Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-04-21
THE ADAMS TAX LAW.
How II EenIs With All tho Amendments
Inserted in Their Proper Places.


Inserted in Their Proper Places,
stan Correspondence OF Gnzetto and journal,
Dover, April IL. Tho Adams Tax
law, with all of tho amendments inserted
! in their proper places, now reads aa
| follows.
Whereas, II is hut just that the bur
den OF taxation should he adj ustetl and
| distributed 40 that ii may bear equally
upon all according TO the value of every
mRn's estate; and,
| Whereas The present system Of taxa
tion is unjust and oppressive, in that it
taxea most the property least profitable
and relieves altogether that which pro-
duees the greatest income; ard
Whereas, Every consideration Uf jus
tice, equality and fair play, requires
that all property paying interest or
| yielding an income should be taxed
and made to hear fair share of the
burdens of the government, therefore
| be it enacted &c. (:
1 Section |. That in addition TO the
renl and personal property now liable to
be taxed under eEisting laws, it shall
be tho duty of the aasussor OF tho vari
Gus hundreds or assessment districts
| in this State to assess at three fourths
their actual cash value all Investments
| paying interest or yielding an income
and which are not now taxed or other
Stats or county purposes, or exempted
| by this act, and the same shall be taxed
for all Stata aud county purposes.
Sec. 9 Under the head Invest
mental the following kinds are in
cluted: A II bonds for the payment of
money, mortgages, stock of every kind.
not herein expressly excepted; all
| judgments, recognizances and DEGREES
for the payment of money ; all judgment
notes and certificates Of indebtedness
| Except such as are given in good faith
| for goods sold and delivered. for wages
| and such judgment note or other evil
dence of indebtedness, as may BIO given
| for short periods IN the course of busi
| ness and not used or intended as in
| yestlnents); all alienation bunds benr
| ing interest, or when the interest in
included in the body thereof; all in
terest hearing loans to any person, firm,
company, limited partnership. hank,
banking association and corporation of
whatsoever kind, whether doing bust
ness in this State or elsewhere. Pay
ment OF interest in advance or adding
it TO the principal shall in no case
exempt the lender or creditor from tho
payment of the tax. The following arc
expected and excluded from the opera
tion 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 associations whose real
estate is by law exempt; and of such
other securities aB are now exempt by
| express provisions of law; all loans
which are made to local manufacturing
o hynof hoa taI bo
estate of such companies, when their
real estate is expressly exempt by Law;
all stocks, bonds and mortgages in edu-
cational, charitable, benevolent or
cemetery institutions, whether incor-
| porated or not, and all Investments Of
building and loan associations
Sec. 3. All classes OF property herein
| named and made subject to taxation
shall he assessed and taxed,whether the
same be situated 10 this State or else
whsfe, and whether the same be held
as owner or in trust for the owner in
any capacity whatsoever, and tho
person owning, holding or controlling
tho same shall, at the request of the
asssssor, be required to make returns
thereof to the assessor of his hundred
or assessment district, showing dis
tinctly where the same is situated,
owned or held and the owner thereof.
And when such returns are received by
the assessors they shall be arranged
alphabetically 10 lists separate from
| this list of other taxable property; pro-
vIded, however. that any Investment
| 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.
SEQ A. The president and secretary
| of all corporations and associations
liable to taxation under thia act, shall,
on the first day of December in each
year, make their respective returns
under oath or affirmation to the assessor
of the hundred or assessment district
| in which the principal Office or bust
ness place of the corporation or as6ocia-
| tion is situated; which return shall
show the whole number of shares in
each of said corporation or association,
the market value of each share and the
aggregate market or real value of all
| the shares, with the mama of the owner
and the number of shares owned by
each respectively.
Sec. 5. Amy person owning, holding
or controlling any investment liable to
taxation under this not, officer Of any
corporation or association failing to
make return or repurt as herein re-
| quirod. shall be guilty of miatle-
meanor, and upon conviction thereof
shall pay fine of not lesa than ten nor
more than five hundred dollars, or be
imprisoned not less than ten dqys nor
more than ak months.
Soc. G. The intention OF lis act being
In tax the owners and iuvestora of
| capital and not the borrowers or
debtors; therefore, every individual
person. corporation, company or asao-
citation whatever and every officer
! thereof, asking, demanding, contracting
| for or receiving any money or con
| siderati0n whatever on account of said
| tax, in reduction thereof or otherwise,
or who shall by any device whatsoever
impose or try to impose such tax or
any part thereof upon any debtor whom
soeyer, under any pretext whatsoever,
shall be guilty of misdemeanor, and
| shall, upon conviction thereof. bs fined
in any sun not less than one hundred
| dollars nor more thGn one thousand
| dollars anu costs
Sec. T. Each and every debtor by
bond, judgment, mortgage, recognizance,
| decree or otherwise Whose debt is
| liable to taxation under this act, when
| the creditor is non -reBident of the
county or State, shall be liable for the
| tax on his debt, in the frat instance;
but upon payment thereof, he shall be
| entitled and it shall be his duty to
| deduct the same from the interest due
or accruing thereon; and any such
creditor refuHing TO allow such credit
on iaxes 60 paid shall forfeit oil
4 Il = A. Il 4