Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-01-23
MERCHANTS TAxLAW
Certified Copy of the Law as it Passed
the LeglsI Atars.

chandlse heretofore levied in this State b
and the same are hereby abolished: an
sections 49, and 53s Of The code ar
amended by emitting rherefrom The wOr
merchandise"
Sec. 2. n hereafter merchants sbal
pay an advaiorem tax upon the capital IN
vested IN their business equal TO tina
levied on all taxable property; and th
term d" merchant as used in this act in
dicates all persons or co-partnershlps eli
gagged IN trading or dealing in any kind o
goods, wares and merchandise, either OF
land, or at any steamboat, wharfloat o
other craft stationed or plying in tin
waters of this state, and whether sucl
goods, wares and merchandise be kept on
hand for sale, or the same be purchased
and delivered for profit as ordered. Blu.
nothing in this act contained shall IL any
wise affect the collection of privilege
taxes upon the avocations declared bN
section 800 Of the code to be privileges
except the business OF selling merchan.
disc upon commission.
See. 3. That no merchant shall com
mence or continue business in any cOun-
ty of this State without obtaining a IL
cense from the clerk of such county in ac-
cordance with the provisions of this act:
and every person or individual member
of a co-partnership so offending shall be
subject TO prosecution for each days YiO-
lation Of this law and On conviction shall
be lined not less than II hundred dollars
for each offense.
Sec. 4. That every merchant applying
for a license shall, before receiving the
same, execute a bond to the State, with
good security, TO be approved by the
Clerk Of the County Court, in the sum of
one thousand dollars, conditioned that
such merchant will render to the clerk
issuing the license, at the end Of twelve
months from the date of the bond,
a true statement under oath, OF the
amount Of capital invested in such
business during said twelve months.
and viii pay TO the clerk the
tax thereon. For taking the bond and is
suing the license the clerk shall be en-
titled to one dollar, TO be paid at the
time OF issuance.
See. ). That IN addition to the advalo-
lem tax, all merchants as defined in sec
tion two of this act, shall also pay 10 the
county clerk the following license taX -
Those reporting less han $1,000 Of capital
shall pay $40; those reporting a greater
amount of capital than 5000 shall pay on
each $4,000 OF capital so reported, or
fraction thereof. $40.
Sec. o. That any merchant who has been
engaged in business under existing laws
shall make his report 70 the county clerk,
and pay the tax NAT has accrued since his
last report, before receiving a license I'M
der the provisions of this act.
Sec. 7. That each merchants continuing
in business shall bis license anuU-
ally. and no license shall authorize mer-
chandising out Ofthe county when issued,
nor for d longer period than one year.
Sec. &. That al the expiration Of twelve
months from The date of his bond each
merchant shall 6ie wiih the county clerk,
by whom the license was ISSUED, a state
ment under oath, showing,
Ist. All capital invested in a stock of
goods, wares and merchandise. not CtheC-
wise reported SIS hereinafter required, to
be estimated a. not less than the cash
value of the largest amount Of such goods,
wares and merchandise on hand at any
one time daring the preceding twelve
months. whether owned by such mer-
chant or consigned to him fUrsalo on com
mission.
:. All capital employed during the
preceding twelve NOEths, in any manner
of trading whereby no stock OF goods.
ami merchandise is kept on hand
for sale, unless such business Is otherwise
taxed As a privilege.
and the aggregate capital so reported
shall be deemed the taxable capital of
such merchant, upon which he shall pay
to the clerk the same tax as levied upon
real estate and other taxable property for
State and county purposes; and
the report herein required may be
sworn to by either member of any cuparu-
nership or mercantile firm That the
wort capital, as used in this set, shall
so construed TO mean the value of the
amount OF stock on hand at any
one time in the year when It is offered Tor
sale.
Soc. 9. That the bond h~ereinbefore re-
quired shall be forfeited by a failure to
the statement under oath, As there
- NJ. - Lr -aaF~~enA N rrnA-.#nAA
ment, or by falling to pay the as
sessed at the time and in the manner re-
by law; and il shall be the dpty of
the County ClerStO report all d~elinqGents
TO the ACKNOWLEDGEMENT of the Circuit, /
whose duty ii shall be to bring suit in the
proper court upon any forfeited bond 10
recover the penalty thereof.
Sec. 10. That sections 67s, go. ESQ, GSl
6S2 of the Code, and all laws and parts
of laws in conflict with the provisions Of
act be and the same are hereby re-
Sec. II. That this act shall take effect
from and after its passage,
Passed January Is, lSzn.
w. O. \. PERKINS,
speaker of the House of Representatives.
J.. 3. THOMAS,
Speaker OF the Senate.
L. Andrew !. Fletcher, Secretary of state
IF the state of Tennessee, do certify that
he foregoing is a copy of an act of the
General Assembly Of the State Of Tenues-
see, the original of which is now Of record
n nv Office.
In testimony whereof. Th8ye here
unto subscribed my official sigma
nature, and, ~ prGer of the Govern
LIS. lor, affixed tie great seal OF the state
Of Tennessee, ar the Department ia
the city of Nashville, this 2Ist day
of January. 4. d. 1870.
\. j.. FLETCHER,
Secretary of State.
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