The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-30


terested Meeting Concludes
with the Election of officers.
The final session of the Minnesota
Bankers association, which was held
at the Hotel Ryan yesterday morning,
proved of even greater interest to the
bankers than the sessions of the pre-
vious day. Besides the reading of two
addresses by members of the associa-
ton there was an important discus
sion OF the features of the new war
revenue tax stamp law as applied to
banking business and an calculation of
the subject by Chief Deputy Revenue
Collector Vars, of St. Paul. His re-
plies were not always satisfactory to
the bankers, but he explained he was
obliged to construe the law in the in
terest of the government without re-
gard for the apparent justice or in
justice of the matter.
The closing moments of the meeting
We're spent in electing officers and
passing resolutions, one of which,
pledging the associations support of
the government in the war, evoked en-
thusiastic applause.
POINTERS ON TAX LAW.
Chief Deputy Collector of Internal
Revenu Ware appeared, by an invita-
ton, before the association with
view to answering some questions re-
specting the interpretations of the
new war revenue law. Some of these
were written out and read by the sec
rotary. The first was:
Do receipts for money paid require revenue
stamps?
A. The original bill int oluced or viii h 5
agreed upon by the senate and house C m
mittees had receipt clause in it, but |
not find that in the bill That called for
tax of per cent on receipts for bills pad
merchandise or effects to be exported, etc, 10
refer to the index it shows. Receipts for
goods, stamps on and Receipts for ware
houses" These provisions are On pages 10
and Il, of the pamphlet, which you have in
your hands. This reads as follows:
warehouse receipt for any gods. mer-
chandise. or property of any kind he'd on
or yard, except receipts for agricultural pro-
ducts deposited by the actual grower thereof
cents: Provided, That the stamp duties i'm
posed by. the foregoing schedule on manifests,
bills of lading, and passage tickets shall not
apply to steamboats, other vessels plying
between the ports of the United States and
ports in British North America
| do, not think, however, that there is any
Chalrman Monfort, reading: Here is a
question: DO satisfaction and assignments
or mortgages have to be stampede
A. The satisfaction of a mortgage takes the
form OF a certificate, does it not Mr.. Mon
tort? It is virtually certificate, is it not?
1t might be designated as such.
A Under that ruling, all certificates are
taxable and my Interpretation would be that
a a, SATISFACTION Iafa OF a mortgage takes the form
President Monfort: You have, then, re-
ference to the conveyance of real es ats and
matters of that sort The original mortgage
is taxed. Now what / would like to know is
whether the release of the mortgage or the
aIsslgnment OF it is taxable; a!so, whether
there is anything in the law, so far as you
Know, that requires tax on these instru-
ments.
a. There is nothing unless it comes under
me mead OF certificates. l think if e,<u turn
to page 10. of the pamphlet you will find
that the assignment should be stamped. TIL
is the clause | refer to:
Conveyance: Deed, instrument. or w,itiny
whereby any lands teneme lts or other re lfv
sold shall be granted assigned transferred.
or otnerWlse conveyed to, vested in the
purchaser or purchasers, or any other person
or persons, by his, her, or their direction
Wben t5e consideration or value exceeds one
hundred dollars and does not exceed five hun
dred dollars, fifty cents; and for each addi-
tional five hundred dollars or fractional part
fifty cents '
And this is on page Is:
PROVIDED that UPON each and every as
vi lIdHSler OI Il mortgage, lease.
pollcy OF insurance, the renewal or con-
tinuance OF any agreement contract or char
ter, by letter or otherwise, stamp duty shall
pc required and paid at the same rate as
that imposed on the original instrument
STAMP ON WHEAT TICKET.
Q. Do wheat tickets require 2-cent stamn
on each single ticket?
Mr.. Vars. That is on receipts for goods
received for storage?
A. Yes, sir
A AS indicated, on page II, which I have
already read, ION warehouse receipts for INV
goods. merchandise or property of any kind
held on storage. except receipts for agri -ul-c
tuIal products deposited by the actual er5wer
thereof in the regular course of trade for
sale, 20 cents"
@. That is, the receipt he gets when ba
deposits for storage the grain that he has
grown himself. ""'
A. There was an exemption on the ware
house receipts when a man deposi produce
OF which he is the actual grower
Q. 1t is legislation ON behalf of the farmer
When the farmer deposits his grain he does
will have to pay it?
A. That was ruling.
Q. Suppose a man makes a partial nav
ment of any debt he may owe and gets a
receipt for the payment. Does that recent
require a stamp?
A. l cannot find that any such raceints
require stamps. do not find anything IN
der the head of receipts except the ware
house receipt and the railroad bill of lad,ng
Q. Should storekeeper who paws monev
to man a storage receipt REQUIRE that
receipt to be stamped?
a. Under the law relating t. checks should
MI.