The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1863-05-05
CONSTRUCTION OF THE REvENUR
- = a4 LAW
From the Raleigh Standard


The following correspondence, furnished lbs fol
publication by Mr. Treasurer W drth, contains i'm
portant information as to the construction OF por-
tions of the revenue law. The opinions of the
Attorney General have no doubt been well consid.
cred, and may be regarded as settling the ques-
tions which have been raised and brought to his
attention.
TREASURY DEPARTMENT,
Raleigh, N. c., April 1, 1868.
Hon. Sion IT. Rogers, 4aorncy Gen. Of ". c.
/ DEAR SIR:-The following questions have
been propounded to me, arising under the Reeve
nue. act Of the last General Assembly. shall be
obliged to you for your opinion on them, with o
view to publishing it, in order that there may be
uniformity in the action of the officers entrusted
with the execution of the act.
]. Is the word "cash" in the first and eighth
sections o. HE bill, to be interpreted meaning
specie, Bank notes. or Confederate or State Treas.
ury notes !?
2. BY the lst section, paragraph LIST of the act,
real estate is taxed two-fths of one per cent. on
its value. BY the 4th paragraph Of the same Sec
ton, money invested in manufacturing companies
or corporations is taxed at the same rate, accord
ing to the shares as fixed by the charter if the
shares be in corporation; and if not in corpora
ton, then upon the amount invested. "Also
money Invested in every species of trade and traf-
section of the act "the stock or interest held BY
individuals in all corporations business shall be
listed among the individual property of the hold
ers 10 the counties in which they reside" The
bulk of the property of many manufacturing COM
panies consists of real estate-he necessary struc-
lures and machinery for carrying on the business.
Is the real estate to be listed by the corporation
and the shares of stock by the holders, whereby
the same property would be twice taxed?
3. BY the 5th section of the act, the stock or
interest held by individuals in all corporations or
business shall be listed among the individual prop
erty of the holders in the counties where they
| spectively reside;" and by clause Is section 10
tax OF two per cent. is imposed every dollar of
nett profit or dividend declared, received or due
! the year preceding the 1st day april in each
year, (and not previously listed upon money or
capital invested 10 manufacturing cotton wool
en- goods, leather articles made of leather, iron
and tobacco) and also on every dollar of nett prof
it or dividend on money invested in steamboat
companies, (whether incorporated or not,) and in
railroads. Are the shares of stock in manufactur-
ing and steamboat companies to be taxed, and also
the dividends; as we'll as the land and slaves. con-
shutting part of the stock of said companies?
4 The 4th clause under the lst section taxes
| money invested 10 manufacturing and steamboat
companies two ffths of one per cent. Is the term
'manutacturing" to be taken in its largest sense,
so as to include mills for the manufacture Of iron,
-four, paper, powder, &c. ! If not, what manufac-
turing establishments are embraced and excluded?
5 The latter part of section 10, page $40, I'd
volume of Revised Statutes, exempts the shares
of stock in the Wilmington and Raleigh (now
Wilmington aud Weldon) Railroad from any
public charge or tax. Clause Is section 70 of
the Revenue act imposes tax of cents on every
dollar of dividend on money invested in Railroads,
Does this provision of the Revenue act come in
conflict with the chartered rights of this Railroad
Company? Yours, very respectfully,
JONATHAN WORTH,
Public Treasurer.