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that in opening the same, or using the contents thereof, the said stamp shall be effectually de-
stroyed ; and in default thereof the party making default shall be liable to the same penalty imposed
for neglect to affix said stamp as hereinbefore prescribed in this Act. Any person who shall fraudu-
lently obtain or use any of the n foresaid stamps or designs therefor, and any person f orgintr or coun-
terfeiting, or causing or procuring the forging or counterfeiting, any representaton, likeness, simili-
tude, or colorable imitation of the said last-mentioned stamp, or any engraver or printer who shall
sell or gve away said stamps, or selling the same, or, being a merchant, broker, peddler, or person
dealing, in whole or in part, in similar goods, wares, merchandise, manufactures, preparations, or
articles, or those designed for similar objects or purposes, shall have knowingly or fraudulently in
his, her, or their possession any such forged, counterfeited likeness, similitude, or colorable imitation
of the said last-mentioned stamp, shall be deemed guilty of a crime, and upon conviction thereof
shall be punished by a fine not exceeding $600 or imprisonment not exceeding one year, or both.

Sbc. 10l That if any person or persons shall make, sign, or issue, or cause to be made, signed, or
issued, or shall accept or nay, or cause to be accepted or paid, with design to evade the payment of
any stamp tax, any Dili of exchange, draft, or order, or promissory note for the payment of money,
liable to any of the taxes imposed by this Act, without the same being duly stamped, or having
thereupon an adhesive stamp for denoting the tax hereby charged thereon, he, she, or they shall be
deemed guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine not exceed-
ing $800, at the discretion of the court.

Sbc 11. That the acceptor or acceptors of any bill of exchange or order for the payment of any
mm of money drawn, or purporting to be drawn, in any foreign country, but payable in the United
States, snail, before paying or accepting the same, place thereupon a stamp, indicating the tax upon
the same as the law requires for in 'and bills of exchange or promissory notes ; and no bill of exchange



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172 THE COMMERCIAL YEAK BOOK.



shall be paid or negotiated without such stamp; and if any person shall pay or negotiate, or offer in
payment, or leceive or take in payment, any such draft or order, the person or persons so offending
shall be deemed gui.ty of a misdemeanor, and upon conviction thereof shall be punished by a fine not
exceeding $100, in the discretion of the court. •

8ic. 12. That in any collection district where, in the judgment of the Commissioner of Internal
Revenue, the facilities for the procurement and distribution of adhesive stamps are or shall be insuf-
dcient, the Commissioner, as aforesaid, is authorized to furnish, supply, and deliver to the collector of
any district, and to any assistant treasurer of the United States or designated depositary thereof, or
anv postmaster, a suitable quantity of adhesive stamps, without prepayment therefor, and may in
advance require of any collector, assistant treasurer of the United States, or postmaster a bond, with
sufficient sureties, to an amount equal to the value of the adhesive stamps which may be placed in
his bands and remain unaccounted for, conditioned for the faithful return, whenever so required, of
all quantities or amounts undisposed of, and for the payment monthly of all quantities or amounts
sold or not remaining on hand. And it shall be the duty of such collector to supply his deputies
with, or sell to other parties within his district who may make application therefor, adhesive stamps.

*u~ „««,* * A .. ma ..ii,^^ D y i aw or un< jer the regulations of the Commissioner of Internal

lorized to make such other regulations, not inconsistent herewith, for
States and the better accommodation of the public, in relation to the
)ned, as he may Judge necessary and expedient. And the Secretary of
to time make such regulations as he may find necessary to insure the
Uegal use of all such adhesive stamps.

