The midland journal., 1898-07-08
Friday, July 8, 1898.
Revenue for the War-How Funds
Will be Raised by the
Government.

to be consummated only by applying
stamp for the payment of the war revenue
tax. Nearly all of the articles of con
sumption in factory and i'll the hotne will
b. ilicitly exchanged if they are not
ornamented with one of Uncle Sans
handsomely engraved evidences that the
ve,lder or purchaser has made contii-
button to help carry on Americas war for
the freedom of Cuba.
While the war revenue bill was to take
effect, as a whole, upon the day after its
passage by Congress, there are exceptions
to this general rule, and various dates are
fixed by the act for the several schemes OF
taxation to become effective. Severe
penalties are provided to be imposed OIL
those who violate the law. Stamps must
be used when called for and properly
destroyed or effaced, or those who attempt
to evade the payment of taxes by any
method may have a heavy fine or long
term of Imprisonment or both staring
them in the face Then, too, commercial
paper not properly stamped will not be
held as valid in the courts.
After Jnly every bond, debenture or
certificate of Indebtedness issued by a
company or corporation will be taxed at
the rate of five cents on every 500 of face
value, and every transfer of shares or
certificates of stock can be accomplished
ouly by pasting the evidences of these
transactions with stamps amounting to
two cents for each $loo of face value.
Whenever a sale or agreement to sell
any products or merchandise for present
or future delivery is made stamps must be
Cancelled, one cent for every $Ioo ill the
value of such sale.
When bank check, draft or certificate
of deposit is presented for payment it
must bear 2-cent stamp. There has
been some controversy over the question
of how these stamps shall be provided.
At meeting of bank presidents i'll WASH
ington it was decided that the customers
must provide their own stamps.
Inland bills of exchange can be made
legal only by stamping them with 2-cent
stamp for each 500, while foreign bills of
exchange must be stamped double that
amount,
A bill of lading or receipt for any goods
to be exported must bear Io-cent stamp.
Every bundle sent by express or freight
must have I-cent stamp stuck on it.
Under the new law telephone COM
panies must keep an account of the num-
Der of messages or conversations carried
OH over their lines, for which there has
been charge of IS cents or over, and
they must pay the government at the rate
of cent for each of those messages.
In addition to the fees of notaries pub
lie in the signing of bonds, guaranteeing
faithful performance of any duty the
signers of such bonds must see that So
cent stamp is attached to them.
Whenever ship is chartered that char
ter must bear S. stamp if the vessel ton
mage is less than 800 tons, a S. stamp if
between 800 and 600 tons, and $40 stamp
if over 600 tons
About all kinds of contracts are taxable
under the law. A brokers' note, or nlem-
orandum of sale of any goods, must be
ornamented with a Io-cent stamp. Any
deed whereby land or improvements are
sold or transferred is taxed at the rate of
so cents for each $500
A telegram cannot be sent by an oper-
ator if it does not have a cent stamp on its
face.
The entry of goods in warehouse must
be accompanied by canceliug stamps, a
% cent stamp if the value is less than
500, so cent stamp if between 500 and
$500, and 81 stamp if i'll excess of $500.
When goods come out of bonded
warehouse they must bear another stamp
with face value of so cents.
All kinds of insurance will be subject TO
taxation except such insurance concerns
as are run on the plan of cooperation
which does not yield profit to those not
insured For each $Ioo OF life insurance
taken ont there is a tax of cents, so that
the tax of the usual 81 900 policy will be
SO cents
Marine, inland, fire and casualty,
fidelity and guarantee insurance must
pay a tax equal TO one-half of one cent
on each dollar of the premium charged.
Every lease for the rent of land or
houses if for one year will be stamped
with ascent stamp. if between one and
three years they must bear 5o-cent
stamp, and if over three years 81 stamp.
Mortgages must be stamped with a rs
cent stamp if between 81 900 and $500,
and with another similar stamp for each
$500 in the amount
1t has been estimated that 500, ,ooo, 900
are spent annually by Americans travelling
abroad. In the future these travellers
must have their passage tickets stamped.
1t will take 81 stamp if the ticket carry
ing them from the shores of America
costs more than $50, s. if costing between
$50 and 500 and IS if costing more than
$50.