The state herald., 1898-06-17

I administration of the law. Section II
provides for the distribution of stamps.
Section 16 exempts government, state,
county and municipal bonds from the
operation Of the law and also the stocks
and bonds issued by cooperative build
ing and loan associations whose capital
stock does not exceed $4,000 and
building and loan associations or conf
panies that make loans only to their
shareholders.
Section 1s provides for tax stamp
on telegraph messages, and exempts
messages Of officers and employees Of
the government on official business,
and also the messages Of telegraph
and railroad companies over their own
lines.
Section 20 makes it n misdemeanor to
evade the plans of schedule b, relative
to drugs medicines, perfumery, etc,
punishable by fine not to exceed $500
or Imprisonment to not exceed six
months or both.
Uncompounded medicines or those
having been put up and sold at retail
as prescriptions are not included in the
taxable articles, leaving 1t to apply
particularly to proprietary articles.
Section "a adds the tax on proprie-
tary articles to the duty on them, re-
Quirlng the affixlng Of the internal rev.
enue stamp before withdrawal for con-
sumption.
Inhsi dance Tax.
A tax on inheritances and legacies
exceeding $4,000 is provided as fol-
lows:
On sums between $4,000 and $685.
OOO-First on benefits to the lineal is
sue or lineal ancestors, brother or Sis
ter OF the deceased, at the rate of sew
enty-five cents for every 800.
Second-To the descendant of a
brother or sister at the rate of $1.5O for
every 800.
Third-To the BROTHER or sister OF
the father or mother, or a descendant
or brother or sister Of the father or
mother, ut the rate of So for every
800.
Fourth-To the brother or sister of
the grandfather or grandmother, or a
descendant of the brother or sister of
the grandfather or grandmother, 81 for
every 500.
Fifth-To those of any other degree
OF collateral consinguinity or strangers
In blood or body polite or corporate,
at the rate of S. for every 500. All
legacies or property passing by will or
by the laws of any state or territory, to
husband or wife are exempted from
tax or duty. On sums ranging be-
tween $4,000 and 100000, the rates
of tax are to be multiplied by one and
onehalf; on those ranging from $780,.
900 to S5OO,OOO, the rates are to be mul.
finlinI hxy tyx-n
S5OO.OO0 to S1,0OO,OOO, the rates are to
be multiplied by two and one-half;
ana on those above $1,OOO,OO0 the rates
are to be multiplied by three.
The tax is made lien upon the
property until paid, and 1t is required
that the tax shall be satisfied before the
legatee is paid.
Bonds and Certificates
Certificates OF lndebtedness-JThe Sec
retary Of the treasury is authorized to
borrow from time to time, at a rate of
interest not exceeding three per cent,
such sums as in his judgment may be
necessary to meet public expenditures
and to issue certificates of Indebtedness
In denominations of $50 or some multi
pie OF that sum. Each certificate is
made payable at such time not exceed
ing one year from the date of ito issue.
as the secretary OF the treasury may
prescribe, provided that the amount Of
such certificates obtained shall at no
fine exceed SlO0.OOO.OO0.
The secretary of the treasury is au-
thorized to borrow on the credit of the
United States from time to time as the
proceeds may he required, to dsfray
nv nanhitstrsx. =
the existing war (s,ich proceeds when
received to be used only for the pur-
pose OF meeting such war expendi-
fnres), the sum Of S40O,OO0,O00, or SO
much thereof MS may be necessary,
and to prepare and issue therefor,
coupon or registered bonds Of the Unit
ed Stnics In denominations OF $40 or
some multiple OF that sum. redeem
able In coin at the pleasure Of the
United States after ten years from the
date OF their issue. and payable twen-
ty years from such date. and bearing
Interest payable quarterly in coin at
the rate Of three per cent. per annum.
The bonds are TO he first offered nj par
as popular loan.
The conference added the following
proviso:
Provided. further. that any portion
OF any Issue OF said bonds not SUBJ
scribed for as above provided, may be
disposed OF by the secretary Of the
treasury at not less than par, and un.
der such regulations as he may pre-
scribe, but no commissions shall be
allowed or paid thereon. and a sum
not exceeding one-tenth OF the Her
ccntum of the amount OF the bonds
and certificates herein authorized is
hereby appropriated out OF any
money In the treasury not otherwise
appropriated TO the expense OF pre-
pairing. advertising and issuing the
same.
Coinage of silver bullion.
That the secretary Of the treasury is
hereby authorized and directed TO coin
Into silver dollars as rapidly M the
public interests may require, to mn
amount. however, OF not less than lih
million dollars n month, OF silver hui.
Hon now In the treasury purchased In
accordance with the provisions OF tho
net approved July II, 1880, entitled,
An net directing the purchase OF sill