The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-08-08

e.
ton districts within the several States and Terrific
rieS, and of and collectors for such districts
on or after the second Tuesday of Februarv 1862
Sec. 10 regulates the bond to be given by the
| collectors.
SEC II prescribes the mode of appointment and
qualification of assistant assessors and the cath to
! be administered them.
| Sec, II provides for the establishment of regula-
tions and instructions, and fixes the lst day of next
March as the time for the enumeration Of the pro-
/ pertv liable to taxation.
SEC l3 enacts that the direct tax shall be asses
sed on ali lands and lots OF ground, with their i'm
| provem+nts and dwelling houses, which shall be
valued by the at their value in money on
the first day Of April, 1862 Prouided That praperty
belonging to the United States or any State or
exempted from taxation by the laws of the State,
together with such property belonging to any indi-
vdual, who actually resides thereon as shall be
worth the sum OF five hundred dollars, shall be ex-
empted. Aud proUided further, That regard shall
be had TO any valuation that may have been III ade
under the authority of the State or Territory at
any period nearest to said first day Of April.
SECS Ia and l5 require all persons to furnish the
with lists OF their taxable property living
within the collection district, and provide for the
preparation of list, in of refusal to comply
| Sec l6 provides that any person detected in
delivering to the assessor a fraudulent return o
property shall be fined; the not to exceed $780,
SECS. II, Is, 10 and 20, provide for the assess.
| ment of property of non residents.
| SECS. 81 and 2S provide for the preparation
and publication OF lists, appointment and duties of
clerks, of adjustment and equalization of property
| in the districts.
| SEC. 30 relates to the apportionment of the
| tax among the several collection districts
| SECS. 80 to 81 relate to the compensation of
| the assessors and the bonds given by them.
| Secs 80 to 45 particuarize the mode of pro-
| ceedng in cases of distraint, mortgage, &C.; the
method of collecting unpaid taxes; the time and
mode of reporting the collections; punishment for
overcharge on the part of the collectors, &C.
| Sec. 46 provides that any State may itself as
| a . tho -
that it shall collect said tax through its own off
GERS, and may make use of its own valuation for the
purpose of making the levy-provided notice of
such intention be given to the Secretary of the
| Treasury, before the second Tuesday of February
in each year. II also provides for the allowance of
| discount of Is per cent. on the amount appol- =
| toned to such State.
| Provided, however, that the deduction shall on.
| " apply to such part of the same shall be paid
into the treasury by the last day of June in the
! year to which such payment relates, and deduc-
tion of ten per centum such part shall be paid
! by the last day of September
SECS. AZ to 81 authorize the collectors to sue
! for the amount of the duties imposed. and provide
for the recovery of debts due the United states oy
collectors and the appointment OF deputies, In case
| of sickness of the collector
| SEC so is specially devoted to the Income
tax. We give it entire.
And be 1t further enacted, That from and after
the first day of January next there shall be levied;
| collected, and paid, upon the annual income OF
| such income is derived from anv kind of property
| or from any profession, trade, employment, vo.
cation carried on in the United States elsewhere
or from any other source whatever, if such annual
income exceeds the sum of eight hundred dollars,
| tax of three per centum on the amount of such ex
cess of such income above eight hundred dollars
/ Provided, That upon such portion of said income
as shall be derived from interest upon treasury
notes other securities of the United States ther
shall be levied, collected, and paid tax of two anC
one-haf per centum. Upon the income, rents or di
vidends, accruing upon any property, securities,
stocks owned in the United States bv any citizen q
the United States residing abroad there shall be le
WED, collected aud paid, tax of five per centum, ex
cepting that portion of said income derived frou
interest ON treasury notes and other securities O
the government of the United States. which shal
pay one and one-half per centum. The tax herel
provided shall be assessed upon the anual inc NJ
OF the persons herein named fer the year mex. p .
ceding the time for assessing said tax, 10 WI an
year next preceding the first OF January, es ~,
hundred and sixty-two; and the ~ salu ~, w ~ ~
assessed and made public, shall oecona en s u
, the property or other sources OF salu ihcome ~
the amount of the same with the interest an
o,her exnenses of collection until paid Prorideo
That alj local taxes assessed upon this propert
from which the income is derived shall be FIRST d.
Quoted.
SECS. So and 81 provide for the appointmer
of assessors and collectors of the income tax, th