Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-05-09


bsbk seuId have 10 pay tax Of Ave per cent on lie
capital and then OF Ave per cent. more on the total
amount of credp In which lie issues have been invest
ed, amounting together to fifteen per cent. on m CAPT
tai This result manesty unjust that concluded
that Congress could have intended It, IL probably
supposed that banks under the exception in
favor of any registered business This exception how
ever does not include banks Of issue. have, there
FORE directed the to make assessments in such
form will enable Congress to remedy the evil before
the tax becomes payable. Several Of the banks haze
applied for relief, ard respectfully commend to your
attention a memorial which they have presented to
shis department, copy Of which is herewith sub
mtted.
Another embarrassment in administering the tax has
been encountered in that portion which directs the tax
in kind of farmers to b. deducted from the tax of five
per cent on their capital II the deduction intended
wss Of the tax in kind Of last year. then the planting
interest will be entirely relieved from the taxes of last
year, whilst all other interests have duly contributed
II the reference Is to the tax in kind Of the current
year. then as the money tax payable in june aud the
tax in kind cannot be realized until later in the year.
10 impossible to deduct the latter from the former.
Some explanatory act ia respectfully asked.
cannot leave this subject without specially invoking
your attention to the inequality made by the tar bill in
the assessment Of agricultural and other property
While the Latter is ASSESSED at its value in Treasu
notes. which acknowledged to be deprecated at
least 10 onehird their face the former is assessed at
at par with specie This inequality creates discomfort
In the public miud, and cannot be maintained just
aud equal 10 all public well private transactions
il ia dangerous to depart from the great principles OF
justice with view to effect present expediencY.-
Doub lees il supposed that legislation of this kind
would reach the epeculator and extorioner But It will
be found that most Of these classes have escaped the
tax by taking refuge in agricultural Investments while
Thousands OF widows and orphans aud loyal citizens,
who have invested their all in stock ard securities,
deprived OF their means Of support. would respect
fully recommend revision OF thia section, and the
establishment of uniform rate of assessment.
The report Of the Commissioner Of Taxes will pre-
cent the results Of the collection of far pro-
grsss has been made The amount collected is $50 262
S49.SS. The difficulties which encountered in the
collection only be estimated by one who will u-
spect the Of papers which required for each
return and the Inquiries necessary to DO made OF each
individual ax payer The results Of the tax will prob
ably coa6Im the recommendation already made Of
sort TO simple system of taxitou. The frauds
and evasions which cannot be discovered under the
present system are perpetual drain upon the tax,
which is necessarily increased by the number Of officers
who must DO employed in its collection Aud after all
is done by the Government which is possible the result.
is thai the most cunning 10 devices Will escape, whils
only the honest and conscientious pay the full and just
demand Of the law. In the process of collection va
rous amendments to the law have been found
which will be brought 10 your attention in the report
of tee Commissioner of Taxes, to which respectfully
invite your attention.
The act imposing restrictions the export OF cotton
tobacco aud naval stores and that prohibiting the mpor
taoa OF articles of luxury, have received the attention
which they demanded Under the FIRST act certain ro
gulaions, issued by the President Of which copy lie
herewith submitted will fully exhibit what has been
do0e AM under the second this Department has
ted the duty imposed upon as to the limitation within
which inportatons shall be made of articles be used
for wearing apparel copy OF the instructions Issued
TO the collectors Of custom, this subject is herewith
submitted. Toe customary estimates in detail here
unto appended.
Respectfully submitted.
@. G. MEhhINGER,
Secretary of the Treasury.