Evening journal., 1898-06-15
THE ADAMS TAX LAW.
Full Text OF Bill as Amended
BY General Assembly.
ALL AMENDMENTS ARE INSERTED

PERSONS WHO HAVE INVEST
MENrS CAN READ THE LAW
AND KNOW JUST WHAT THEY
HAVE TO DO UNDER IT'S PRovI.
slOlNs.
The Evening Journal to-day presents
to its readers the full text Of the Adams
tax law. with all amendments insert
ed in their proper places, this being
the first publication Of the law, the
General Assembly making no provision
for its publication in amended form.
1t is authentic in every particular. Ex-
City Solicitor George A. Elliott made
careful draft Of the amended law
and submitted 1t TO John H. Rodney,
attorney for the Levy Court. He ex-
amdned it critically, and it afterwards
passed through the hands of Robert
Adair and Baldwin Springer, two MEM
bers of the bar, to whose courtesy the
Evening Journal owes this opportunity
to give to the public the complete
draft with all OF its authenticity;
Chapter SS1, volume 20, Laws OF Del
aware.
can Act to Equalize Taxation for
State and County Purposes" as amend
ed May 10, 1898.
Whereas, 1t is but just that the bur-
den OF taxation should be adjusted and
distributed so that it may bear equal
ly upon all according 20 the value OF
every mans estate; and
| Whereas, The present system Of tax
alton is unjust and oppressive, in that
it taxes most the property least profit
able and relieves altogether that which
produces the greatest income; and
Whereas, Every consideration of jus
tice, equality and fair play, requires
that all property paying interest oi
yielding an income should be taxed ant
made to bear fair share Of the bur
dens of the government; therefore
Be it enacted by the Senate an0
House Of Representatives of the StaU
Of Delaware in General ASSEMBLY met
Section 1. That in addition OF tn
, real and personal property now liabl
to be taxed under existing laws, shal
be the duty of the assessor Of the va
rious hundreds or assessment district
in this state TO assess az three-fourth
their actual cash value all investment
paying interest or yie,ding an incom'
and which are not now taxed for eithe
, state or county purposes, or exempte
, by this act, azd the same shall be tax
? ed for all state and county purposes.
Section2. Under the head Investment
the following kinds are included: A
A bonds for the payment Of money, mort
cages, stock Of every kind, not herei
. expressly excepted all judgment
o | lrecognizances and DEGREES for the pay
o merit Of money; all Judgment note
a | and certificates of Indebtedness (e>
. lcept such as are given in good faith tC
n goods sold and delivered, for wage
and such judgment note or other e'
/, dence Of Indebtedness, as may be give
N for short periods in the course Of bus
q | ness and not used or intended as inyes
> lments); an alienation bonds bearir
interest. or when the interest IS II
n cluded in the body thereof; all int
,s est bearing loans to any person, fin
10 company, limited partnership, ban
10 banking association and corporation
st whatsoever kind, whether doing bus
ness in this state or elsewhere. Pa
p ment Of interest in advance or addii
% it to the principal shall in no case c
m empt the lender or creditor from &
NJ pavment of the tax. The followll
a. are excepted and excluded from I
no operation Of this act: AID loans al
H. evidence Of indebtedness Of the Unit
eI States. OF the State Of Delaware or
10 any of the counties thereof; Of reh
III ious or benevolent association who
or real estate is by law exempt; and
IT, such other securities as are now
he empt by express provisions of law;
nd loans which are made to local man
featuring companies, hypothecat
gs upon the real estate OF such compa
MS les. when their real estate is express
gs exempt by law; all stocks, bonds a
nd mortgages in educational, charitat
benevolent or cemetery institution
lr whether incorporated or not, a
shares of building and loan assoc
rs tions and investments made by them
Section 9. All classes Of prope
in herein named and made subject to ta'
vas ton shall be assessed and tal
,ks whether the same be situated in
KS state or elsewhere, and whether
,ov same be held as owner or in trust
95o the cwner in any capacity whatsoe
IN and the person owning, holding or C
trolling the same shau, at the reqr
of tho assessor be required to make