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natic, having no other guardian, by his father, if living, if not by his mother, if living, and if neither father nor mother be living, by the person having such property in charge; of every wife, by her husband, if of sound mind, if not by herself; of every person for whose benefit property is held in trust, by the trustee; of every estate of a deceased person, by the executor or administrator; of corporations whose assets are in the hands of receivers, by such receivers ; of every company, firm, body politic or corporate, by the president or principal accounting officer, partner, or agent thereof. Every person required to list property on behalf of others, by the provisions of this act, shall list it in the same township in which he would be required to list it, if such property were his own; but he shall list it separately from his own, specifying in each case the name of the person, estate, company or corporation, to whom it belongs; and all real property and merchants and manufacturer's stock, and all the enumerated articles, and all personal property upon farms and real property not in towns, shall be returned for taxation, and taxed in the township and town in which it is situated; and all other personal property, except such as is taxable for state purposes only, shall be entered for taxation in the township and town in which the person charged with the tax thereon resided, at the time a list thereof was taken by the assessor, if such person reside in the county where such property was listed; and if not, then such property shall be entered for taxation and taxed in the township where situated when listed, anything in this act to the contrary notwithstanding. Sec. 5. Property held under a lease for a term exceeding Leasehold prop.

erty, &c. fourteen years, belonging to the state, or 10 any religious, scientific or benevolent society, or institution, whether incorporated or unincorporated, and school and ministerial lands, shall be considered, for all purposes of taxation, as the property of the person so holding the same, and shall be listed as such by such person or his agent, as in other cases.

Sec. 6. Each person required by this act to list property, Property to be shall make out and deliver to the assessor, when required, or within ten days thereafter, a statement, verified by his oath or affirmation, of all the personal property, moneys, credits, investments in bonds, stock, joint stock companies, or otherwise, in his possession, or under the control of such person, at the time notice was given him by the assessor, to make out such statement, and which, by the provisions of this act, he is required to list for taxation, either as owner or holder thereof, or as guardian, parent, husband, trustee, executor, administrator, receiver, accounting officer, partner, agent or factor.

Sec. 7. Such statement shall truly and distinctly set forth:
First, the number of horses and the value thereof.

listed on oath.

Horses.

Cattle, &c.

Carriages.

Watches.

Piano Fortes.

Merchandize.

Bankers' cap ital, &c.

Secona, the number of neat cattle and the value thereof.

Third, the number of mules and asses, and the value there. of.

Fourth, the number of sheep, and the value thereof.
Fifth, the number of hogs and the value thereof.

Sixth, every pleasure carriage, of whatsoever kind, and the value thereof.

Provided, that if such person shall exhibit to the assessor, the animals, or other articles of personal property, above enumerated, the value of such property, so exhibited, shall be determined by the assessor. And such

person shall further make to the assessor a statement of every gold and silver watch, and the value thereof.

Every piano forte, and the value thereof.

The value of the goods and merchandise which such person is required to list as a merchant.

The value of the property which such person is required to list as a banker, broker, or stock jobber.

The value of the materials and manufactured articles, which such person is required to list as a manufacturer.

The value of moneys and credits, required to be listed, including all book accounts.

The value of the moneys invested in bonds, stocks, joint stock companies, or otherwise, which such person is, by this act, required to list.

The total value of all other articles of personal property, which such person is, by this act, required to list.

Sec. 8. If there be no articles of personal property, mon. eys or credits, investments in bonds, stocks, joint stock companies or otherwise, which such person would be, by this act, required to list, on his own account, or on account of others, he may set forth such fact to the assessor, who shall require the oath or affirmation of such person to the truth of the same.

Manufactured articles.

Moneys and credits.

Bonds, stocks, &C.

Other personal property.

Oath in case of no property.

RULES FOR VALUING PROPERTY.

Rules of valua. tion.

Sec. 9. Each separate parcel of real property, shall be valued at its true value in money, excluding the value of the crops growing thereon; but the price for which such real property would sell at auction, or at a forced sale, shall not be taken as the criterion of such true value. Each tract or lot of real property belonging to this State, or to any county, city, or charitable institution, whether incorporated or unincorporated, and school or ministerial lands, held under lease for a term exceeding fourteen years, shall be valued at such price as the assessor believes could be obtained at private sale for such leasehold estate. Personal property, of every description, shall be valued at the usual selling price of similar property at the time of listing, and at the place where

the same may then be; and if there be no usual selling price known to the person whose duty it shall be to fix a value thereon, then at such price as it is believed could be obtained therefor, in money, at such time and place. Investments in bonds, stocks, joint stock companies, or otherwise, shall be valued at the true value thereof, in money. Money, whether in possession, or on deposit, shall be entered in the statement at the full amount thereof; Provided, that depreciated bank notes shall be entered at their current value. Every credit for a sum certain, payable either in money, property of any kind, labor or services, shall be valued at the full price of the sum so payable; if for a specific article, or for a specified number or quantity of any article or articles of property, or for a certain amount of labor, or for services of any kind, it shall be valued at the current price of such property, or of such labor or service, at the place where payable. Annuities or moneys receivable at stated periods, shall be valued at the price which the person listing the same, believes them to be worth in money.

OF DEDUCTIONS MADE FROM MONEYS AND

CREDITS.

credits.

