Thursday, May 14, 2009

1898 Revenues: Documentary Taxes Valued at One Cent

According to the Revenue Act of 1898, the following taxes were levied at a rate of one cent and demanded documentary tax stamps:

1. 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 or fraction thereof;

The 1 cent block of four cancelled by JP Morgan in a previous post is likely example of payment of this tax requirement.

2. Bills of lading, manifests, or other memorandum of shipment for goods shipped by railroad or steamboat company, carrier, express company, or corporation;

The Chicago, Burlington and Quincy printed cancel on a previous post is a likely example of stamp removed from on of these types of railroad documents. The AMEX cancel probably represents a stamp used for this tax as well.

3. Sworn statements to be filed within the first 15 days of each month by persons, firms, corporations owning or operating any telephone line or lines for which there was a charge imposed of 15 cents or more for the previous month;

4. Any telegraphic dispatch or message.

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