The Forrest City times., 1912-06-07

o. Merchant" shall include every person who owns. or has in his possession or su01eet to his control with authority lo sell the same, any personal property within this State. purchased with tho view 10 sale at an advanced price or pfofit' or which has been consigned to
 g. Manufacture" shall include every person who purchases. receives or holds personal property of any description Tor the purpose of adding to its value py any process of refining. manufac- tufe. rectifytng or by the combination or different materials with the view of making d 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 of United States currency In common use m actual possession; also every deposit "Hieh any person residing in this State o"HIhs the same or holding in trust. or naVlhg the beneficial interest therein IS entitled to withdraw in money on de mand within this State or elsewhere
 II; The term investment in bonds' shai Include all money invested in ponds or 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- sldlnS in this State, either by them serves or by others for them. in or out or this State whether for themselves or as guardians. trustees or agents
 l2 The term investments in stocks" snail be held to include all moneys invested in public stocks of any associa- ton corporation or joint stock com pahy whose stock 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 by 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
 l3. 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- celYed at stated periods. due or to be- come due. all claims and demands se- cured by deed ef trust of mortgages. due or to becoH- due. when added to- gether= tSuch clafms or demands to be estimated at their full value in moneyD over and above ne sum of the legal and bona fide debts owing by such per son There shall not be taken into ac- count any obligation to any mutual in suranee company nor any unpaid sub SCrlpton to the capital stock of any Jolht stock company, nor any subscrip- uon to any religious, scientific. literary or charitable purpose; nor any ackrowl-
 
 founded on some consideration actually received. and believed. at the time of making such acknowledgment. to be a full consideration 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 as 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 att thorized to make and levy the same shall be held invalid for 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 q tax is levied. All such assessments and levies shall be presumed to be legal until the contrary is afiirmativeIy shown, and no sale of real estate for the non-Vay- 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 in such office. but until the contrary is shown the presumption shall be in all cases that such paper was properly made and filed.
 
 taxation shall be listed and assessed every year with reference to its value on February first preceding the assess ment
 Section S All property shall be as sessed at it's true and full value in money In determining it's value the assessing and equaliZing officer or officers shall not adopt a lower or different to serve as q basis of taxation. nor shall the price for which property would sell at auction or forced sale be adopted as q criterion of value. The officers shall value each article or de- S,riTtioG Df property Ay itself and at such sum or price as they believe the same to he fairly worth in moneH
 lN assessing any f-act or lot of real estate the value of the land exclusive of structures and improvements shall be determined, and also the value of all structures and improvements thereon 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 as other county officers are elected The term of office of each assessor shall begin the first day of January the year after he is elected and shall continue 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 tthe amount to be fixed by the county courD. 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 bv the State county and each district or town by reason of any refusal on his part to assess any property at it's true and full value in money. or to dis charge any duties imposed upon him bv law or to discharge such duties in the manner prescribed hy law. Such damages shall be recovered in the same manner as damages are recovered on other official bonds The assessor shall also al the time he qualities. take the oath prescribed by section 20. article 10. of Constitution of Arkansas Failure to give the above prescribed bond or to take the oath shall be deemed to be refusal to serve.
 Section IL Every assessor each year before he enters upon the discharge of his duties shall in addition to the oath