i or persons who shall register, issue, sell, or transfer, or who shall cause to
transferred, any instrument, document, or paper of any kind or descrlp-
1 Schedule A of this Act, without the same being duly stamped, or hav-
imp for denoting the tax chargeable thereon, and canceled in the manner
to evade the provisions of this Act, shall be deemed guilty of a misde-
i thereof shall be punished by a fine not exceeding $50, or by imprison-
as, or both, in the discretion of the court ; and such instrument, document,
according to law, shall be deemed invalid and of no effect : Provided,
here the party has not affixed to any instrument the stamp required by
suing, selling, or transferring the said bonds, debentures, or certificates
ind be or they, or any party having an interest therein, shall be subse-
luch stamp to said instrument, or, if said instrument be lost, to a copy
jar before the collector of internal revenue of the proper district, who
he price of the proper stamp required by law, and of a penalty of $10,

ouu , „„w*~ „«w 1 of the tax denoted by the stamp required shall exceed the sum of $50,

on payment also of interest, at the rate of 6 per cent., on said tax from the day on which such stamp
ought to have been affixed, affix the proper stamp to such bond, debenture, certificate of stock or of
indebtedness or copy, and note upon the margin thereof the date of his so doing, and the fact that
such penalty has been paid; and the same shall thereupon be deemed and held to be as valid, to all
intents and purposes, as if stamped when made or issued: And provided further. That where it shall
appear to said collector, upon oath or otherwise, to his satisfaction, that any such instrument has
not been duly stamped, at the time of making or issuing the same, by reason of accident, mistake,
inadvertence, or urgent necessity, and without anv willful design to defraud the United States of the
stamp, or to evade or delay the payment thereof, then and in such case, if such instrument, or, if t he
original be lost, a copy thereof, duly certified by the officer having charge of any records in which
such original is required to be recorded, or otherwise duly proven to the satisfaction of the collector,
shall, within twelve calendar months after the making or issuing thereof, be brought to the said c< 1-
lector of internal revenue to be stamped, and the stamp tax chargeable thereon shall be paid, it ? hall
be lawful for the said collector to remit the penalty aforesaid and to cause such instrument to be
duly stamped. And when the original instrument, or a certified or duly proven copy thereof, as aiore-
said, duly stamped so as to entitle the same so be recorded, shall be presented to the clerk, register,
recorder, or other officer having charge of the original record, it shall be lawful for such officer, upon
the payment of the fee legally chargeable for the recording thereof, to make a new record thereof,
or to note upon the original record the fact that the error or omission in the stamping of said origi-
nal instrument hns been corrected pursuant to law ; and the original instrument or such certified
copy, or the record thereof, may be used in all courts and places in the same manner and with like
effect as if the instrument had been originally stamped : And provided further, That in all cases
where the party has not affixed the stamp required by law upon any such instrument issued, regis-
tered, sold, or transferred at a time when and at a place where no collection district was established,
it shall be lawful for him or them, or any party having an interest therein, to affix the proper stamp
thereto, or, if the original be lost, to a copy thereof. But no right acquired in good faith before the
stamping of such instrument, or copy thereof, as herein provided, if such record be required by law,
shall in any manner be affected by such stamping as aforesaid.

Sec. 14. That hereafter no instrument, paper, or document required by law to be stamped,
which has been signed or issued without being duly stamped, or with a deficient stamp, nor any copy
thereof , shall be recorded or admitted, or used as evidence in any court until a legal stamp or stamps,
denoting the amount of tax, shall have been affixed thereto, as prescribed bylaw: Provided, That
any bond, debenture, certificate of stock, or certificate of indebtedness issued in any foreign country
shall pay the same tax as is required by law on similar instruments when issued, sold, or transferred
in the united States ; and the party to whom the same is issued, or by whom it is sold or transferred,
shall, before selling or transferring the same, affix thereon the stamp or stamps indicating the tax
required.

Sec. 15. That it shall not be lawful to record or register any instrument, paper, or document
required by law to be stamped unless a stamp or stamps of the proper amount shall nave been affixed
and canceled in the manner prescribed by law; ana the record, registry, or transfer of any such
instruments upon which the proper stamp or stamps aforesaid shall not have been affixed and can-
celed as aforesaid shall not be used in evidence.

Sec. 16. That no instrument, paper, or document required by law to be stamped shall be
deemed or held invalid and of no effect for the want of a particular kind or description of stamp
designated for and denoting the tax charged on any such instrument, paper, or document, provided
a legal documentary stamp or stamps denoting a tax of equal amount shall have been duly affixed
and used thereon.

