Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1912-02-02
CAPITAL N money
Questions Relative To Taxation Of
Moneys and Credits Answered
PROVISIONS OF LAW OBSCURE
Assistant Attorney General Robbins
Replies to City Solicitor Of
Knoxville Regarding New
Money and Credits Law.

Des Moines.-Several interesting
questions anent the statute providing
for the taxation oil moneys and cred
it's, bank stock, ETC., enacted by the
last general assembly, was explained
by C. A. Robbins, assistant attorney
general.
A definition of the term "moneyed
capital was asked for. Mr.. Robbins
cited a supreme court opinion, defln-
ing moneyed capital as employed in
the statute as capital employed IN
national hanks and capital employed
by individuals when the object OF
their business is the making OF profit
by the use OF their moneyed capital
as money; but it does not include
moneyed capital in the hands Of cor
poratons, even if its business be
such as to make its shares moneyed
capital when in the hands of individ-
uals."
There is resident of this city
whose sole income is derived from
notes and mortgages. His business
consists in loaning his own money.
Is his property taxable on the basis
OF mills on the dollar, or on the
basis of 20 per cent Of it's actual val
ne?
"This item should be 'axcd on the
basis of 30 per cent Of its actual
value, as leovided by section OF
the act under consideration.
There is resident of this city
engaged in the merchandise business,
who has $4,000 loaned out at inter
est. Is il taxable on the basis OF 5
mills, or on the basis of 20 per cent
Of its actual value?
This item, assuming ii to be an
incidental loan and that the holder
is not engaged in the business of buy
ing. selling and dealing in securities
so as to make his money thus invest
cd moneyed capital. within the mean.
ing Of The term as hereinbefore de-
fined, should he taxed on the 5-mill
basis, as provided in section ! of this
act.
"A resident Of this city has a
checking deposit Of $1,000 and also
time certificate drawing per cent.
interest in local private bank Are
the checking account and the certifi-
cate to be taxed on, the same basis,
and which method of taxation pre-
walls?
ION the same assumption that
these items are incidental only, that
the party is not generally engaged in
such business as would make these
items moneyed capital. as heretofore
explained both the checking account
and the time deposit should be taxed
on the 5-mill basis
Vinegar Confiscated BY Court.
United States District Judge Nc
Pherson ordt red the marshal to con.
tiscate 115 barrels OF vinegar ensign
ed by the Central City Pickle COM
pany, Of Peoria, Ill.,, 10 Charles Hew-
tits Son & company, wholesale gro
GERS. Artemus Brown, resident in.
spector of pure foods and drugs, said
gar and condemned it. Judge Nc
Pherson condemned it by order Of
court. The court made provision
in his decree that the order would
automatically release if the label on
the barrels were to be changed to
state honestly what kind of vinegar
was on the inside. A change was
not made in the label.
Sites for Barns Selected.
Members of the executive commit
tee Of the state board OF agriculture,
headed by c. E. Cameron of Alta,
president OF The board have selected
the sites for the new cattle barn and
the new horse barn. Work on the
buildings will begin as soon as the
weather permits. he cattle barn
will cost approximately $25,0U0, and
the horse barn will cost almos. as
mitch.
Special Counsel to Muscatine.
Nels J. Lee, special counsel in the
off Nf he. Itt