Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1868-04-30
The State Revenue Law,
An Act passed March 18th.
1868.

1868.
SECTION l. Be it enacted by the
General Assembly Of the State of
Tennessee, That an act to amend
the revenue laws of this State, chap.
ter 8, passed May "a, 1865, be,
and the same is hereby amended,
so that the following rate of taxa
ton shall be levied and collected,
as now required by law, or by the
provisions of this act, for State
purposes:
On every taxable poll, one dol
lar and twenty-five cents. On
every hundred dollars worth of
taxable property, forty cents.
That all interest-paying State,
county and corporation bonds
owned by citizens of this State,
whether on deposit in or out of
the State, shall be taxed forty
cents on the one hundred dollars
per annum for State purposes,
and twenty cents for school pur-
poses, on their real value, or COM
pared with monies receivable for
State and county tax at par.
Sec. 2. Be it further enacted,
That all foreign insurance COM
panies doing business in this State
whether fire, marine, accident or
life, shall pay annually, on taking
out or renewing a license, the sum
of seven hundred and fifty dollars;
shall pay monthly a tax OF one
and a half per cent. on the gross
amount of premiums received by
them, whether said premiums be
received in cash or premium notes;
and the payment of said tax shall
be based upon statement of the
business of the company during
the preceding month, sworn to by
two persons connected with said
company, and payment shall be
regularly made to the Comptroller
of the State.
Sec. 8. Be it further enacted,
That every insurance company
doing business inthe Ssate, wheth-
er chartered by this State or not,
shall be required to deposit with
the Comptroller of this State
twenty thousand dollars of six
per cent. bonds of the State of
Tennessee or United States bonds
as security for risks taken by citi-
zens of fhis State; and if any in
surance company, after the pass
age of this, act, shall take risks
without first making this deposit,
the agent or agents so offending
shall be guilty of a misdemeanor,
andsbe fined not less than one
hundred and fifty dollars for each
offense; one-third of which shall
be given to the person on whose
information the conviction OF the
offender is based, and the balance
shall be paid into the treasury of
the State.
Sec. 4. Be it further enacted,
That when any insurance compa-
ny shall neglect or refuse to COM
ply with the requirements and
provisions of the second section
of this act, such agent or agents
shall be subject to a penalty OF
one hundred dollars for each and
every week so neglected or refus-
ing to comply, which penalty shall
be charged TO them, and shall be
deducted from the amount of State
bonds or United States bonds de-
posted by them with the Comp
trolier.
Sec. 5. BE it further enacted,
That every merchant shall pay
for his license one per cent. IN the
dollar on the invoice cost, at the
place where purchased, of all his
goods, and shall make seml-an-
nual statement of his purchases
to the County Court Clerk, under
oath, and pay the tax thereon
semi-annually.
Every commission or auction
merchant shall pay for his license
one per cent. in the dollar on the
gross amount of his sales, public
and private, and shall make a
semi-annual statement Of his sales
to the County Court Clerk, under
oath, and pay. the tax thereon
semi-annually. The term "mer-
chants" as used in the above Sec
tions, includes every person trad