The national Republican., 1867-08-22
THE DEPARTMENTS.
Treasury Department.

There are yet $40, 000, 900 Of the first series of
the 7S0 notes dated July Is, 1864, to DO received
BY tho Treasury Department. There were ori.
ginally $3.50, O00, 900 Of these notes, but on the
18th Of the present month, whom the time for re.
demption or conversion into 5.20's expired, only
$40, 900, 900 were out Secretary McCulloch ex.
tended the time for their redemption to Septem-
ber Is, as has already been stated. On Saturday,
$40, ,000, 900 Of these notes were received by the
Treasury Department, $5 ,0OO, 900 Of which came
from Boston bankers Most of this amount
would hass kssn yrscsirsd the day before II Il
had not been for the storm. II Is probable that
the other $4,000, 900 will be either redsemsd or
converted long before the time given by Secre-
tary McCulloch expires.
ISTERsAL REVENUE BUREAU IMPORTANT
DEcIsIoSs,-It Is enacted In section 1888 Of tho
internal revenue act that the interest Of any sue
cessor to arise from the sale Of real estate under
any trust for tho sale thereof, shall DO deemed
to be a succession chargeable with duty under
said act, and that said duty shall be paid by the
trustee, executor, or other person having control
Of the funds. II dying testate since juno 80,
1904 gives to D in his will certain amount
for inst ance one thousand dollars-and for want
Of personal property the executor sells real estate
to obtain money for the payment Of said sum,
the moneys arising from such sale are to be
deemed a succession, and the executor should be
required TO pay n succession tax thereon.
The producers Of crude oil are entitled to the
same privileges and subject to the same restric.
tiOns as manufacturers In regard to the sales Of
their own products.
Any person who has made, signed, or issued
an instrument subject to stamp duty unstamped
or insuficiently stamped, or any person having
an interest therein, may present 1t to the collec
tor Of the proper district, who, upon payment Of
the price Of the proper stamp required by law, q
penalty Of $50, and, where the whole amount Of
the tax denoted by the stamp required exceeds
$780, on payment also Of interest at the rate Of
per centum from the day on which such stamp
ought to have been affixed, is required by law to
afix the stamp, and to note upon the margin Of
the instrument the date of his so doing, and the
fact that such penalty has been paid.
When an instrument is presented to q collector
10 be stamped, under the provisions Of section
Tf5e, he Is authorized to remit the penalty II 1t
shall be proven to his satisfaction that such IT,
strument was issued without the necessary stamp
by reason of accident, mistake, inadvertence, OF
urgent necessity, and without any wilful design
to defraud the United States Of the duty, or to
eyado or delay tho payment thereof: Pyovtdsd
such instrument Is presented to him for that pur'
pose, and the stamp tax chargeable thereon Il
frst day Of August, 1855, or within twelve calen'
dar months afrer the making or Issuing thereof
By the use Of the word "after, " the lst day o
August, 1866, in the one case, and the day Of is
suing in the other are excluded.
The interest upon the amount OF tax, denoted
by tho stamp, is distinct from the penalty
forms no mart of it-and cannot be remtted. L
should, in all cases, be collected when sale
amount exceeds fifty dollars, even when the pen
atty Is remitted. The amount thus collected
should be entered upon Form So, and returned
to the assessor, and should also bo entered unde
the head of Interest (252) upon the monthly ab
stract of collections, form ~