Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1862-11-07
Ths Tax Law.


The following convenient summary of the
Tax Law is given in Thompsons Reporter:
Bankers mot corporated Banks pay IL
cense Of. ...-.............. 500
Bankers receive deposits, discount, and pay
checks and drafts.
Brokers pay a license of. $50
Brokers buy and sell specie, uncurrent mo-
ney, stocks and exhcange
Banks that do any brokerage business, as
defined above, must take out a brokers
Land Warrant dealers must pay a license
o. I-......... $40
BOND AND MoRTGAGE.-Stamps are requir-
ed for each instrument-one for the bond and
one for the mortgage
The income tax is to be paid on the income
of the year commencing January ], 1862, so
that on the evening of the 3lst of December
everybody should have a very clear record of
their income, gains or profits for the year
And, as many sources of income, such as divi-
dends and railroad bonds and stock, insurance
stock, savings bank interest, etc, (they having
already paid the income taxi 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 l862 is paya-
bic on the lst 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 tax on all net bust
ness profits, except The 5000 And so with
a salary; all over $500 must be taxed, though
personal or family expenses consume it all.
Checks, drafts, and orders for money, wheth-
or at sight or on time, if for sums of twenty
dollars or under, are not required to be stamp
ed.
Notes of hand due bills &C., if for sums c.
$40 or under, are not required to be stamped
Certificates of deposit, for any amount, re-
quire stamps; two cents feT one hundre dol
lars and under; five cents for all over $IOO.
All checks and sight drafts for sums over
twenty dollars, require only two cents for any
amount.
Time drafts and notes require stamps in
proportion to the amount; five cents and up
ward.
Foreign drafts, if single or solo, whether at
sight or on time, are on the same scale as in
land time drafts and notes of hand; but If
drawn in sets, the Grst, second and third must
each be stamped according to the scale for
/ foreign bills in sets; 3 cents and upward.
| 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 penalty for not do
ing 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, however, will not relieve the maker from
the penalty.
After naming few Certificates" such as
shares of stock, deposits, &C., the law says
certificates of any other description than those
specified, ten eepts.''
A great many papers in common use will be
necesgarilf changed in form, from certificate
to an assertion of fact. In other words;
A thousand and one lodges to avoid the
stamp act will be adopted: out as a genera
thing, good business men will pay the tax OF
their money transactions. rather than trust t.
a dodge that may or may not stand in law.