Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1870-02-03
An Act to Regulate the To1 ON
Merchants.

SEC. 2. That hereafter mer-
Ichantsshall pay an sad Ncdlorem'
tax upon the capital invested in
their business equal to that levied
on all taxable property; and the
term merchant" as used in this
act indicates all persons or copart-
nerships engaged in trading or deal
ing in any kind Of goods, wsresi
and merchandise, either ON land
or at any steamboat, wharf boat
or plying in the waters OF this
State, and whether such goods,
wares or merchandise be kept on
hand for sale, or the same be pur-
chased and delivered for profit as
ordered. But nothing in this act
contained shall in any wise affect
the collection of privilege taxes
upon the avocations declared by.
section $50 of the Code, to be priv
ileges, except the business of SELL
ing merchandise upon commission.
SEC. 8. That no merchant shall
commence or continue business in
any county of this State, without
obtaining a license from the Clerk
of such county in accordance with
the provisions of this act, and ev-
cry person or individual member
of that copartnership SO offending
shall be subject to prosecution for
each days violation Of this lew,
and on conviction shall be fined
not less than one hundred dollars
for each offence. ss,sr
SEC. 4. That every merchant ap-
plying for a license shall, before re-
ceiving 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 i'll.
vested in such business during said
twelve months, and will pay to the
Clerk the tax thereon, for taking the
bond and issuing the license, the
Clerk shall be entitled to one dol
lar, to be paid at the time of issu-
ance.
SEC. 5, That, in addition to the
sad calorem" tax, all merchants,
as defined in section I'd of this
act, shall also pay to the County
Clerk the following license tax ::
Those reporting less than $4,000
of capital shall pay $40; those re-
porting a greater amount of CAPT
tai than $4,000, shall pay on each
$4,000 of capital SO reported, 'or
fraction thereof, $40. .a- ..t
SEC. 6. That any merchant who
has been engaged in business nn-
der existing laws, shall make his
report to the County Clerk, and
| pay the tax thathas accrued since
his last report, before receiving q
license under the provisions of this
act.
SEC. Z. That each merchant con-
tinuing in business shall renew
his license annually, and nolicense
shall authorize merchandising out
of the counties where issued, nor
for a longer period than one year.
Sec 8. That at the expiration
Of twelve months from the date
of his bond. each merchant shallfile
with the County Clerk, by whom
the license was issued, a state
ment under oath, showing 1.
All capital invested in a stock OF
goods, wares and merchandise,
not otherwise reported as herein
after required, to be estimated no
less than the cash value of the lar
gest amount of such goods, wares
and merchandise, on hand at any
time during the preceding twelve
months, whether owned by such
merchant or consigned to him for
sale on commission. 2. All capt.
tai employed during the preceding
twelve months, in any manner of
trading, whereby no stock of goods,
wares and merchandise is kept on
hand for sale, unless such business
is otherwise taxed as a privilege,
and the aggregate capital soreport-
ed 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 mem
Der of any copartnership or mer-
camille firm. That the word "cap-
ital," as used in this act, shall be
so construed to mean the value of
the largest amount of stock on
hand at any time in the year when
it is offered for sale. -
SEC. 8: That the bond hereinto-
fore required shall be forfeited by |