Sec. 10. In making up the amount of moneys and credits Moneys and which any person is required to list for himself or any other person, company or corporation, he shall be entitled to deduct from the gross amount of moneys and credits, the amount of all bona fide debts owing by such person, company or corporation, to any other person, company or corporation, for a consideration received; but no acknowledgment of indebtedness, not founded on actual consideration, believed, when received, to have been adequate, and no such acknowledgment made for the purpose of being so deducted, shall be considered a debt within the meaning of this section; and so much only of any liability, as surety for others, shall be deducted, as the person making out the statement believes the surety is legally and equitably bound to pay, and so much only as he believes such surety will be compelled to pay on account of the inability or insolvency of the principal debtor; and if there are other sureties who are able to contribute, then only so much as the surety in whose behalf the statement is made, will be bound to contribute; Provided, that nothing in this section shall be so construed as to apply to any bank, company or corporation, exercising banking powers or privileges.

Sec. 11. No person, company or corporation, shall be en- What liabilities titled to any deduction, on account of any bond, note or obli- ducted. gation of any kind, given to any mutual insurance company; nor on account of any unpaid subscription to any religious,

literary, scientific or charitable institution or society; nor
on account of any subscription to, or instalment payable on the
capital stock of any company, whether incorporated or unin-
corporated.

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OF LISTING AND VALUING THE PROPERTY OF

MERCHANTS AND MANUFACTURERS, AND OF
BANKERS, EXCHANGE BROKERS, AND STOCK

JOBBERS, &c.
Merchants, Mat Sec. 12. Every person that shall own, or have in his pos-
ufacturers, &c.

session, or subject to his control, any personal property
within this State, with authority to sell the same, which
shall have been purchased either in or out of this State, with
a view to being sold at an advanced price, or profit, or which
shall have been consigned to him, from any place out of this
State, for the purpose of being sold at any place within this
State, shall be held to be a merchant; and, when he shall be
by this act required to make out and deliver to the assessor a
statement of his other personal property, he shall state the
value of such property appertaining to his business as a
merchant; and in estimating the value thereof, he shall take
as the criterion, the average value of all such articles of per-
sonal property which he shall have had from time to time in
his possession, or under his control, during the year next pre-
vious to the time of making such statement, if so long he
shall have been engaged in business; and if not, then during
such time as he shall have been so engaged; and the average
shall be made up by taking the amount in value on hand, as
nearly as may be, in each month of the next preceding year
in which the person making such statement shall have been
engaged in business, adding together such amounts, and divi-
ding the aggregate amount thereof by the number of months

that the person making the statement may have been in busiAs to property ness during the preceding year ; Provided, that no consignee held on consign. shall be required to list for taxation the value of any proper

ty, the product of this State, which shall have been con-
signed to him, for sale or otherwise, from any place within
the State, nor the value of any property consigned to him
from any other place for the sole purpose of being stored, or
forwarded; Provided, he shall; in either case, have no interest
in such property, or any profit to be derived from its sale;
and the word person, as used in this and the succeeding sec-
tions, shall be held to mean and include, firm, company and in-
corporation.

Sec. 13. Every person who shall purchase, receive, or hold
personal property of any description, for the purpose of add-
ing to the value thereof by any process of manufacturing, re-
fining, rectifying, or by the combination of different materi-
als, with a view of making a gain or profit by so doing, shall

Who held to be manufacturers.

be held to be a manufacturer; and he shall, when he is required to make and deliver to the assessor a statement of the amount of his other personal property subject to taxation, also include in his statement the average value estimated, as provided in the preceding section, of all articles purchased, received, or otherwise held, for the purpose of being used, in whole or in part, in any process or operation of manufacturing, combining, rectifying or refining, which from time to time he shall have had on hand during the year next previous to the time of making such statement, if so long he shall have been engaged in such manufacturing business, and if not, then during the time he shall have been so engaged. Sec. 14. Every person owning a manufacturing establish-Engines, me

, &c. ment of any kind, and every manufacturer, shall list as part of his manufacturer's stock, the value of all engines and machinery, of every description, used, or designed to be used, in any process of refining or manufacturing, (except such fixtures as shall have been considered as part of any parcel or parcels of real property,) including all tools and implements of every kind used, or designed to be used, for the aforesaid purposes.

Sec. 15. Every person who shall have money employed Bankers, broin the business of dealing in coin, notes, or bills of exchange, jobbers. or in the business of dealing in, or buying or shaving any kind of bills of exchange, checks, drafts, bank notes, promissory notes, bonds, or other writing obligatory, or stocks of any kind or description whatsoever, shall be held to be a banker, broker, or stock-jobber; and he shall, when he is re. quired to make out and deliver to the assessor a statement of the amount or value of his other personal property subject to taxation, also include in his statement the average value estimated as provided in the twelfth section of this act, of all moneys, notes, bills of exchange, bonds, stocks, or other property appertaining to his business as a banker, broker, or stock-jobber, which he shall have had from time to time in his possession, or under his control, during the year next previous to the time of making such statement, if so long he shall have been engaged in such business, and if not, then during the time he shall have been so engaged.

Sec. 16. That when any person shall commence merchan- Merchants comdising in any county after the first day of June, in any year, ness after the ist the average value of whose personal property employed in of June. merchandizing shall not have been previously entered on the assessor's list for taxation, in said county, such person shall report to the auditor of the county, the probable average value of the personal property by him intended to be employed in merchandizing until the first day of May thereafter, and shall pay into the treasury of such county, a sum which shall

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