Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1850-08-02
RALEIGH, July Goth. 1850.


RALEIGH, July Goth, 1850.
JNo. M. Rose, Esq Il have received your letter
of the 10th nst presenting several questions arising
out of the Revenue law of 1848. My answers follow
each question.
1. Is money used in the business commonly called note
shaving money vested in species of trade, within the
Answer l incline to think it is. A note is the
evidence of right to money, and note shaving is
trading in money. Money may be vested in buying
rights to money, we'll as in buying rights to pro-
perty Usually, trading for profit requires both pur
chase and sale, because both generally requisite
to attain the profit, which is measured by money
standard. In substance, there can be no difference
between the purchase and sale of note, and pur-
chase and collection oft. And certainly when note
is bought for $780, and sold for $110 there is both
trading and profit.
But what constitutes taxable profit in the ira
ding note shaving! In my opinion the bought note
must be received or some act done which is equiva-
lent to it-as the making it debt to the purchaser.
When this is done, if the debt is we'll secured hat
is safe,) think the profit is made 1t is, in legal
contemplation, collected, if it be used to buy with,
used a set off against, in payment of, debt
and profit is made when there is gain made by
the operation.
1t is true that by this construction of the act the
same sum- to w.t. the profit, is made to bear appa-
rently, double tax first tax on the profit and
secondly tax on the interest which may accrue on
the profit but this is the with all taxed incomes
if they be vested on loan Thus the salary of pro-
fessor of university is taxed salary and if it
be put out interest the interest also taxed and
such is the with the trades expressly mentioned
in the act, as negro trading, &c.
In a word dealing in the purchase of securities for
money, is in my judgment, a species of trade" and
when profits realized know reason why such
profits are not taxable.
2 Are the profits cabinet other mechanical trades
taxable under the section
Answer. They not. The act in the use of the
term trade means traffic, and not occupation
ployment. The whose trade is that of making
cabinet ware, is very different from the man who
trades in Cabinet ware
3. Are the profits made by mechanic of his
manufacture taxable Or profits made on the purchase
and sale of such taxable
| Answer. The former profits not taxable-the
latter taxable When they are bought and sold
by merchant, his licence the tax. If the
trader in them do not fall under the description of
merchant or pedlar, he pays tax on the profits
dem when exceeds $500 during the year. under Sec
i ton 6 !
the day is the recipient of salary Other reasons,
perhaps would excuse them from the tax, if
they received salary of $500 per year.
Are the officers of the United States taxable when their
salary exceeds $500 per year!
Answer. In my opinion they are not OF course
person who is not an inhabitant of the State is
taxable on account of his income His trading here
may become so. But think also that when
officer of the United States is nhabitant of the
State, his salary is not under the federal constitu
ton, taxable The State has not the power to dmin-
Union invites and induces the citizens to accept its
Offices
g. Are mechanics who receive $500 per year their sru
lated wages, taxable account of their wages
Answer In my judg ment they are. 1t Is true
that the reward or price of their labor cannot be
! called practice or fees'-but it may be called
and is salary, abundanty appears by every book
of legal literary definition within my reach: By
some it is said that 'Satary' is term peculiarly
and exclusively applicable to the compensation of Of
fcers. Not only definition of the term sustains
this assertion, but it is rejected by the act itself
For, but for the exception which exempts them, min
listers of the Gospel would be taxable account of
their compensation by force of the word salary
BY Others it is said the Legislature did not intend
include such persons. If this intent is far from
being manifest And the contrary appears to me
First, because the Legislature specially excepted
ministers of the Gospel
Secondly, they did not except professors, teachers
of schools, any portion of the laboring class
among whom there are many whose compensation is
popularity called salary Engineers and many other
employers on Rail Roads.
/ Third, because the settled meaning of the term
salary, most favorable for the tax payers, is
annual stipend,'' annual PENSION, allowance,
or yearly uGgeS.
Its other definitions would embrace day labor.
! Now whatever may have been the intent of the
legislature, cannot abandon, in giving my opinion
on the construction of language, the uniform and
UNMARRIED definition of all lexicOgraphy, and substi-
tute therefor another and different meaning known
to to exist only by hearsay, the extent of which
know not. and can only know by collecting the Opn
ions of all the citizens of the State-a task which
judicial officer undertake Indeed safer
would be to enquire of the individual members of
the Legislature. and abide the result of majority
of voices But such rule of interpreting the
of the lawmaker is unsafe for the construction
of any law. In Revenue law. intolerable-it can
f form the basis of no judicial decision.
: Your ob't sery't,
B. F. MOORE.