Idaho County free press. [volume] (Grangeville, Idaho Territory) 1886-current, 1920-04-08

by local mining men on the proposed
bonus on gold production, that the
text Of the bill now before congress
providing for the bonus is reproduced
herewith:
To provide for the protection of The
monetary gold reserve by the mainten-
ance of the normal gold production of
the United States to satisfy the re
quirements for the arts and trades,
by imposing an excise upon all gold
used for other than monetary purposes,
and the payment of a premium to
the producers of newly mined gold,
and providing penalties for the viola
ton thereof.
Be it enacted by the senate and
house of representatives of the United
States of America in congress assemb-
led, That on and after May l, 1920,
in addition to any existing tax now
assessed or levied thereon, there
shall be levied, assessed, collected and
paid a tax of 80 cents per penny
weight of fine gold contained in all
manufactured, used, or sold for other
than coinage or monetary purposes, by
or for a manufacturer or dealer, or his
estate, on or after such date and
upon the gold contained in any man
ufactured articles sold by any dealer
or manufacturer, or his estate.
STAMPS TO SHOW PAYMENT
SEC. 2. That the internal revenue
department shall prescribe and provide
proper and sufficient stamp that shall
be attached to or imprinted upon any
and every manufactured article, or the
package containing the same, in which
gold is used, that may be sold after
the LIST day of May, 1920, and upon
all gold used in any form other than
monetary purposes after the said May
|, 1920. The stamps to be so pro
vided and authorized to be sold and
imprinted upon or attached to such
manufactured articles, or the packages
containing the same, shall be in such
form, and shall be imprinted upon orI
attached to-, the articles or packages
at such time and in such manner
as may be provided by the rules and
regulations Of the internal revenue
department carrying this act into eff
feet.
That on account of the impractical
bilitv of suitably stamping finished
dental restorative appliances, the in
ternal revenue department shall further
prescribe such rules and regulations for
the collection of the tax provided
herein upon all gold used for dental
purposes as will equitablv protect the
interests of the public; and all gold
employed for dental, medical, and sur
gical purposes, and all gold employed
i'm dental services rendered to war
risk insurance patients by the United
States public health service, shall be
exempt from the excise provided here
in: and that all gold used in correc-
tive and restorative dental work for
children of both sexes not over the
age of fifteen, and all gold used in
dental infirmaries conducted for the
benefit of the poor and not for pri-
vate profit, shall be exempt from the
excise provided herein.
GOLD PREMIUM FUND
SEC. 3. That all moneys collected
pursuant to the provisions set forth
in section / of this act shall be paid
into the custody of the treasurer of
the United States, and shall be kept
bv him in a separate fund designated
rs "'the gold premium fund, and
shall be used and paid out in accord
ance with the provisions of this act
As herein set forth, and for no other
purpose; except that if, at the end OF
anv current year, a balance has &C
crued in the gold premium fund over
and above the amount necessary to |
nav the premium obligations that have
accrued Hereunder, it shall be the du-
tv of the treasurer to place sad
balance in the general fund OF the
treasury of the United States.
SEC. 4 That from the gold premium
fund, and any other funds IN the trea-
surv of the United States not used for
specified purposes, there shall be pald
NV the treasurer of the United States,
after the LIST day of May, l92O, ana
for a period of five years thereafter
to the producer of new gold In the /
United States or its possessions a pre- |
MUM of SO per fine ounce, in accord |
ance with the provisions Of this act
hereinafter set forth.
FIX PREMIUM YEARLY
SEC. ;. That for a period common
cling May l, 1925, both the tax and pre-
MUM as herein set forth shall be re.
adjusted annually by the secretary Oh |
the treasury, the secretary of com
merce, and the secretary of the in,
terror. me ting as an adjustment board |
for such purposes; that said readjust-
ment shall be made in accordance win
the commodity price index number Of |
the fifth year of the ive-year period
hereinbefore designated as compared
with the average commodity price IN.
dex number for the first four years OF