Sec. 17. That all bonds, debentures, or certificates of indebtedness issued by the officers of the
United States Government, or by the officers of any State, county, town, municipal corporation, or
other corporation exercising the taxing power, shall be, and hereby are, exempt from the stamp
taxes required by this Act : Provided, That it is the intent hereby to exempt from the stamp taxes
imposed by this Act such State, county, town, or other municipal corporations in the exercise only
of functions strictly belonging to them in their ordinary governmental, taxing, or municipal
capacity : Provided further, That stock and bonds issued by co-operative building and loan associa-



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WAK-RE VENUE LAW OF 1888. 173



tions whose capital stock does not exceed $10,000, and building: and loan associations or companies
that make loans only to their shareholders, shall be exempt from the tax herein provided.

Sec. 18. That on and after the first day of July, 1898, no telegraph company, or its agent or
employee, shall transmit to any person any dispatch or message without an adhesive stamp, denoting
the tax imposed uy this Act, being affixed to a copy thereof, or having the same stamped thereupon,
and in default thereof shall incur a penalty of $10: Provided* That only one stamp shall be required
on each dispatch or message, whether sent through one or more companies: Provided* That the
messages or dispatches of the officers and employees of any telegraph or telephone company con-
cerning the affairs and service of the company, and like messages pr dispatches of the officials and
employees of railroad companies sent over the wires on their respective railroads, shall be exempt from
this requirement: Provided further \ That messages of officers and employees of the Government on
official misiness shall be exempt from the taxes herein imposed upon telegraphic and telephonic

^Sjec. 19. That all the provisions of this Act relating to dies, stamps, adhesive stamps, and stamp
taxes shall extend to and include (except where manifestly inapplicable) all the articles or objects
enumerated in Schedule D, subject to stamp taxes, and apply to the provisions in relation thereto.

Sec.* 20. That on and after the first day of July, 1898, any person, firm, company, or corporation
that shall make, prepare, and selL or remove for consumption or sale, drugs, medicines, preparations,
compositions, articles, or things, including perfumery and cosmetics, upon which a tax is imposed by
this Act, as provided for in Schedule B, without affixing thereto an adhesive stamp or label denoting
the tax before mentioned, shall be deemed guilty of a misdemeanor, and upon conviction thereof
shall pay a fine of not more than $500, or be imprisoned not more than six months, or both, at the
discretion of the court: Provided* That no stamp tax shall be imposed upon any uncompounded
medicinal drug or chemical, nor upon any medicine sold to or for the use of any person which may be
mixed or compounded for said person according to the written recipe or prescription of any practic-
ing physician or surgeon, or which may be put up or compounded for said person by a druggist or
pharmacist selling at retail only. The stamp taxes provided for in Schedule B of this Act shall apply
to all medicinal articles compounded by any formula, published or unpublished, which are put up in
style or manner similar to that of patent, trade-mark, or proprietary medicine in general, or which
are advertised on the package or otherwise as remedies or specifics for any ailment, or as having any
special claim to merit, or to any peculiar advantage in mode of preparation, quality, use, or effect.

Sec. 21. That any manufacturer or maker of any of the articles for sale mentioned in Schedule
B, after the same shall have been so made, and the particulars hereinbefore required as to stamps
have been complied with, or any other person who shall take off, remove, or detach, or cause, or
permit, or suffer to be taken off, or removed, or detached, any stamp, or who shall use any stamp, or
any wrapper or cover to which any stamp is affixed, to cover any other article or commodity than
that originally contained in such wrapper or cover, with such stamp when first used, with the intent
to evade the stamp duties, shall for every such article, respectively, in respect of which any such
offense shall be committed, be deemed guilty of a misdemeanor, and upon conviction thereof shall
pay a fine of not more than $500, or be imprisoned not more than six montns, or both, at the discre-
tion of the court, and every such article or commodity as aforesaid shall also be forfeited.

