The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1885-07-15
. NEW REVENUE LAW.
TIE RECENT VALUABLE ENACT
MENT
Fail rext of the Act Relating TO Stats
TAXATION Winch the Governor
Has Signed. some provisions
OF Great General Import

ohCts
The full text of the new revenue
law of the State, which has receiv-
ed the signature of the Governor, is
given below. Its title is "a fur
ther supplement to an act entitled
an act to provide revenue by taxa
tion. approved the 9TH day of June,
1872"
SECTION 1. Be it enacted, etc,
that all mortgages, money owing by
solvent debtors, whether by promis-
cory note or penal or single bill,
bond or Judgment, also all articles
of agreement and accounts hearing
interest, owned or possessed by any
person or persons whatsoever, ex-
cent notes or bills for work or labor
done, and all obligations given to
banks for money loaned, and bank
notes and all public loan or stocks
whatsoever, except those issued by
this Commonwealth or the United
States. and all money loaned or in
vested in any other State and all
other moneyed capital in the hands
of individual citizens of she State
shall be and are hereby taxable for
State purposes at the rate of three
mills on the dollar of the value
thereof annually; provided that
the same shall, after the passage OF
this act, be exempt from all taxa
ton, except for State purposes; pro-
vided the provisions OF this act shall
not apply TO building and loan as
sociations.
SEC. 2. All shares of stock in any
bank, banking or savings institution
or company, safe deposit, guaran-
tee. surety and real estate title in
surance or trnst company now or
hereafter incorporated by or in pur-
suance Of any law Of this Common.
wealth or of the United States. shall
be and are hereby made taxable for
State purposes at the rate OF three
mills on the dollar of the value there
of annually.
SEC. g. In case any bank or saw
ings institution, safe deposit, guar
antee, surety and real estate title In
surance or trust company, incorpor-
ated by this State under the laws oi
any other State or the United States,
shall elect 10 collect annually from
the shareholders thereofa tax of
s;x-tenths OF one per centum upon
the par value of all the shares OF
said bank or savings institution, and
pay the same into the State Treas
ury on or before the first day OF
March in each year, the shares and
so much of the capital and profits
of such bank as shall not be inves-
ted in real estate shall be exemp;
from all other taxation under the
laws of the Commonwealth.
SEC. 4. That hereafter it shall be
the duty of the treasurer of each pri-
vate corporation incorporated by OF
under the laws of the Common
wealth or the laws of any other
State or of the United States and do
ing business in this Commonwealth
upon the payment of any interest OF
scrip, bond or certificate of indeot-
edness issued by said corporation
to residents of this Commonwealth
and held by them, to assess the tax
imposed and provided for State pur-
poses upon the nominal value OF
each and every such evidence OF
debt and to report on oath annually
on the first Monday of November to
the Auditor General the amount Of
Indebtedness OF the corporation
owned by residents of this Com
monwealth, as nearly as the same
can be ascertained, and it shall be
his further duty to deduct three
mills on every dollar of the interest
paid as aforesaid and to return the
same into the State Treasury within
fifteen days after the thirty-first day
of December in each year, and bis
compensation for his services shall
be the same that city and borough
treasurers receivefor similar services
and for every failure to assess and
pay said tax and make report as
aforesaid the Auditor General shall
add ten per centum as a penalty to
the amount of the tax. In payment
of said tax by corporation, the
bonds, certificates or other eviden
ces ofindebtedness issued by it shat
be exempt from other taxation in
the hands ofthe holders of the same
SEC. 5. 1t shall be the duty o
the president or cashier of every
bank or savings institution, safe de
post, guarantee, surety and rea
estate title insurance or trust com
pany incorporated under the law
of this Commonwealth, or any othe
State of the United States and do
ing business in this Commonwealth
failing to pay in the six mills tax a
aforesaid TO make report in writing
TO the Auditor General on or befor'
the Doth day of June in each year
stating specifically the amount o
capital stock and the amount paiC
in, full and complete list of tn
shareholders Of such bank or saw
ings institution, with their residence
and number and par value of share
ofstock held by each person respec
lively, value of said stock in tn
market where such bank is locateJ
during the year ending with the 20tl
day of June, which said report shall
be verified by the oath Of the presi
dent or cashier taken before SOM
officer authorized to administe
oaths, and the said president o
cashier shall also furnish a dupli
cate original of said report to tn
Commissioners of the proper city o
county in which such bank or in
stitution is located, to be used b,
them for the purpose Of assessing al
taxes against said shareholders
The Auditor General shall hay
power TO inquire INTO the value o
such stock and either abate or in
crease the assessment, as may b
Just. 1fthe said bank officer shal
neglect or refuse to furnish the n
port aforesaid, as above required,
shall be the duty of the Audito
General to require the said.oficer :
appear before him in person, wit
the books and accounts of the sal
bank or savings institution. for ir