Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1862-10-10

Aud every additional s25lO,or part thereof 80
9Th. Bonds " Indemnity. hfty cents 40
5h Certificates Of Stock IN any incorporated com
pany, each twentyi five cents -..2S
9Th Certificates Of Deposit Of Bank Trust ComA-
peny, oansst or person acting as SUCH not 81.
Exceeding 500 five cents. O5
10th Powers OF Ntufucy--
For safe 7i,f, lsfer Of stocks or bonds or
FOO the collection Of dividends or interest,
twenty hve cents. 25
Orproxy ijr voting at an election, ten cents 10
For RECEIVING OF collecting rents. 25
than those above specified. 100
Notg-Geuerd Powers viii not be valid Tor the
specific utlects above named, without the add
lion u the stamp required therefor
llth Protests, each twenty -hye cents. 26
l2lh lax ON all dividends and on all sums added
TO surplus OF contingent funds 3 pr Ct
t5h stamps issued for specific instruments can.
not be used for any other Use Sec 96.)
l4h The person using aiiXng a stamp, must
write thereupon The initials Of his name,
and the date when used (Sec 90
The penalty for making, signing or issuing
any instrument, document or paper Of any
kind, without the same having thereon a
stamp to denote the duty, is ffty dollars, and
such paper will be invalid and of no effect
sec. 95.)
The cert6oation Of checks, already duly
stamped, will require no additional stamp for
such certiheaton.
The stamp tax upon protests should bt
added to the expenses thereof
All dividends or coupons, payable prior tC
or on September l, 1862, although paid aftei
that day, are exempt from the operations o
the law
Checks dated, or payable ahead, are sub
ject to taxation as promissory notes
Stamps are not required upon document,
made prior to October l, 1862, excepting up
on foreign bills OF exchange, which must bt
stamped acceptance.
The Committee recommend, as a simple
and convenient method, that the three pei
cent. tax required upon dividends and sur
plus profits be deducted by banks in gros,
from their net earnings before the declara
ton of dividends. Dividends then declared
would be tree from tax. Three per cent. thus
withheld must be paid to the United State,
within thirty days from the date on which
such dividends are payable, under penalty o
five hundred dollars Tor default. Sec 1927
Stamps must be affixed to all document,
by the party issuing the same, before present
alton at Bank and all documents issued By
Bank must be stamped by It before delive.
ry, as required by resolution unanimousl,
passed at meeting of Bank officers, Sept Is
Stamps, in amounts of $50 and over, car
Revenue as per schedule hereunto annexed
for which commission of not exceeding fy,
per cent, IN stamps, will be allowed.
All checks of Bank upon itself, for pay
ment of dividends or otherwise, and all writ
ten papers for facilitating the Internal bust
ness Of Banks, are exempt from tax.
/ Orders to pay dividends are not Powers q
Attorney but, like drafts at sight, are sub
ject to the stamp of two cents.
Bills Of Exchange, drawn in duplicate
must both be stamped.
Stamps may be cancelled by an instrumen
made ior the purpcse Of impressing the init
ais Of the Bank or person thereon, to whic
the date must be added.
The omission to cancel the stamps o
checks does not invaldate the checks, bu
subjects the maker to fine of fifty dollars
WAsHINGToN, Sept. IS.
have examined the foregoing memoranda
aud l am Of opinion that the specification
conform to the provisions of the Exercis
Law, in all essential particulars.
GEORGE $. BOUTWELL,,
Commissioner of Internal Revenue