Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1864-03-22
The FInaHeEaI system RzsbsdIed In she
Tax and EEaded Acss,

- - +i-@A--A-a
The PInaneEaG system RmbsdIed In the
Tax and Kuadtd Acis.
From the Richmond Enquirsrl
These two acts constitute one schsms aud should bo
studied IN connectiou They viii be best understood by
an ezpAnson Ct the practical du OF ths tax psyer
and currency holder under each. To begin with
Tbs Tag Dat Of FebrEsry H. 1854.
This act Is additional to tho act Of April a. 1862
which IL also nedaes, and in some respects rsPeaa
The duration Of the act is for 1854, alone though Il
Imposes reTos pectve upon certain prosts OF 1868
Us operation s through the same maebnery with the
I. Upoa propsrty-upon the value Of all property
(unIess specially taxed otheswse1 held February ~
1854 and assessed at the value In the year 1861 is levied
g tax Of i've psr cent, payable June I, 1864.
The llEt of exemptions wil be below; also the
Propsriy taxed othsrwise by the act Merchandise is
EEbrscsd in the tax land negroes, hOr es mules
cattle, and all i've stock plantations also plantA
ion tools instruments and prOvaions Of every dsserp
ton constituting be whole Agricultural property Of
tho country.
2 Houses snd lots, furniture books, household and
kitchsn utensils and provisions, and all Sorts Of sup
plies constituting real estate and establishments in cities
and towns.
g. Cotton snd tobacco Gled as an invsstnsns--nOt as
merehsndise-sO construs ths laR,) and In generz
All property net named In tbs remslning items Of lie
act.
II hs land negroes cotton or tobaces were purchased
after july l. 1862 they are valued at he price paid fr
Prom the tax on the value Of property employed in
agriculture Is deducted the value Of ths ithes dsver
ed to the tsovernmenti provided thst II the tax in
kind should excsed the i've per cent. tax taa whole
1.-THE IL to be paid, nevertheless
Ths Is duo and to be collected on Ist June 1864
or as soon thereafter As practicable question Of
come importance occurs here, viz whethsF the
agricultural property Is TO be paid In advance, and the
whether the hs Is TO be Tst devsred and the sscsr.
tanned rssidue to be paidS We think the latter the
rec mode for rsAEons to b hereafter given.
2 "a the vslus of gold and Eilysr WarsH plate Jew
cry aud wsehosAssatsed At The rate viz Of The
year 1860 ten per cent.
B. On the value Of sharss In any bank railroad com
paDy other 5iat stock yassessed not itE
value In 1850 bIt at its value February H. 1864
OF I've per cent
gold silver bullion, and upon the Emot Of all bills
Of exchange fore gn countries tax Of fgs per eeRt
AsSl UPON t-e u soisens eLeeiss u-1A oliis
and currency, (uBleSs such credits are med in rsger
ed business the profits OF which taxed and excspt
also, interest bearing Confederats money! tax of
i've per cent.
This tax inaludes notes. accounts eexcepE mercantile
brothers used in taxed busne) bonds, whsther State
eorpo alton Confederate; also, 80 notes. Query
DceE. il include csH certiieatesf We think not they
being regarded as the currency they represent Il is
net clear, however.
important question arises hsthsr this tax is nav.
sbls in currency or IN kindi ie Hhether five per can't
Of the actual gold coin for example, Is be paid
incline to the affirmative opinion, for tho here
S. Gpon moneys held abroad, i've per cent Of their
valrs February Ih ls6l st the place where the tax
Is assessed.
1864, alone, and payable, Except the agricultural prop
srty tax June I, 1854
TaIes on TEesms EEd Prefts
l. There are, in addition 20 the taxes OF 1855
tax Of ton per cent is levied upon almost every
species Of profits made BY buying and ssiug between
made liquors. agricultural produets cattle living
stock, manufactures merchandss IN gold, exchange
coin. stoeks bands notes credits, and an pro
erty or effects, (sweepiug wordS)
Arc proftB on cotton and tobacco included We
think ro thegs fems being taxed properly By
Oa the excess Of profits over twenty-five Per cent
by any Joint stock company, bank rsirosd, factory,
etc during The year 1861 tax ia levied Of twenty-five
These two taxes are payable now.
A Ike tax will number 9 is levied upon Joint stock
companies tor 1854 pay able July LIST, 1864
Exemptions.
