The North-Carolina standard., 1849-07-18
THE REVENUE LAW


In reply to number Of inquiries, the Attorney
General has written the following Communication
for publication, giving his opinions as to various
points in the Revenue Law. Il would be well for
the people to preserve this Communication together
with others which have emanated from that officer on
the same subject for future information and references
RALEIGH, July 9, lS49.
Mr.. EDITOR: Several inquiries, from different per-
sons having been recently addressed me- in regard
points stated below, have deemed it best
them all, through public communication and
send 1t to you for publication. ,5
First-In respect TO the first Section. What inter-
est on money invested is taxable Is it the interest
which may have accrued during the year preceding
the time when the owner renders his list, only; or
does the Act embrace interest which may have been
accrulng before the of that year, and
may happen to be due, received during that year,
= Second-Wh hether the taxable interest must have
accrued on money invested, and secured by suretes,
or mortgage, trust deed, only; or, also may have
accrued money invested and secured by the respon-
slbiity of the debtor, only
Ihird-Whether the tax is only on such interest
as may have been received or, also, such may
have accrued, and is due, investments deemed to
be safe s..-... .,...
Fourth-In respect to the second Section-relating
to tax on profits of certain traders enumerated and
all other species of trades" Does the Act impose
tax the profits of the trades &c., made since the
passage of the Act; all profits made during the
entire year preceding the time of rendering the llst
AS to the first inquiry, am of the opinion that the
tax is upon such interest only may have accrued
during the year Immediately preceding the time when
the owner shall give in his tax list. The words, at
any tame during the gear, do not connect with the
words, secured and actually due, received, but
with the words. upon all Of money atinterest
So that the clause, substantially, reads thus:-
Hereafter there shall be levied the sum of three
cents upon every dollar of interest, which may be
safely secured and actually due, or which may be
CelVed. Of
Gin or out of the State) during the year next preceding
the time when the owner thereof shall give in his
lists
Interest, accrued prior to the year preceding the
time of the tax list, is not taxed by the law.
AS to the second inquiry am of opinion that
money invested on individual obligation, without
surety, any such collateral security mortgage
deed of trust, is secured, in the meaning of the
Act
AS to the third inquiry am of opinion, that not
only is interest reeeiUed taxable, but all such interest
as is - safely secured aud actually due"
In the construction of every instrument, and more
especially those of SO solemn character contain
the expressed will Of the Sovereign,it is duty to
suppose that every word has its apt and proper
ing, and is designed to effect some purpose. The
expression sc safely secured and actually due has
clear Specification of ITSELF and is not equivalent to
the term received - but when standing in
ton with that word, the difference in their meaning
is the more obvious. The purpose of the Act to
tax income both that which had been received and
that which might be demanded and received there
fore, it is, that the Act the terms " safely
cured actually due.'' If it is not actually due
that is demandabe-its not the subject of taXation
although secured. If it be demandable, and yet
safely secuFed, it is not liable to be listed.
1t is true, that may be both denandable and safe
y secured and yet the owner be unable receive it,
Nevertheless, it is regarded profits already made
The law forbore the enquiry, whether the payment
had been ndulged refused and treated both alike
In order to secure the public from imposition leaving
the owner guaranty, supposed to be ample for his
projections in the reference HIMSELF of the question
it is good debt All indulgence to the debtor, be-
ing left private matter between the parties, and
one of their own concern.
In respect TO the inquiry the Second Section of
the Act,t will be perceived that it is substantially
answered by the opinion already expressed the in
quries made under the first section. In my opinions
the proper construction of the Act is to be found in
the following reading of it, which believe contains
the constructive of it," Hereafter there shall
be levied the of three cents upon every dollar of
profits dividend safely secured and actually due,
or received which may arise from any and all sums
of money vested in trading in slaves, &C. Tin out of
the State) at any time during the year Immediately
preceding the time when the trader shall give in his
tax list"
/ do not think the Act applies to citizen here
who may have been citizen of another State, and
carried lucrative trading there, during the year
and who happens to be acitlzen here, on the day OF
rendering his tax list. He is liable to be taxed on so
much of his profits only as were realized during the
time he may have been citizen of this State.
B. F. MOORE.