The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-16
INTERNAL REVENUE.
-e,s>~-~~~~e->~~~o~-e>~--s~
T He N < w l A W.
TAX ON AGRICULTURE.
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THREE CENTS A POUND ON C0TTON.
.~>~~~>>~~~~~---ss-e.-~--~~
Twelve Million Dollars Increase
in the Revenue.
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THE LAW WRONGLY TITLED.
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Il is Called an Act for the Reduction OF
tho Revenue, While u Actually In
cFrases the Taxes.
- Ae 80.
TIE NEW LAW.

A. Act 10 Reduce Internal Taxation and 30
Amend an ACT Enritied IAN Act 10 Provide
Maternal Eoveuue TO support the Govern
w,eut. TO Pay Interest the Public Debt,
and for Other Pnfposes,'' Approved June
so, 1864. and Acts Amendafory Thereof.
No n enacted by tho Senate aud House OF Representa-
ves OF tho United States OF America IN Congress assem
bled That ind aitor the LIST day Of August 1893 Ia
lieu tho manufactured cotton, as provided in
An act provide internal revenue to support the gov
sfDuont 70 pay interest tho public debt, and for
other parposesb approved Juno 80 1854, as amended
by the act OF March 8, 1908, there shall DO pad by
the producer, owner or holder, upon al cotton
rrodcoed within the United States, aud upon
winch no tax been Levied paid OF collected, tax OF
three por pound hereinafter provided and Tho
wciu hi Of such cotton shall be acertaned by deductng
-four per for tare from the Gross weight OF oach
bale or package and such tax shall be and remain q
len thereon In tho possession OF any person whomso
ever from the time when this law takes effect or such
cotton is produced as aforesaid Sn,i me same snail
allowed on unmannfactured cotton OF any tax
pnld thereon whom exported in the raw or unmanpiac
furpd condition But tax shall be imposed upon any
cotton imported other countries aud on which an
import duty shall have been paid
Scctions2 g. and provide FOR the collection OF the
shr 6 and he IL further enacted, That upon articles
manufactured exclusively from cotton, when exported
fhore shall be allowed drawback an amount equal to
the which shall have boon assessed and paid
upon such articles In their finished condition, and 10
addition thereto drawback allowance Of rs many
cents per pound upon the pound OF cotton cloh yarn,
thread or knit fabrics, manufactured exclusively from
cotton and exported shall have been assessed and
uaia in the form internal upon the raw Gotten
1sntpr N
.I.cle The amount o. such allowance drawback
socortained such nay be prescribed ny The
Commissioner OF Internal Revenue under me direction
or the Secretary OF the Treasury; and 50 much Of sec
Non one hundred and seventy ono of the act OF June
% 1884, ITO provide internal revenue % support the
sorernmeni to pay interest on the public debt AMI Tor
oahor purposes a. provides for . drawback ON
manufactured cotton Is hereby repealed
Sections sey en- eight and nine PROVIDE further Tor The
enforceron, Of the law and the amendment and repeal
n oh sections totally repeating sections fy-thre,
1.-TWO slysvhree sky four sixiy-6ve sxtysix sixty
fccon sixy.osht sixty nine and SEVENTY, to date from
Section ne also provides that section seventy seven
DO amended by striking out all after the enaetng clause
and inserting in lieu thereof the follow ng:That
uuconeer shall by virtue OF having paid the special tax
o. auconee sell goods OF other properly at pr
actIoncer in his behalf except il his store
kouse or in his presence aud any auctioneer who shall
al goods or commodities olherw,se ,han ~ auction,
such business, shall be subject and liable TO the
nena,,y imposed upon persons dealing in ieIaing,
rn1nc or selling goods or commodities without ayneni
pf the special tax for exercising or carrying on such
rronersy Of any person or persons taxed to deal
npta or trade sol the same shall and may 20
nsn oa 10Y 81 an amconeer 70 sell such goods or
ics for and behalf OF such person or persons In SAID
Thst section seventy eight amended by striking out
m after the cactn clause and Inserting 10 lien thereof
ne following: That any number OF parsons, except
kvyers conyeyancers claim agents, patent agents,
nnysicinns surgeons dentists cattle brokers' horse
sssrs and peddlcrs doing business In copartnershp a;
Thai section seventy nine be amended by striking ont
al after cnsctng clause, ana inserting in Leu Thereon
e following special tSa shall be, aud hereby
H. imposed "a follows that Is 10 say -
l. Banks chartered or organized under general law,
Nth capital not exceeding ny thousand dollars, and
bankers nsng or employing capital not exceeding the
n " when "' Needing ATTY thousand dollars FOR every
additional thousand dollars IN excess OF nfty thousand
solars two dollars Every o. o'pe ,,S Dan
business where credits opened ny The deposit or COT
lection Of money or rrency, subject TO ee rad Or g
pitted upon draft check or order, or where money IS
advanced or loaned Stoke, bonds bullion, hills OF eK
change OF prommssory nc'es or where siocss, bonds
bullion bills ~ exchange or pTomssory notes are re-
sriyed To- discount FOR ale shall be regarded asa
bank banker: Provided, raat any savings bank
kavng no capital STOCK and whose business Is confined
10 rcee wing deposits aud oaning ot investing The ae
Tor benefit 81 Us depoors and which does no other
buslnsss banking sha! not DO subject 10 this tax.
2 Whooeaie dealers, whose annual sales do NOT cS.
coed afy thousand dollars, shall pay ay dollars; and
Their annual sales exceed nny Thousand dollars ior
svery addn .oual thousand dollars in excess 81 hty
thousand dollars they shah pay one dollar AMI tho
smount II All aies within the wear beyond hriy thou.
sand dollars shan he returned monthly the assist
ant " aud tho "a sales IN excess ~ hiiy
paid bly, other monthly taxes are assessed and
paid Every person shan be regarded rs a wholesale
scaer whose eaencss = IS for himse ~ On cmnlnis'
Son 10 eel Offer 70 sell nay goods wares or nlerchaE
6se az foreign or domestic production not including
wines spirits malt liquors whose annual sales eN-
reed twenty-five thousand dollars Anu nc ray'
pent IL lie sp.cial tax wholesale dealer
pbsli exempt any snea Per-an acting az
commercial broker from the payment u tie slccie
tax imposed upon commercial brokers Provided
mat person paying the special TAI rs = Wholesale
dealer in liquors shan BE- required 20 ray an additional
spcai inx account of the sale 81 other goods ware
pr nerchandl7e on the same premsesi Aud provided
tur,her Tia, n 'ml'ns We slnonu. o. safe ior ,he
smother wholesale Z aer commission shall not ne
again esinn 4 ani aealed a. sold By the party ios
4 Retail den +, sIsg ray ten doiars Every pcr
con whose breut- pr eapaiicn Il = % 80. - ODER
for sale any goat Ntfcs merchandise % fofrgn or
domestic pf.du lt9H, not iucl-dng spirits meg. ale