Sec. 28. That any maker or manufacturer of any of the articles or commodities mentioned in
Schedule B, as aforesaid, or any other person who shall sell, send out, remove, or deliver any article
or commodity, manufactured as aforesaid, before the tax thereon shall have been fully paid by affix-
ing thereon the proper stamp, as in this Act provided, or who shall hide or conceal, or cause to be
hidden or concealed, or who shall remove or convey away, or deposit, or cause to be removed or con-
veyed away from or deposited in any place, any such article or commodity, to evade the tax charge-
able thereon, or any part thereof, shall be deemed guilty of a misdemeanor, and upon conviction
thereof shall pay a fine of not more than $500, or be imprisoned not more than six months, or both,
at the discretion of the court, together with the forfeiture of any such article or commoditv : Pro-
dded, That articles upon which stamp taxes are required by this Act may, when intended for exporta-
tion, be manufactured and sold or removed without having stamps afltxed thereto, and wi thorn
being charged with tax as aforesaid ; and every manufacturer or maker of any article as aforesaid,
intended for exportation, shall give such bonds and be subject to such rules and regulations to pro-
tect the revenue against fraud as may be from time to time prescribed by the Commissioner of In-
ternal Revenue, with the approval of the Secretary of the Treasury.

Sec. 2a. That every manufacturer or maker of, any of the articles or commodities provided for
in Schedule B, or his foreman, agent, or superintendent, shall at the end of each and every month
make, sign, and file with the col lee tor of internal revenue for the district in which he resides a declara-
tion in writing that no such article or commodity has, during such preceding month or time when
the last declaration was made, been removed, or carried, or sent, or caused or suffered or known to
have been removed, carried, or sent from the premises of such manufacturer or maker other than
such as have been duly taken account of and charged with the stamp tax, on pain of such manufac-
turer or maker forfeiting for every refusal or neglect to make such declaration $100; and if any such
manufacturer or maker, or his foreman, agent, or superintendent, shall make any false or untrue
declaration, such manufacturer or maker, or foreman, agent, or superintendent making the same
■hall be deemed guilty of a misdemeanor, and upon conviction shall pay a fine of not more than $500,
or be imprisoned not more than six months, or both, at the discretion of the court.

8eo. 24. That the stamp taxes prescribed in this Act on the articles provided for in Sobedule B
shall attach to all such articles and things sold or removed for sale on and after the said first day of
July. 1898. Every person, except as otherwise provided in this Act, who offers or exposes for sale any
article or thing provided for in said Schedule B, whether the article so offered or exposed is of foreign
manufacture and imported or of domestic manufacture, shall be deemed the manufacturer thereof,
and shall be subject to all the taxes, liabilities, and penalties imposed by law for the sale of articles
without the use of the proper stamp denoting the tax paid thereon ; and all such articles of foreign
manufacture shall, in addition to the import duty imposed on the same, be subject to the stamp tax
prescribed in this Act : Provided further* That internal-revenue stamps required by existing law on
imported merchandise shall be affixed thereto and canceled at the expense of the owner or importer
before the withdrawal of such merchandise for consumption, and the Secretary of the Treasury is
authorized to make such rules and regulations as may be necessary for the affixing and canceling of
such stamps, not inconsistent herewith.

Sec. 25. That the Commissioner of Internal Revenue shall cause to be prepared for the payment
of the taxes prescribed in this Act suitable stamps denoting the tax on the document, article, or
thing to which the same may be affixed, and he is authorized to prescribe such method for the can-
cellation of said stamps, as substitute for or in addition to the method provided in this Act, as he may
deem expedient. The Commissioner of Internal Revenue, with the approval of the Secretary of the
Treasury, is authorized to procure any of the stamps provided for in this Act by contract whenever
such stamps cannot be speedily prepared by the Bureau of Engraving and Printing : but this authority
•hall expire on the first day of July, 1899. That the adhesive stamps used in the payment of the tax
levied in Schedules A and B of this Act shall be furnished for sale by the several collectors of Internal



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174 THB COMMERCIAL/TEAR BOOK.

revenue, who shall sell and deliver them at their face value to all persons applying for the same.,
except officers or employees of the internal-revenue service : Provided, that such collectors may sell
and deliver such stamps in quantities of not leas than $100 of face value, with a discount of 1 per cent.*
except as otherwise provided in this Act. And he may. with the approval of the Secretary of the
Treasury, make all needful rules and regulations for the proper enforcement of this Act.

SCHEDULE A.
8TAMP TAXES.

