Evening journal., 1895-02-11
EQUALIZATION OF TAX.
The Measure Introduced BY
Representative Mustard.
DRAWN BY JOHN F. SALISBURY
The Purpose Being to Tax Bonds.
Mortgages, Investments, Etc. The
Measure Similar to the Fulton Pn
which xyaa Defeated Last sesston.

/ Mtasoto eiAAtht 70 tue AhiAoh NH
which Was Defeated Last Session.
STAT Correspond epee Evening journal
DOVER, Feb II The provisions of the
/ bill for the equalization Of taxes, which
was introduced few days ago by Rep
resentative Mustard, are as follows
"An act 10 equRlizs taxation FOR
county purposes.
Whereas, II is but just that the
/ burden Of taxation should bs adjusted
aud distributed 30 that II may bear
equally upon all according to the value
OF every mans estate; and
Whereas, the present system Of
I taxation Is unjust and oppressive. in
that 1t taxes most the property leas.
profitable and relieves altogether that
which produces the greatest income
and
Whereas, Every consideration Of
| justice, equality and fair-plsy, requires
that all property paying interest or
yielding an income should be taxed and
made bear a fair share of the burdens OF
government, therefore:
"Ba It enacted by the Senate aud
House of Representatives of the State Of
Delaware In General Assembly met
Section l. That in addition to the
real and personal property, now liable to
be taxed under existing laws, It shall be
the duty Of the assessor OF the various
hundreds or election districts In this
state to assess all investments paying
interest or yielding an income and which
are not now taxed for either state or
county purposes, or exempted by this
act, and the same shall be taxed for all
county purposes
"Section . Under the head Invest
msnts' the following kinds are included {:
ali bonds for the payment of money,
mortgages, stocks OF every kind not
herein expressly excepted, all judg-
ments, recognizanees, and decrees for the
payment Of money al Judgment notes
and certificates Of indebtedness, except
such as are given In good faith for goods
sold and delivered for wages and such
judgement note or other evidences Of
indebtedness, as may be given for short
periods 10 the course OF business and not
used or intended as investments. All
alienation bonds bearing interest, or
when the interest is included Ia the body
thereof All interest bearing loans to
any person, firm, company, limited part-
nership, bank, banking association and
corporation of whatsoever kind whether
doing business in this state or elsewhere
Payment Of interest In advance or adding
It to the principal shall In no case exempt
the lender or creditor from the payment
OF the tax
1.-The following are excepted and ex.
eluded from the operations Of this act
All loans and evidence of Indebtedness OF
the United States, OF the State OF Della
ware, or Of any Of the counties thereof
of religious or benevolent association
whose,real estate is by law exempt.and OF
such other securities as are now exempt
by express provisions Of law all loans
which are made to local manufacturing &
companies when their real estate is
expressly exempt by law. All stocks in
, educational, charitable or benevolent
institutions, whether Incorporated OF
not, and all investments by saving banks
and shares of building and loan ssso
Citations and investments made by them
Section 3 All claims Of property
herein named aud made subject 10
taxation, shall be assessed and taxed
whether the same be situated In this
state or elsewhere, or whether the same
be beld as owner or in trust for the
owner in any capacity whatsoever, and
the person owning holding or control
ling the same shall be required to make
returns thereof to the assessor Of bis
hundred, showing distinctly whore the
same is situated, owned or held. AID the
owner thereof. And when such resurns
are received by the asssssoss, they shall
be arranged alphabetically in the list Of
other taxable property Provided, how
ever that any investments liable to as
sessment and taxation by this act which
t are taxed in any other state or county
r are expressly exempted from the pro
I ! visions Of this act
/ "Section Tns president and sec
retary Of all corporations and associations
liable to taxation under this act, shall OF
the first day of February IN each year
9 make their respective returas under oRtt
+ to the assessor Of the hundred In whicL
the principal cffice or business place o
the corporation or association Is situ
ated which returns shall show tn
/. whole number OF shares In each OF SAID
corporation OF association, the mRrke
value Of each share and the aggregate
|, market or real value Of all the shares
with the name of the owner and thi
. number Of shares owned by each re
! spectively.
n "section 5. Any officer Of any corpo
ration or association failing to max
return or report as herein required shal
10 be guilty Of misdsmeanor, and upo
'r conviction thereof, shall pay fine o
e not less than $40 nor more than $500, 0
/ be imprisoned not less than ten days no
II more than six months.
le ''Section g. The intention OF this &C
d being to tax the owners and investors Q
II capital, and not the borrowers o
n debtors, therefore, every individ
10 usl person, corporation, company O
association whatever, and every Office
y thereof, asking, demanding, contractin
g for or recovering any money, or col
II sidsrstion whatever on account OF sal
u tax, In reduction thereof or who shall b
il any device whatsoever, impose, or try
Q impose, such tax or any part thereC
n upon any debtor whomsoever, under an
g pretext whatsoever. shall be guilty Of
e misdemesnor, and shall upon convictio
10 thereof be fined In any sum not less ths
Ig $l00 nor more than 81 600 and COSTS.
re Section Each and every debtor b
ls bond, judgment, mortgage, recognizanc
% decree or otherwise whose debt Is lab
40 to taxation under this sci) when Il
OF creditor is nonresident of the count
ae or state, shall be liable for the sax
1t his debt in the first instance. bub unc