The Athens post. [volume] (Athens, Tenn.) 1848-1917, 1863-04-03
TERMS:
Payable in Advance.
Athens. Frida,, April 8, isGs.
The Assessment Bill.

collection of taxes was before the House
of Representatives on the 18th, the fol-
lowing clause was inserted, on motion OF
Mr.. Holcombe, ofVirginia. and, after dis
cussion, was adopted:
When the holder Of any credits 1notes
of hand. for instance, whose duty il shall
be TO give in the same for valuation, shall
have refused to accept Confederate Urea.
sury notes in discharge thereof. then all
such credits shall be yalued as payable in
gold, and assessed at'the market value of
gold in Confederate notes at the time of
the assessment"
The bill, with this clause inserted, pass
ed the House bya vote of al to 80. The
Richmond EA a>pf the 9th. has an
article in reierthce Foit from which We
take the following extract
I'VE have not YET received the text Of
the Tax bill for publication, but 1t is sui.
fciently understood that it imposes a
certain per centaee upon property of eve
ny kind whether IN the shape of secured
debts or otherwise. The effect Of the
above clause will by no means be to COM
pei creditors to accept payment in Con.
federate money, and thel eiore it is no
approach to illegal TENDER" but only to
equalze the burden of the tax. In max
ing returns OF each mans property liable
to assessment. it will he for each creditor
to choose whether he will represent the
amount of his secured debt on the basis
OF gold standard. or on that of the cur
rent value of Confederate money. If one
10 whom a thousand dollars were due be-
fore the war, and the debt remains now
outstanding. shall still hold his credit at
lis value IA gold. las he has right TO do
and shall so return its amount. it is right
that his tax upon that property should
be hive times the amount that it would
be II he returned his credit at one thou.
sand dollars in the Confederate currency
that is to say, it should be payable in gold
and silver. or its equivalent.
II A. purchased three years ago a piece
of land from at one thousand dollars
and the money remained due. secured
upon the land, the land of A. is valued
Cor taxation purposes at five thousand,
and the tax is, let us say, one per cent,
The money secured to B., which is the
exact equivalent OF the land, is taxed also
one per cent, SO that of these two pro.
pertes-one the precise equivalent OF the
other-one is taxed fifty dollars, the other
ten. Should each of the two be payable
in Confederate bills? Undoubtedly it is
the right of the creditor to hold his credit
on agold basis; but in that case he ought
topay his tax also'on the same basis. 9th.
erwise be is taxed four-tilths less than
the other who bought that land and owes
that debt"
Another feature, we desire to call at
tention to. The creditor will be ooastrain-
ed the more to accept the Treasury notes
as the difference between coin and the
notes increases. For example: A. holds
BIS note for one thousand dollars. Treasury
notes and coin are as five to one. Then |
A, while he gets but 6 per cent. interest
on one thousand dollars, pays taxes on
five thousand dollars. If Treasury notes
and coin should be as ten to one, then A., !
while his interest is but 6 per cent. on
one thousand dollars, will be taxed on ten |
thousand dollars, The tax, we learn in
cidentolly, will be heavy enough at least
to absorb all the interest, and, besides,
make the unpatriotic creditor, the man
who refuses TO take Confederate notes in
liquidation, pay into the Treasury fifteen
or twenty per cent. on his debt. The
reader cannot fail 10 understand how the
law will work, and must at once see that
under its operation it will be to the adj
vantage OF the creditor to accept the cur
rency rendered which he has been depre-
ciatng by his refusal, and that be will
have as much interest, if not more than
others, to appreciate and keep it at par
value.
While we would have preferred an act
simply declaring Confederate Treasury
notes legal tender, we think the provision
IN the assessment bill quoted at the COM
mencement Of this article, pretty well
covers the case, and while it is just in its
conception and must prove fair and 'qul-
table in its operation, will do much to-
wards removing the evil sought to be
remedied. The series OF measures bear
ing upon The currency and monetary af
fairs, will, we learn, be perfected and
spread before the country in short time,
when confidence will be restored TO a.
great extent and a rapid appreciation OF
Treasury notes ensue. Meantime, let all
who have surplus on hand, lay it out
for Confederate Bonds as the safest best, |
most profitable and patriotic investment
that can be made.
Since writing the above we see that the
bill which passed tile House exempts Con.
federate Bonds from taxation.
From the Front.
From information which can be de.
pended upon, we believe there will be no
general engagement between the two ar.