Bonds, debentures, or certificates of indebtedness issued after the first day of July, anno Domini
1896, by any association, company, or corporation, on each $100 of face value or fraction thereof, 5-
cents ; and on each original issue, whether on organization or reorganization, of certificates of stock
by any such association, company, or corporation, on each SICK) of face value or fraction thereof. 5-
cents ; and on all sales, or agreements to sell, or memoranda of sales, or deliveries or transfers of shares
or certificates of stock in any association, company, or corporation, whether made upon or shown by
the books of the association, company, or corporation, or by any assignment in blank, or by any de-
livery, or by any paper or agreement or memorandum or other evidence of transfer or sale, whether
entitling the holder in any manner to the benefit of such stock, or to secure the future payment of
money or for the future transfer of any stock, on each $100 of face value or fraction thereof. Scents :
Provided* That in case of sale where the evidence of transfer is shown only by the books of the
company the stamp shall be placed upon such books ; and where the change of ownership is by trans-
fer certificate the stamp shall be placed upon the certificate ; and in cases of an agreement to sell or
where the transfer is by delivery of the certificate assigned in blank there shall be made and delivered
by the seller to the buyer a bill or memorandum of such sale, to which the stamp shall be affiled ; and
every bill or memorandum of sale or agreement to sell before mentioned shall show the date thereof,
the name of the seller, the amount ot the sale, and the matter or thing to which it refers. And any
person or persons liable to pay the tax as herein provided, or any one who acts in the matter as agent
or broker for such person or persons, who shall make any such sale, or who shall in pursuance of any
such sale deliver any such stock, or evideuce of the sale of any such stock, or bill or memorandum
thereof, as herein required, without having the proper stamps affixed thereto, with intent to evade
the foregoing provisions, shall be deemed guilty of a misdemeanor, and upon conviction thereof
shall pay a fine of not less than $500 nor more than $1,000, or be imprisoned not more than six months*
or both, at the discretion of the court.

Upon each sale, agreement of sale, or agreement to sell, any products or merchandise at any
exchange, or board of trade, or other similar place, either for present or future delivery, for each
$100 in value of said sale or agreement of sale or agreement to sell, I cent; and for each additional
$100 or fractional part thereof in excess of $100, 1 cent: Provided* That on every sale or agreement of
sale or agreement to sell as aforesaid there shall be made and delivered by the seller to the buyer a
bill, memorandum, agreement, or other evidence of such sale, agreement of sale, or agreement to sell,
to which there shall be affixed a lawful stamp or stamps in value equal to the amount of the tax on-
such sale. And every such bill, memorandum, or other evidence of sale or agreement to sell shall
show the date thereof, the name of the seller, the amount of the sale, and the matter or thing to
which it refers ; and any person or persons liable to pay the tax as herein provided, or any one who
acts in the matter as agent or broker for such person or persons, who shall make any such sale or
agreement of sale, or agreement to sell, or who shall, in pursuance of any such sale, agreement of
sale, or agreement to sell, deliver any such products or merchandise without a bill, memorandum, or
other evidence thereof as herein required, or who shall deliver such bill, memorandum, or other evi-
dence of sale, or agreement to sell, without having the proper stamps affixed thereto, with intent to
evade the foregoing provisions, shall be deemed guilty of a misdemeanor, and upon conviction there-
of shall pay a fine of not less than $600 nor more than $1,000, or be imprisoned not more than six months,
or both, at the discretion of the court.

Bank check, draft, or certificate of deposit not drawing interest, or order for the payment of
any sum of money, drawn upon or issued by any bank, trust company, or any person or persons,
companies, or corporations at sight or on demand, 2 cents.

Bill of exchange (inland), draft, corticate of deposit drawing interest, or order for the payment
of any sum of money, otherwise than at sight or on demand, or any promissory note except bank-
notes issued for circulation, and for each renewal of the same, for a sum not exceeding $100, 2 cents ;
and for each additional $100 or fractional part thereof in excess of $100, 2 cents. And from and after
the first day of July, 1808, the provisions of this paragraph shall apply as well to original domestic
money orders issued by the Government of the United States, and the price of such money orders



Online LibraryWilliam Usborne MooreThe Commercial year book → online text (page 28 of 125)