Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-01-31
AIMED AT BUCKET SHOPS
NEW sBSTION PROPOSED IN WAR
REVENUE REDUCTION ACT.
ch.nses A,.o u Tobacco, Legacy and


EBHis0Of Exchange
. Hov,.ion..
n
The Senate conmittee on finance today
reported number of amendments to the
war revenue REFLECTION act The following
THAT n In ana after the passage of this
act every perss association. copartner-
his. It's ortheir own behalf or as agent en-
gage In the business Of making or offering
to make contracts agreements. trades or
transactions respecting the purchase or
sale or purchase and sale of any grain.
provisions, raw or manufactured: stocks.
bonds or other securities wherein both PAR
ties thereto or such person. association, CO.
partnership or corporation above named
contemplate or intend that such contracts.
agreements trades or transactions shall be
or may be closed, adjusted or settled &C
corolng or with reference to the public
market quotations of prices made on any
board of trade or exchange upon which
the commodities or securities referred to In
SAID coMracts,sa trades or trans
actlons are dealt. In, and without a bona
noe transaction ON such board of trade or
exchange, or wherein both parties or such
person, association, copartnership or corpO-
ration above named shall contemplate or
inteho tnat such contracts, agreements,
trades Or transactions shall be or may be
deemed closed or terminated when the pub
TIC market quota lions Of prices made on
such board of trade or exchange for the
articies as securities named in such con-
tracts. agreements, trades or transactions
shall reach a certain figure, and every per-
SON association, copartnership and corpo-
ration who or which shall in his or its own
oenaiI or as agent conduct what is COM
monty known as a bucket shop shall pay
on n drad
oollars In value Of the merchandise covered
OF pretended to be covered, and also a tax
OF cents on each one hundred dollars on
the race value Of all stocks bonds or other
securities covered or pretended to be COW
sreo by each and all Of such contracts,
agreements, trades or transactions.
crowded, however. that the payment of
any tax imposed by this section shall not
be held or construed to exempt any such
person. association, copartnership or cor
poraion from any penalty or punishment
PROVIDED by the laws of any state for
carrying on such business or the making
of such contracts, agreements, trades or
transactions within such state, or in any
manner to authorize the commencement or
continuance of such business the max
ing OF any such contracts, agreements,
trades or transactions contrary to the laws
OF such state, or in any place prohibited
by municipal law: nor shall the payment
or any such tax be held to prohibit any
state from placing a duty or tax on the
same trade or business for state or other
purposes and every such person. assOcia-
tlon, copartnership or corporation as afore-
SAID snail pay an annual special tax of
$50 and for each branch office, wherever
established, an annual special tax in addi-
ton of $50. which said tax shall be paid
within thirty days after the passage Of
this act by every person, association, CO.
partnership or corporation now engaged in
such business ana from and after the pas
sage of this act by every such person, as
ISOLATION. copartnership or corporation pro-
posing to engage. in the business aforesaid
before commencing such business"
Provision is made compelling all persons
or associations doing business under this
section to file notice under oath with
collector, giving the names OF persons or
members and officers of the corporation
their residence and place where the bust
ness is carried on, Books must be kept by
such firms showing all transactions, sub
ject to INSPECTION by collectors Penalties
are provided, making 1t a misdemeanor If
any of the provisions of the act are not car
ried out. fines of. $500 to $1,000 and i'm
prisonment Of three months to two years
being the penalty; 49,,
Rebate on Tobacco.
A rebate provision relating to tobacco Is
added; as follows;, -asv
That on all original. and unbroken fac
tory packages Of smoking and manufac-
tured tobacco and snuff and cigars held by
manufacturers or dealers lat the time such
discount OF EfeQuCllO1l LAX SIldll go iHLO
effect. upon which the tax. has been paid.
there shall be allowed a drawback or re-
bate of the flfll amount of such discount or
reduction of tax, but the same shall not
apply In any case where the claim has not
been presented within sixty days following
the date Of the reduction: and such rebate
to manufacturers may be paid in stamps at
the reduced rate; and no claim shall be al
lowed or drawback paid for a less amount
than $40. It shall be the duty of the COM
missioner of internal revenue. with the ap-
prevail Of the Secretary of the Treasury. to
adopt such rules and regulations and to
prescribe and furnish such blanks and
forms as may be necessary to carry this
section into effect
Lesaeies and Exchange.
Another new section Is added, as follows:
THAT from and after the passage Of this
act the Secretary of the Treasury is author
lied to appoint competent person, whose
special duty 1t shall be to conduct such in
designations as may be necessary to secure
the efficient enforcement Of the tax i'm
posed upon legacies and distributive shares
Of personal property by section - of said
act, approved June IL, 1898, and he may
also appoint such additional clerks agents
as may be necessary for the collection Of
said taxes
The existing law relating to the tax on
bills of exchange is amended so as to read:
Bills of exchange foreign) or letters of
credit Gncluding orders by telegraph
otherwise for the payment of money. issued
by express or other companies. or any per-
son or persons). drawn in but payable out
of the United States, If drawn singly or
otherwise than a set Of three or more, ac-
cording to the custom of merchants and
bankers, shall pay for a sum not exceeding
500 cents, and for each 500 or fractional
part thereof In excess of 500. cents il
drawn in sets Of two more; for every bill
of each set where the sum made payable
shall not exceed 500 or the equivalent
thereof, in any foreign currency In which
said bill may be expressed according to the
standard of value fixed by the United
States, cent: and tor each 500 or frac-
tional part thereof in excess Of 500 l
cent
OLDEST MAN NEVER WAS ILL.