The Buchanan County guardian. (Independence, Buchanan County, Iowa) 1858-1864, 1862-11-11

paid after that day, are exempt from til
operations Of the law.
Checks dated, or payable ahead, ar
subject to taxation as promissory notes.
| Stamps are not required upon docu
ments made prior to October lst, 1862
excepting upon foreign bills Of exchange
which must be stamped upon accept
ance.
The committee recommends, as sim
pie and convenient method, that th'
three cents per cent tax required upor
dividends and surplus profits be deduct
ed by banks, in gross from the net earn
ings before the declaration of dividends
Dividends then declared would be tree
from tax. The three per cent thus with
held must be paid to the United States
within thirty days from the date on
which such dividends are payable, un-
der penalty Of five hundred dollars for
default. [Sec. 80
Stamps must be affixed to all docu
ments by the party issuing the same
before presentation at bank and all
documents issued by bank must be
STAN ed by it before delivery, as requir
ed by resolution unanimously passed al
meeting of bank officers, Sept, L.
Stamps in amounts Of fifty dollars and
over, can be obtained oftE Commission
er of Internal Revenue, as per schedule
hereunto annexed, for which com
mission of not exceeding FIVE per cent,
in stamps, will be allowed.
A II checks Of bank upon itself, for
payment of dividends or otherwise. and
all written papers for facilitating the IN
ternal business of banks, are exempt
from tax.
Orders to pay dividends are not pow
ers of attorney but, like drafts at sight,
are subject 10 the stamp Of two cents.
Bills Of exchange, drawn in duplicate,
must both be stamped.
Stamps may be Cancelled by an instru-
ment made for the purpose of impress
ing the initials of the bank or person
thereon, to which the date must be add
ed.
The omission to cancel the stamps on
checks does not invaidate the checks
but subjects the maker 10 fine Of fifty
dollars.
WASHINGTON. Sept. 25, 1869
l have examined the foregoing
memoranda, and | am Of opinion that
the specifications conform to the pro.
visions of the excise law in all essential
particulars.
GEORGE S. BOUTWELL,.
Commissioner of Internal Revenue.
Until the Government provide stamps,
no penalty will be exacled for the omiss
ion
OFFICE OF INTERNAL REVENUE, Sept. IL, 1862.
Revenue stamps may be ordered from
this office in quantities TO suit purchas
ers. Orders should cover remlttances
of treasury notes. or an original certii
cate OF United States Assistant Treas
urer, OF designated depositary of de-
positary, of a deposit made for the pur.
chase of stamps.
The following commission, payable in
stamps, will be allowed :
On purchased Of $50 or more, 9 per
centum.
On purchases of 500 or more, 3 per
centum.
On purchases $500 or more, per
eentum.
On purchases Of $1,000 or more, 5
per centum.
In sending orders for stamps, it
should be remembered that every stamp
expresses upon It's face lis kind as we'll
as its denominations, and that each stamp
must be used for the purpose thus spsoi-
fed, and for no other. For instance =
Check stamps must be used for checks
alone ; contract stamps only on contracts,
nc, dc. Revenue stamps will be read
for delivery on the 22i instant Every
correspondent is required TO give the
State, as well as town and county. at his
residence.
If no, otherwise instructed, the stamps
will be transmitted bv mail
GEORGES. BOUTWELL,. Commissioner