Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-01-26

] ReN-Ao VI NnC B4OBNANJ' AL~0~
which should be taken into cOnsidera-
ton in estimating the value of the
, property. Notes given for the purchase
of property of any character are taxa
BILE. There is no change OF the law In
this respect. There are certain reduc-
tiOns to be made which are specified In
treating of the tWenty-third section OF
the act. Notes, bonds, stocks, and other
securities unless exempt by law from
taxation), or property deposited as col
laterals, are taxable.
Eleventh-The "other assets" men,
toned in subsection four Of section
seven, refer to "other assetsn of like
character to those mentioned In the
other sub-sections of the same section.
With this explanation, all the items of
property mentioned in this fourth sub
section owned by citizens of the State
are taxable, whether or not the notes,
etc., are in the State or are on persons
in or out Of the State.
! Twelfth-All bonds, stocks and other
securities on persons or corporations To-
/ Gated in this State, unless exempt by
the laws Of the United States or Of this
| State, have to be returned for taxation
! dd UdlOrem. The amount of income
| from such of these as are thus exempt
must be returned under the eleventh
! subsection of the seventh section. This
| income is to be computed for the twelve
months previous to the tenth day of
/ January last
Thirteenth-Mules are taxable and
should be so returned. The failure to
return them will subject the owner to
an indictment for perjury in swearing to
false return. See oath, section thirty
onel. Such failure to return will also
authorize the assessor, under section
thirty-one, to investigate and make such
an assessment IS the facts warrant, and
will further subject such citizen to the
additional tax imposed in section twen-
ty-five on those who connive at or pur-
posely evade an assessment, or know
ingly permit an inadequate assessment
to be made. The supreme court recog-
nizes no such legal distinction between
mares, geldings and mules as will ex-
empt the last named from taxation.
Fourteenth-In returning the articles
mentioned in the seventh and eighth
sub-sections OF sectien seven, it is only
necessary to give the aggregate value of
the whole Of the articles mentioned in
those sub-sections respectively.
NEUTRALITY-SUSPICIOUS. eight and ten Of
the law where they speak of banks or
banking associations apply to bank cor
pOrations. Section nine is applicable to
individual bankers. Stockholders in
bank or other joint-stOck company,
must report the number and value of
their shares of stock to the assessor of
the district or ward in which said bank
or Jolnt-stock company is located, and
not elsewhere. Under the tenth section
of the law every bank or banking asso-
citation is required to keep in its business
office full and correct list OF the names
and residences of all the stockholders
therein and the number Of shares of
each, and it is the duty Of the assessor
OF the district or ward where the bank
is located to thoroughly examine such
list, for the purpose of ascertaining the
number Of shares of nonresident stock
holders and TO correct any mistake that
may be made by resident stockholders.
These shares Of stock are reported under
the fifth subsection Of the seventh sec
ton Of the act.
MISUNDERSTANDING pay their priv
nege tax to the clerk of the county
court. They also return and pay their
al UdtoTcnl tax on merchandise to the
county court clerk. They also return to
the county court clerk the amount and
value Of notes, due-bills, etc., men,
seven, after deductions hereinafter
to be specified, which they own as mer-
chant, and pay the tax on these also to
the county court clerk. 1t will be seen,
therefore, that merchants make all their
returns and pay all their taxes as mer-
chants to the county court clerk. As
individuals, they return to the assessor
and pay to the collector.
Seventeenth--In assessing, under
section twenty-three, notes, due-bills,
ETC., therein mentioned, all bona fde
debts of the taxpayer incurred in con-
ductlng his regular business and per-
tanning to the same business out of
which arose the notes, due-bills, ETC.,
are to be deducted from the valuation of
said notes, due-bills, etc.
Eighteenth-The schedule of tax
payer is not complete without the oath.
The law prescribes it, and / know Of no
construction which can abrogate it or by
which it can be evaded. Those who fail
or refuse to take the oath subject them
selves to assessment by the assessor, and
the penalties prescribed by section thir-
ty-four. By section five hundred and
seventy-two Of the code, the Taxpayer
was required to "give in to the assessor
complete list of his property subject to
taxation Of every description, describing
his land so IS to identity it :" and by sec
ton five hundred and seventy-eight the
taxpayer, If he fail to give a list, was TO
be assessed double tax upon the assess
ment Of his property made by the asses
sor. By section five hundred and sew
enty-three the taxpayer was required to
swear that his list contained ''all and
every item" Of his taxable property.
Under section twenty-five of the act
the chairman or judge of the county
court, the clerk Of the county court, the
county trustee, sheriff, or tax-collector,
shall cite any person who has not been
assessed as contemplated by law, or
who has been assessed an Inadequate
amount, to appear before him to be as
sessed according to law, and such Of
ficer is authorized to make a proper as
sessment. Should it appear that
said person did connive at or evade
a proper assessment, said officer
shall correct the assessment and
add fifty per cent. to the amount.
Nineteenth-Under section thirty
three all clerks, clerks and masters, re-
ceivers and commissioners, are required
to make return of the PROPERTY,
moneys, credits and effects held by
them in either of said capacities. seps-
rate from their individual returns.
Blank schedules should be furnished to
these, and to all executors, administra-
tors, guardians, and all others acting in
any fiduciRry character whatever. and
they should be required to report under
the penalties of the law. The agents
and attorneys mentioned in that section
are the agents aud attorneys of nom
residents of or absentees from the State.
Twentieth-ShOuld the county courts
allow compensation to the assessors ad-
ditienal to that allowed by section forty
five, shall not prevent nor interfere.
The assessors are not, nor is the comp
trOller, responsible for the law. Their
duty is to see to its enforcement in such
manner as will most promote the inter-
ests of the State, without doing injustice
to any class of the people. To those
who do not comprehend the require
ments of the act, every admissible in
dulgence should be extended. Those
who openly defy the law, that
they may continue to screen
from taxation that portion of their
wealth which has heretofore been
invisible to the public eye, and thereby
avoided the payment of its share of the
expenses of the State, deserve no SYM
pathy from officials, nor from those who
honestly contribute their proportion of
the taxes which go to the support of the
government. JOHN c. BURCH,
Comptroller.