8. Policy loan and premium extension agreements containing an unqualified promise to pay a specified sum of money at a certain date, except where the sole remedy of the payee in case of non-payment of the premiums or loans is to reduce or cancel the rights of the insured. The following instruments are exempt: 1. Certificates of deposit. 2. Bank notes issued for circulation. 3. Promissory notes executed and mailed in Canada to a payee within the United States. 4. Promissory notes issued directly by foreign governments and placed in this country for sale. 5. Promissory notes secured by certificates of indebtedness issued by the Director General of Railroads. 6. Coupons and interest notes which are attached to a principal obligation and are substantially repetitions of the promise to pay interest contained in the principal obligation. 7. Promissory notes secured by United States bonds or obligations issued after April 24, 1917 or secured by the pledge of a promissory note which itself is secured by the pledge of such bonds or obligations. Such bonds must have a par value of not less than the amount of such notes to exempt the latter. _Cancellation of Stamps_ Any person using or affixing stamps must so deface the same as to render them unfit for further use by writing or stamping his initials and the date thereon with ink, or by cutting and canceling such stamp with a machine or punch, which will affix the initials and date. The cancellation should not so deface the stamp as to prevent its denomination and genuineness from being readily determined. In addition to the above, stamps of the value of 10 cents or more must have three parallel incisions made by some sharp instrument lengthwise through the stamp after the same has been attached to the document, except where the stamps are cancelled by perforation. _Use of Cancelled Stamps--Refunds_ A stamp affixed to an instrument and cancelled cannot lawfully be removed and attached to another instrument. Refund will be made by the collector of internal revenue for amounts paid for stamps used in excess of requirements, or on instruments not actually effective and for which a substitute is prepared and stamped, or on instruments not subject to tax. End of the Project Gutenberg EBook of Federal Stamp Taxes on Drafts, Checks and Promissory Notes, 1919, by Guaranty Trust Company of New York