Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1897-05-13

u
Adams bill to tax Investments. which
has attracted so much attention, 10
given below, as reported with amend
ments from committee:
"An act to equalize taxation for
county purposes.
"Whereas, 1t is hut lust that The
burden OF taxation should be adjusted
and distributed 30 that it may bear
equally upon all according to the value
OF every mans estate; and, t5lf
whereas, The present system of
taxation ia unjust and oppressive, In
that il taxes most the property least
profitable and relieves altogether that
which produces the greatest income !;
and
"wheroas, Every consideration of
justice, equality and fair play, 70,
quires that all property paying in.
terest or yielding an incoms should be
taxed and made bear fair share Of tho
burdens of government, therefore:
''Be it enacted hy the Senate and
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 undcr existing laws, il
shall be the duty of the assessor of the
various hundreds or election districts
10 this State to assess at one. half their
cash value, taking into consideration
rates OF interest, the value of the securi-
ties, and the promptness of the payment
of interest thereon. nll Investments pay
ing 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.
.'Sec. 2. Under the head Invest
monts' the following kinds are in,
Guided: All bonds for the payment of
money, mortgages. stocks OF every
kind, not herein expressly excepted,
all judgments, recognizances and de.
creea for the payment of money: all
judgment notes and certificates of in
debtedness, except such as are given
in good faith for goods sold and de-
lirered, for wages and such judgment
note or other evidence of Indebtedness,
as may be given for short periods In
the course of business and not used or
intended as Investments. All alienation
bonds bearing interest, or when the
interest is included in the body thereof.
All interest bearing loans to any per.
eon, firm, company, limited partner
ship, bank. banking association and
corporation OF whatsoever kind, whether
doing business in this State or else
where. Paying OF interest in advance
or adding it TO the principal snail in
no case exempt the lendor or creditor
from the payment of this tax. -
1.-The following are excepted and ex-
cluded from the operation of this act.
All loans and evidence of indebtedness
OF the United States, of the State of
Delaware or Of any of the counties
thereof, of religious or benevolent asso-
citation whose real estate is by law ex-
empt and OF such other securities as
are now exempt Ivy express provisions
Of law. all loans which are made to
local manufacturing companies, when
their real estate ib expressly exempt by
law. Is stocks in educational, chart.
table or benevolent institutions, whether
incorporated or NOT, and shares Of build
ing and loan associations.
.'Sec. 3. All classes of property bore
in named and made subject to taxation,
shall be assessed and taxed. whether
the same be situated in this State or
elsewhere, or whether the same be held
as owner, or in trust for the owner in
any capacity whatsoever. Provided,
however. that any Investments liable
to assessment and taxation by this act,
which are taxed in any other State or
country, are expressly exempted from
the provisions of this act.
'tSec. A. The president and secretary
OF all corporations and associations
liable to taxation under this act, shall
on the first day OF February in each
year make their respective returns
under oath to the assessor Of the hun
drad 10 which the principal Office or
business place of the corporation or
ouo,.,iattnn in uttnnfaI. rDb iah
shall show the whole number Of shares
ip each Of said corporations or asso.
Citations, the market value of each
Hhare and the aggregate market or real
value of all the shares, with the nnme
of the owner and the number OF shares
owned by each respectively.
''Sec. 8. Any officer OF any corpora
tion or association failing to make re-
turn or report as herein required, shall
be guilty of misdemeanor; and upon
conviction thereof, shall pay fine OF
not less than ten, nor more than five
hundred dollars. or be imprisoned not
less than ton days nor more than six
months
''See. G. The intention of this act
being to tax the owners and investors
Of capital, and not the borrowers or
Debtors thereof, every individual per-
boIl, corpOruliOu, cOulphuy Ut abBO-
ciatun whatever, and every officer
thereof, asking, demanding, contract.
ing for or receiving any money, or con.
sideration whatever on account of said
tax, Introduction thereof or otherwise,
or who shall by any device whatsoever
impose or try to impose, such tax or
any part thereof upon any debtor
wbomsoover, under any pretext what
soever. shall be guilty of mis-
demeanor, and shall upon conviction
thereof, he fined in any sum not less
than one hundred dollars nor more
than one Thousand dollars and costs.
''Sec. T. Each and every debtor by
bond. judgment, mortgage. recogni-
zance decree or otherwise, (whose debt
is liable to taxation under this act),
when the creditor is q non resident Of
the county or State, shall BIO liable for
the tax on his debt. in the first ins
stance; but upon payment thereof, he
shall be entitled and it shall be his
duty, TO deduct the same from the
interest due or aocruing thereon.
Sec, :. In making the assessment
and collecting the taxes assessed under
this act, the assessors and collectors
shall respectively have all the power
and authority now by law conferred
upon them In tue assessment and col
IpctiDn pf IN vae in addition 90, a., 20 10