
ever, will not relieve the maker from the
penalty.
After naming few certificates, such
as shares of stock, deposits, ETC., etc., the
law says, certificates of any other de-
scription than those specified, ten cents"
A great many papers in common use
will be necessarily changed in form, from
certificate to an assertion of facts. In
other words:
A thousand and one lodges to avoid the
stamp act will be adopted; but as gene
raj thing, good business men will pay the
tax on their money transactions rather
than trust to dodge that may or may
not stand in law