Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-03-02
PASSAGE OF THE REVENUE BILL.
Put Through at the Eleventh Hour.
The Bill i'm Full.

Inc AcL ~ dmeuu lne eAisllDB heVenu
Laws of The State, which has occupied th
attention of both houses of the Legislator
for several weeks, passed the House yes
terday just before that body adjourned
and is now the law.
On Saturday, the bill with its amend
ments came from the Senate when a motion
was made TO appoint a joint committee o
conference to take into consideration Wha
was regarded by some members of III;
House as an Objectionable provision in the
bill. Yesterday Mr.. Williams, of Smith
moved to reconsider the vote appointing a
committee of conference, which was adopt
and the Senate amendments were con-
cured in just before motion TO adjourn
sine die.
The following ia the act:
Section /. Be Il. enacted by the General
Assembly of the State of Tennessee, That
an act passed March Is, 1868, to amend
the revenue laws of the State, be, and the
same is hereby amended so that on all
merchandise purchased for sale by merch-
ants, tax of one and one half Of one per
cent. shall be assessed on its invoice cost at
the place where purchased, unless the tex
on the same has once been paid TO the
Stale in which case no additional tax
shall be paid.
Sec 2. That the tax referred to ia the
first section of this act shall not be levied
upon or collected from any of the pro-
ducts, or any article manufactured within
the State from the products of the State of
Tennessee in the hands of the manufac.
turer or producer.
Sec. 3. That 80 much of the said act of
March Is, 1868, as refers to express wagons,
drays, transfer wagons and carts, shall net
be construed as to include vehicles other
than wagons, drays and carts regularly in
the business of expressage and transfer
all hacks, carriages or vehicles run for
pay, privilege tax of five dollars.
Sec. 4. That section 5 Of the said act of
March Is, 1868, 80 far as the said section
relates to brokers of real estate, be
amended as follows, to-wit: Brokers Of
real estate, including all contracts for rents
or sale of houses or lands, carried on as a
regular business, either for pay or commits
sion, shall be deemed a broker of real
estate, and shall pay privilege tax Of
fifty dollars, and one-half of one per cent.
on the commission derived from such sales
or rents. And any person or persons con-
travening any of the provisions of this act
shall forfeit aud pay 10 the State not less
than fifty nor more than five hundred dol
lara for each and every ofense, at the dis
erection of the court, TO be recovered in the
name OF the State by the clerk Of the
county court provided, that owners of
real estate or houses, when leasing or sell
ing their own houses and lands, shalI not
be deemed brokers; nor shall administra-
tors doing business in the settlement of
estates, nor guardians doing business for
their wards be included in this act.
Sec. 5. That 80 much of section 5, chap
ter 70, of the acts of 1807-S, IS imposes a
privilege tax of twenty. FIVE dollars upon
retail dealers in spirits, wines, ale, beer,
or other malt liquors" be so amended as
to impose privilege tax of one hundred
dollars upon all other dealers in spirits,
wines, ale, beer or other malt liquors, in
addition TO the present taxes on merchants,
and the duty of taking out license.
Sec. 6. That section of the said act OF
March Is, 1868, in 30 far as the same re-
lates to, or affects express companies, be
amended as follows, to-Wit: All express
shall take out an an annual
license, and pay tax therefor of Eve hun
dred dollars, where the distance over
which their lines extend is one hundred
miles or less; and when their lines extend
over a distance of more than one hundred
miles, such lax shall be one thousand dol
lars; and any express company which has
taken, pT feeY take ont license. and pay
Ihe faN provided for Ia tfI1B Act, SHAH dor
be required by any county or corporation
in this State 10 take out any other or ad-
ditional tax for the privilege of condaei-
ing its business ia such county or corpora
ton.
Sec. Z. That section 5 of said act of
March Is, 1868, in 50 far as the same re
lates to or affects telegraph companies, be
amended as follow, tO.Wit: All telegraph
companies shall take Out q semi annual
license on the FIRST days Of January and
July in each year, and pay a tax therefor
of two hundred and fifty dollars and this
tax shall be in lea of all other State, coun-
t or municipal taxes,
Sec. s. That the Comptroller Of he State
OF Tennessee ia hereby instructed TO inform
by circular or otherwise, all County Court
Clerks Of tie State of ali the changes OF
laws pertaining TO the revenue and finance
Of the State, as such laws are amended,
made or passed.
Sec. 9. That no tax shall hereafter be as
sessed upon the capital of any bank or
banking association, or other stock COM
pauy, organized under the authority of the
State, or of the United States bat the
stockholders in slct banks and banking
associations, or other corporations, shall be
assessed and taxed on the value of their
shares of stock therein. Said shares shall
be included in the valuation of the personal
property of snch tockholders in the assess
ment of State, county or municipal taxes
at the place, town, ward or district where
such bank or banking association, or other
corporation is located, and not elsewhere,
whether the said stakeholder reside in said
place, town, ward or district, or not, but
not at a greater rate than assessed upon
other moneyed capital 10 the hands Of in
dividuaIs in this Stale; and, Provided
further, that nothing herein contained shall
be held or construed to exempt from taxa
ton the real estate held or owned By any
such bank or banking association but the
same shall be subject to State, county, mu-
nicipal or other taxation, 10 the same ex-
tent and rate and in the same manner as
other real estate is taxed.
Sec. 10. That every individual banker,
doing banking business under the laws of
this State, is hereby required to declare,
Al. 4 Al, ~
of capital invested in such banking bust
ness, and each one hundred dollars of such
capital for the purpose of this act, and for
the purpose of taxation, shall be held and
regarded as one individual share 10 such
banking business, and such shares are hero
by declared to be personal property. If
such banker have partners, he shall declare
upon oath, before the assessor, the number
of shares held by each of them 10 such
banking business, ascertained az above, pro-
vided and the shares so held by auy part
ner shall be included 10 the valuation OF
his taxable property in the assessment OF
all taxes levied in the city, town, ward, or
school district where such individual
banker is located, and not elsewhere and
such individual banker shall pay the same,
| and make the assessment so paid charge
in his account with such parties; and il
such individual banker have no partners
he shall be held TO be the sole owner of all
the shares ia such business of banking, and
the same shall be included in the valuation
of his personal property in the assessment
of all taxes levied in the city, town, ward
| or school district where his bank is located
| and not elsewhere,
Sec, IL. That there shall be kept at all
times, in the Office where the business o.
said bank or banking association, organ
lied under the laws Of this State or the
! United States, shall be transacted, -fuil