The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1862-03-21
I'd En act
TO PROVIDE FoR THE PAYMENT OF THE WAR

TAX.
SEC. /. Be 4 enacted Jy he General As
sembiy Of he STAT Of 1tunesSee, That the
State hereby assumes and agrees TO pay
the war tax to be assessed upon the pro.
perry, etc, of the people of the State OF
Tennessee, in obedience to the provisions
of the act of the Congress of the Confed-
crate States Of America, approved Au-
gust 10Th, 1861, and entitled ian act to au-
thorize the issue Of treasury notes, and TO
provide a war tax for their redemption"
and for the purpose of carrying out the
provisions of this act, the Governor OF
this State is hereby directed and empow-
cred to issue and dispose Of the bonds OF
the State OF Tennessee TO sufficient
amount TO pay said tax, similar IN all re-
spects to the bonds of the State hereto.
fore issued, except that, one-tiith OF said
bonds shall be payable one year after
their date one-ffth two years after their
date. one-fifth three years after their date.
one-ffth four years after their date, and
one-ffth FIVE years after date; and should
the war tax exceed two millions OF dol
lars, bonds of a like description shall be
1 locutN w Llttl euCll CANOoos " AA"No'N
such time thereafter that not more than
four hundred thousand dollars OF said
bonds shall fall due for any one year, all
to be dated on the first day of April, 1862,
and to bear interest at the rate OF eight
per centum per annum, payable seminar
nually at such point as may be designat-
ed in said bonds; and said bonds shall be
in denominations of not less than one
hundred dollars, and not more than one
thousand dollars, to each of which shall
be attached coupons for the interest due
thereon.
SEC. 2. BE il further enacted, That the
faith and credit of the State OF tennessee
is hereby pledged for the payment OF said
bonds and the interest thereon on the
same; and for the next FIVE years an an.
nual tax of ten cents on the one hundred
dollars of property subject to taxation by
existing laws, and one-fourth OF one per
centum upon the dollar Of merchandise,
or invoice price. whether bought in or oui
of the State, and ten cents on the poll
shall be assessed and collected as a spe
cial tax for the purpose of paying said
bonds and interest at maturity; Provided
thai no person who is the head of a fami
, " shall be required to pay a tax under
, this act whose taxable property does no
amount to the sum of FIVE hundred dol
lars.
SEC. 3. Be ufrther enacted, That all mo
ney on hand or On deposit, 10 or out o
t the State and all stocks in corporation
which are not by law forbidden, and al
county and State bonds, shall be su6jec
to taxation under this act.
SEC. 4. Be IL further enacted, That TIL
banks of this State are hereby specially
authorized to invest their means in sale
, bonds. and said banks purchasing any o
said bonds shall have the privilege o
chasing bonds so purchased, in the classl
fication of their assets rs specie funds
r Prooided, that the State shall have tn
, right to pay said bonds 81 purchased b,
said banks, in their own notes; and pro
vided further, That all the bonds issue
: under the provisions of THIS act shall b
3 free from State, county, corporation AM
other taxes in the hands on individuals o
corporations.
SEC. 5. Be il further enaIc'ed, That tn
Governor IS authorized anV requested I
: issue and negotiate said be hds as soon a
practicable for the treasury notes Of tn
Confederate States of AmepssSfnd wiz
= such sseasuyy ngtes to pay W IN covert
$ ment of ths Confederate Sta|es on or
d fore the first day Of April, fS62, the }
mount of said war tax assessed upon tn
property of the people of the State @
Tennessee. less ten per centum thereon
S as provided in the Oath section of sal
act of Congress. approved August l9tf
1861, as aforesaid.
/ Sec. 6. Be il further enacted, That rev'
y nue. collectors shall be entitled TO receiv
), for Their services in collecting this speciI
tax one-half of the commissions ana fec
+ allowed them for collecting the gener'
revenue of the State and counties.
}, Passed, March 10, 1862.