The times., 1898-06-28
The Question as to "oriGinai Issues"
Held Under Advisement.

as
Held Under Advisement
The Bureau of Internal Revenue has
seen fit to withdraw and reconsider the
decision which was given out Saturday
relating TO the stamp tax on stock GER
tihcates. The question as to what certifi-
Gates Of stocks are 10 be regarded as
Original issues within the meaning of
the first clause of schedule a is held un-
der advisement by the commissioner and
the final decision will be promulgated
prior 10 the 3oth instant.
1t was the-natural desire of the Depart
ment TO construe this section of the law
in such a manner as TO bring the largest
returns of revenue, but 1t Is believed that
the decision is untenable, and the Depart
ment viii likely recede from its position
in the new decision. Decisions covering
some OF the minor questions raised by the
new revenue act were made by the law
division of the Bureau of Internal Reve-
nue. yesterday as follows:
In the matter of the tax on customs
brokers it was held that these brokers
are required to pay a special tax of $40
and 10 take out the regular stamp for
each place of business when they have Of
fees in the different cities. Ii is held
that the first clause of Section 1921 r. S.
applies TO every business for which a
special tax is required to be paid wheth-
er under old laws or under the new reve-
nue. bill.
Leaf tobacco brokers who buy for deal
ers and manufacturers and brokerage for
commission are required TO pay the
special tax as commercial brokers.
Inquiry was made of the bureau as to
the method of computing the tax on for
eign bills Of exchange, as to whether the
rate of exchange should be computed at
par or at the rate prevailing on the day
on which the bill Of exchange is drawn.
there often being a slight difference be-
tween the two. II held that until a
change Of rule, stamp taxes due on for
eign bills Of exchange may be reckoned
at the par Of exchange, according to the
country.
An important rule made yesterday was
that affecting the withdrawal of deposits
from savings banks which is usually
done simply on a depositors' pass-books.
The bureau holds that stamp is not re-
quired in the case of payment made by
savings bank to the depositor simply on
mis- pass-book, where nothing in the form
OF check or order for a payment of
money is drawn. Memorandum checks
given by clearing houses in its daily set
tlement of balances with the different
banks, If these checks are issued with
in the meaning OF the act of June 13, are
required TO be stamped.
Warehouse receipts issued for whisky.
in bond are subject TO a stamp tax. An
important decision affecting importers
will be rendered today by the customs d.
vision. This relates to the payment of
the internal revenue taxes on articles inn
ported which are liable to the stamp tax
when exposed for sale. The department
will probably hold that the importer
stands on the same footing with the do
mestic manufacturer, in that the goods
imported are not liable 10 payment of the
tax until they are exposed for sale.
The officials at the bureau felt conf
dent yesterday that enough stamps will
have been sent out by July l to supply
fully the demands made upon the col
Iectors of internal revenue, and that
while it is possible these stamps may not
be in the hands of the people, they viii
be where the people can get them by ap-
plying for them. Reports from collectors
indicate that many banks and private in
stitutions are coming forward TO the re-
lief of the Government and will place the
stamps on sale in small quantities. There
viii be plenty of stamps unless the de-
mand far exceeds the expectation. Some
Is, 900, 600 stamps were shipped yesterday.
Another very interesting point which
will come up al the Bureau of Internal
Revenue within a few days for a decision
is that regarding the tax on kilograms of
newspapers. More dispatches are sent on
newspaper business than on any other
business in the country. Dispatches from
one town to another are usually sent by
making a separate dispatch of each single
item. 1t is a question whether matter
sent to a paper will be regarded as one
continuous dispatch or each item as a
different dispatch, and whether the pay
ment of the taxes on each separate dis
patch can be avoided by the correspond
ent filing all his items in the form of one
continuous dispatch. A ruling will prob
ably be made on this within d few days.