Rensselaer Democrat, Volume 1, Number 11, Rensselaer, Jasper County, 24 June 1898 — Taxes and Bonds. [ARTICLE]

Taxes and Bonds.

Under the provision £» f the new revenue law, taxes are imposed not only on products but on certain kinds of bUstncifS. Bankers, brokers of various sorts, pawnbrokers, theaters and places of amusements getldfdMf fill, taxed,Ain varying amounts. NoW taxes are imposed on tobacco, cigars and cigar?t&a.- Insurance companies, whether life, fire, accident Of marine, are all taxed, as are most legal and co{jjmercja| documents and all tickets from the United bfares'to foreign

ports. Other taxes are those on patent medicines, perfumery, chewing gum, wines, beer and ale, mixed flour and tea, the last tax being 10 cents a pound. Besides the tobocco tax already referred to there is a tax on dealers in, and manufacturers of tobacco running from $6 to $24 a year. An inheritance tax is provided for, and also a tax on the refiners of sugar a.d petroleum. Beer is taxed at $2 a barrel.

Telegraph messages and most legal and commercial instruments, including bonds and debentures, agreements to sell; checks, drafts, certificates of deposits, bill of lading, deeds and mortgages, must pay a stamp tax. These are in briefest outline the new taxes provided for by the new law. It further provides that the secretary of the treasury may borrow money at a rate not exceeding 3 per cent. Interest, in “such sums as in his judgment may be necessary to meet public expenditures,” and to issue therefor certificates of indebtedness in denominations of SSO or some multiple thereof. The issue is limited to $100,000,000 and the certificates are made payable in one year from the date of issue.

The bond provision is retained, the two houses having compromised on the amount of the issue which is $400,000,000, if so much shall be needed. The proceeds are to be used exclusively for war purposes. The bonds are to be issued in denominations as low ass2o, are payable in coin, and are redeemable at the pleasure of the government after ten years, falling due in twenty years. They will bear 3 per cent interest.

Joe Pefley of Fowler, formerly of Remington, attended the congressional convention last Saturday. Mr. Pefley is tin 1 secretary of the Democratic committee of Benton county and the democrats of that county say that he has done more to perfect a solid organization of the party in their county than any secretary they have had in many years. They, are looking forward to the election of the Democratic ticket in that county at the November election.