The Prescott daily news., 1912-05-31
be obtained therefor at private sale and

be obtained therefor at private sale and
 not at forced or auction sale.
 s. Merchant shall include every
 person who owns, or has in his possession 1 or subject to his control. with authority
 to sell the same. any personal property within this State, purchased with the view to sale at an advanced price or
 profit, or which has been consigned to him for sale
 g. Manufacturer" shall include every person who purchases, receives or holds personal property of any description for the purpose of adding to it's value by any process of refining. manufac- ture. rectifying or by the combination
 of different materials With the view of
 making a gain or profit thereby. 10. Money" or moneys" shall be held to mean gold or silver coin. treas
 ury notes. bank notes and other forms or United States currency in common use Tn actual possession; also every deposit which any person residing in this State,
 owning the same or holding in trust. or having the beneficial interest therein
 is entitled to withdraw in money on de-
 mand within this State or elsewhere.
 II. The term investment i'm bonds shall include all money invested in bonds of whatever kind or certificate or indebtedness commonly called scrip.
 whether issued by incorporated or unin- | corporated companies. towns, cities. counties or states, held by persons re- l siding in this State, either by them selves or by others for them. in or out of this State whether for themselves or as guardians, trustees or agents.
 12. The term investments in stocks" shall be held to include all moneys l invested in public stocks of any associa- ton corporation or joint stock com pany whose stock or capital is divided into shares, which are transferable by each owner without the consent of the other owners or stockholders and for the taxation of which no special provision is made by this Act. held bv persons residing in this State. either for them
 selves or as guardians, trustees, or agents or by others in or out of this
 State for them.
 IS. The term credits" shall be held
 to mean the excess of the sum of all legal claims or demands for money or other valuable things. or for labor or service due or to become due. to the per
 son liable to pay the taxes thereon in cluding annuities, or sums of money re- ceived at stated periods due or to be- come due, all claims and demands se- cured by deed of trust of mortgages, due or to become due. when added to- gether (such claims or demands to be estimated at their full value in money( over and above the sum of the legal and bona tide debts owing by such per son. There shall not be taken into ac- count any obligation to any mutual in- surance company; nor any unpaid sub scription to the capital stock of any joint stock company: nor any SubScrip- ton to any religious, scientific, literary or charitable purpose; nor any acknowl- edgment of any indebtedness unless | rounded on some consideration actually received, and believed, at the time of making such acknowledgement to be a full conSidera tion therefor. nor any ac- knowledgment of debt made for the pur- pose of diminishing the amount of credits to be listed for taxation; nor
 any greater amount or portion of any liability surety than the person re Quired to make the statement of such
 credits believes that such surety is in equity bound and will be compelled to
 pay or contribute
 Section 6. No assessment of property
 for purposes of taxation and no tax
 authorized by law levied upon any
 property by any officer or board au-
 thorized to make and levy the same,
 snail be held invalid Tor want of any
 matter or form in any proceeding which
 does not affect the merits of the case
 and which does not prejudice the rights
 Of the party whose property is assessed or against whose property a tax is levied All such assessments and levies shall be presumed to be legal until the contrary is aflirmatively shown; and
 no sale of real estate for the non-pay- ment of taxes thereon shall be rendered invalid by showing that any certificate return affidavit or other paper. required
 to be made and filed in any office is not Tn such office, but until the contrary is shown the presumption shall be in all cases that such paper was properly
 made and filed
 Section :. All property subject to
 taxation shall be listed and assessed
 every year with reference to its value
 on February first preceding the assess
 ment.
 Section 8. All property shall be as sessed at its true and full value in money. In determining it's value the
 assessing and equalizing officer or officers
 shall not adopt lower or different standard of value because the same is
 to serve as basis of taxation. nor shall the price for which property would sell at auction or forced sale be | adopted as a criterion of value The officers shall value each article or de-
 scription of property by Itself. and at
 such sum or price as they believe the same to be fairly worth in money In assessing any tract or lot of real estate the value of the land exclusive of structures and improvements shall be determined, and also the value of all and the aggregate value of all property, including all structures and improve ments.
 Section g. At every general election an assessor shall be elected in each county in the State in the same manner The term of office of each assessor shall begin the first day of January the year
 after he is elected and shall continue for two years, or until his successor is
 elected and qualified.
 Section 10. Every person elected or appointed to the office of assessor shall within thirty days after the receipt of his commission, and before he qualities | enter into bond with the State of Ar kansas with good and sufficient security | in the sum of not less than five thousand nor more than ten thousand dollars | (the amount to be fixed by the county court, conditioned for the faithful dis charge of his official duties Said bond shall be approved by the county judge The assessor shall be liable on his of | ficial bond to the State, county and each of the several school districts. road districts, cities and incorporated towns in his county for all damages sustained by the State, county and each district f