Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-06-23
ADAMS TAX Law COMPLETE.

Adams Tax law, as revived and amended
by the recent session of the General
Assembly:
An Act to Equaliss Taxation for State
and County Purposes.
Whereas, 1t is but just that the bur
den Of taxation should he adjusted and |
distributed 80 that it may bear equally !
upon all according TO the value OF every |
mans estate; and
Whereas, The present system Of taxa
tion 10 unjust and oppressive, IN that II
taxes most the property least profitable
and relieves altogether that which pro
duces the greatest income; and
whereas, Every consideration Of JUS
tice, equality and fair play, requires
that all property paying interest or
yielding an income should be taxed and
made to bear a fair share Of the bur
dena of the government; therefore,
Be it enacted by the Senate and
House of Representatives Of the State
of Delaware in General Assembly metz
Section |. That in addition to the
real and personal property now liable to
be taxed under existing laws, it shall
he the duty of the assessor of the yari
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 for either
State or county purposes, or exempted
by thiH act, and the same shall he
taxed for all State and county purposes.
SEQ. p Under the head Invest
mentsn the following kinds are in
cluded: All bonds for the payment of
money, mortgages, stocks of every kind,
not herein expressly excepted; all iudg
ments, recognizances aud DEGREES for
ths 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 be given
for short periods in the course of bust
mesa and not used or intended as invest
ments) all alienation bonds bearing
interest, or when the interest is in
cluded In the body thereof; all interest
bearing loans to any person, firm, com
pany, limited partnership, bank, banking
association and corporation of whatso-
ever kind, whether doing business in
this State or elsewhere. Payment oil
interest 10 advance or adding it to the
principal shall in no case exempt tine
lender or creditor from the payment Of
the tax. The following are excepted
and excluded from the operation of thit
act: All loans and evidence of indeht
edness of the United States, of the State
of Delaware or Of any OF the counties
thereof; of religious or benevolent asso
Citations whose real estate is by law ex.
empt; and of such other securities al
are now exempt By express provisions o
law; all loans which are m ada to lnca
e. 80, h.,n Tor
upon the real estate OF such companies
when their real estate Is expressly ex
emnt py law; all stocks, bonds ant
mortgages in educational, charitable
benevolent or cemetery institutions
whether Incorporated or not and share
of building and loan associations ant
Investments made by them.
Sec. 3. All classes OF property hereir
named and made subject 10 taxation
shall be assessed and taxed whether thu
same be situated in this State or else
where, and whether the same be hell
Ms owner or in trust for the owner il
auy capacity whatsoever and the per
son owning, holding or controlling th
same shall, at the request of tn
assessor, be required to make return
thereof to the assessor of his hundred
or assessment district, showing dis
stinclly whers the same is situated
owned or held and the owner thereof
And wheE said returns are received b.
the assessors they shall be arrange
alphabetically 10 lists separate fror
the list Of other taxable property; pro
vided, however, that any inveatmen
liable to assessment aud taxation b
this act, which is taxed in any othe
Stats or county IL expressly exempte
from the provisions of this act.
Sec. 4. The president and secretar
of all corporations and association
liable to taxation under this act, shal
on the first day of December 10 eac
year, make their respective return
under oath or affirmation, to th
assessor of the hundred or asaessmer
district in which the principal o!fiC
or business place Of the corporation {
association ia situated: which retur
shall show the whole number of share
in each of said corporation or asst
citation, the market value OF each Hha
and the aggregate market or real Walt
OF all the shares, with the name of Il
owner and the number OF shares ownt
by each respectively.
Sec. .. Any persons owning, holdir
or controlling any Investment liable
taxation under this act, officer of al
corporation or association failing
make return or report as herein r
ouired shall be guilty of a misdemeann
and upon conviction thereof shall pay
fine of not leas than ten nor more thu
five hundred dollars, or be imprison
not less than ten days nor more thj
six months
Sec. G. The intention of this o
being to tax the owners and insestu
of capital and not the borrowers
debtors; therefore, every individu
person, corporation, company or ass
ciarion whatever and every offic
thereof asking, demanding, contra,
ing for or receiving any money or CO
sideration whatever on account OF so
tax. In reduction thereof or othsrwii
or who shnll by any device whatsoe,
impose or try TO impose such tax
any part thereof upon any deb
whomsoever, under any pretext VIII
sosver. shall be guilty of IN
demeanor, and shall, upon convict
thereof, be fined in any sum not Il
than one hundred dollars nor mt
than one thousand dollars and costs.
Sec. 7. Each and every debtur
bond, judgment, mortgage, rect
:, nizance, decree or otherwise twh,
debt is liable to taxation under ii
actl, when the creditor is a nj
resident of the county or State, sh
be liable for the tax on his debt,
the first instance; but upon paymt
A thereof, he shall be entitled and
VI shall be his duty to deduct the ga
from the interest due or accuri
thereon; and any such creditor refus