/ For each hsad Of family 5000 for each miner
ced, sl00 more. and for each in the army, died
| in the service, $500 more.
. For each soldiers widow or family OF minors
sfO0O.
B. For each soldier in service or disabled 81 OoO pro
ydsd his property (not including furnursl Is leas than
Provision is made for deduction from value Of prop
/ erty injured by the enemy, or Of refugees.
5. Confederate bonds held for minors lunatcs
| exempt, II ths interest is less than 81 coo.
Such are he provisions Of the tax ect. We CONS
| nexi 70
The Funding Act.
The general effect Of this law Is to compel funding
! or submission to heavy taxation.
The holder Of currency may be either individual
bankor state section IL refers 20 the duties an
privileges OF Slate holding eagrsney section 10 3
these Of a bank.
East of the Mississippi.
Tho Individual holders Of ordinary Confederate real
uIy notes not bearing interest," Is affected follows
l. II hs holds 500 bills, non-ntersst bearing h
must fund said in four per cent. GoHfedsrzt
bonds described more fully heresfter} before April
1864, elsa pay then tax Of 33f per cent, and ol
| May l. 1861 smother AK of ten per cent, and Ol
monthly per cent, until the bill is absorbed IN DC
toner Afer April Ist the said taxes attach 70 the not
as If credits written thsrsou. The dots Is n
longer exchsnRssble for the Issue OF currency
hereafter describ q, but may be exchanged for fou
per cant bonds, sitter dsducting the taxes iue.
These provisions neeeesariy enfores the funding 0
500 bills.
2 The boIdsr- of SOS, 2os sni los must frnd sal
by April 1864, in four per cent. bonds or pa.
353 per cent taxation attaching 20 each bill BE cal
exchange the b 40 taxed for issue Of trsasur.
notes st the rate Of 50 Of for 50 Of old bills 0
four per cent call certificates at the psyab
call in the sEue, CT fodr per cent bonds hs
sso psy taxes postage and the ike at the same rstaE
On January l. 1865, however, tax Of hundred pc
exchanged.
3 The holder Of s. b Is must fund or exchange then
In like manner-the cate Of funding, hewsver, beiu
fhe 100 per cent tax. payable January 1, 1866, o.
bills not funded, does moi seem to apply, however
4. The holders of bills under 80 are NOS effected b,
the funding act So mueh for holders Of non-nteres
5. Holders Of T30 noles cannot use them longer 4
payment OF public dues They converted by the d
rect operation Of the act into bonds payable two ysAE
after peacs,
9. Holders Of call certificates arc governed by The
provisiOns hodsrs Of the currency into Whei
thsss convertible. II not converted interest VII
be peid two thids Of thsE face, after April l. 1861
aHd they continue convertible into treasury notes
the izsle al the rata Of two Of new for three dollar
Of old, Holders EuCh oertifCataf. under the
March 23d, 1883 (by section l receive this bond
| therein provided for.
So much for The d tiles of holdsrs TIE Ii dents
the issue Of Treasury notes are as follow;
They payable two years after peace and reeell
able for all public dues (sAeept export and impol
2 They are issued IN exchange for ola notes ony
! | the rate Of o. Of new for 80 Of old bills.
To prevent excess Of currency hereafter,
For SO Of old bills received Into the treasury Whsth
In exchanges for nsw Issue per cent bends CO
certificates, there may be issued from the treasury
Of notes The aggregate issns Of new uctes
therefore, persmptoriy restricted tO~two thirds OF Il
All forner laws authorizing the Issue CT treasury not
be ncidsnta Of the per cent bonds are as follow,
{ L Not being held Februsry II, 1864, they are n
, | taxed in 1864.
S EST, in payment of eli Govsrnment dues payable
I s. They are payable In twenty years. with interest
o January and July After this year II taxAton cont
ues the debt thus funded viii not be interest bss
. iDgEgainst the government
T. they are Tegistsrsd bOnds-not coupon bonds
and not negotiable by delivery, but only ~ tranfier
y | the books Of the Treasury Department.
d s. Until the bonds Esusd, certificates are give
Provision s made for advertisement, and for iners'
d ed number Of 6epositories
E, Hr Memmnger warns this people against beginnl
re too late and the risks OF being crowded out In
o meehanisal officially of getting the money counted
ID States holding treasury notes are allowed 20 ful
" them six per cent bonds by January ls 1865; tho
ir received into the State treasury prior 2 April