The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1864-03-23
From the Richmond Enquirer.
The Financial System Embsdied In the
Tax and Funding Acts.

Tax and Funding Acts.
These two acts constitute one scheme,
and should be studied in connection. They
will be best understood by an explanation
Of the practical duties Of the tax payer and
currency holder under each. To begin with
THE TAX ACT OF FEBRUARY Il, 1864
This act is additional to the act Of April
"a, 1868, which it also modifies, and in
some respects repeats. The duration of the
act is for the year 1864, alone; though II
imposes a retrospective tax upon certain
profits Of 1868. lis operation is through
the same machinery with the old law,s l.
imposes taxes,
|. Upon Property.-Upon the value OF all
property, unless specifically taxed ether.
wlsr) held February II, 1864. aud assessed
at its value III the year 1860, is levied tax
Of FIVE per cent, payable June |, 1864
The list of exemptions sill be seen be-
low; also the property taxed otherwise BY
the act. Merchandise is not included in
/ this act.
Embraced in the tax are land, negroes,
horses. mules, cattle. and all live stock on
plantations; also. plantation tools, mstrn-
ments and provisions OF every description,
constltu,ins the whole agricultural proper
! " Of the country.
9. Houses aud lots, furniture, bonks,
household and kitchen utensils and prosl-
sions. and all sorts Of supplies, constituting
real estate, and establishments in cities aud
towns.
| 3. Cotton and tobacco theId as an IN
ivestment--not as merchandise--so We Z on
strue the law and, in general, all proper.
" not named in the remaining items 81 The
act.
Ii the land, negroes. cotton or tobacco
we're purchased after July |, l862. they are
valued at the price paid for them.
{ From the tax on the value Of property
employed in agriculture, Is deducted tbe
value OF the tithes delivered To the govern
ment; provided, that il the tax in KIND
, should exceed the five per cent. tax, la,
whole 1.-THE is to be paid, nevertheless.
This tax is due and 10 be collected on l.,
June, 1864, OF as soon thereafter a. prastl
cable. 4 question OF some importance oc
ours here, yIz:-whether the tax on agricul
turaI property j. TO be paid III advance, att
The value OF the tithes refunded from time
to time, or whether the 1.-THE Is 10 De hrs
! delivered, aud the ascertalned residue to b
pad. We think the latter the correc
mode, for reasons to be hereafter given.
2. On the value Of gold and silver wares
plate, jewelry and watches-asses,ed q
the same rae. viz: OF the year 1860. Tel
per cent.
5. On the value of shares 10 anT bank
; railroad company, or other joint stoe K com
lpany-assessed not AZ its value ~ 1860. bu
= at IT. value February IL. 1864, a tax oi ts,
per cent.
]. 4. Upon the amount Of gold and sIlse
coin, gold dust. gold or silver bullion, AIT
upun the amount OF all oils Of exchange OF
= forelgn countries, tax Of h'e per cent
Also, upon the amount Of solvent credits
Ozark bills and currency, (unless such ere
: dts afe used 10 registered business, th
profits ot which are taxed, and except, also
non interest bearing Confederate money,
tax oil five per cent.
!. This tax includes notes, accounts, Eek
cept mercantile or others used in taxed bu
! siness.) bonds, whether State, Corporate
Z or Confederate; also. $50 notes. 9uer
: Does Il include call cv,.iiica,esI "
: think not, they being regarded a. the cur
z rency they represent. Its not elesr. hos
ever.
An important question arises, wheths
this Tar IS payable in currency or in kind
d /. &. whether five per cent. u the aruI
:, gold coin, Tor example. is to be paid? w
!. incline 10 the affirmative opinion. for u
,. reasons hereafter given.
u, 5. Upon moneys held abroad, five p'
!. cent. u their uaiue, February II. 1864. |
% the place where the TAX is assessed.
l, Tie foregoing taxes are all applicable
l. the year 1864, alone. and payable, (exceI
le Tie anricnlfnral nrnnerfY tar lime Iaf