Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1864-02-26
BY TYLER & ALLEGEE
FRIDAY MORNING, FEBRUARY &c, 1864
THE TAX

to the year 1863, hut ia to be assessed es O:
the 18th day Of February, 1864, and is par"
BILE on the lss Of June, 1864. From the
amount Of this tax on property employed n
agriculture iseo be deducted the value OF 'ht
tax in kind for 1864 delivered 10 tho GoFesn-
msat. But the tax in kind Cor 1864 cann1'
be ascersained by the lst of June; therefor
We presume that the whole amount OF the
psr cent. will be collected, and whom the ia,
in kind is delivered it will be paid Cor, AID
thus become a deduction from the amount Of
the tax Of per cent.;-provided that all Of the
tax in kind, over and above the value of
per cent. upon the property, shall not be paid
for, but still remain q tax in kind.
By the second paragraph of this section, the
assessment of 1860 is to DO taken as the as
ssssmsnt for this FIVE per cent. tax, e1cep'
where "tho land, slaves, cotton or tobacco
have been purchased since let J~araary.
1862" The assessment in cases where rur-
chases have been made since the LIST January,
1862, IRE to DO m1ae at the r.iee ACTUALLY
paid.
The r:lue in Confederate money CT eVideni
silver wares and plate. jewels, jewelry AZ
watches, is taxed ten per cent.
Sec. I'd. The valIs in Confederate money o.
all shares or interests in banks, banking conn
panies or associations, canal, navigation, i'm
porting and exporting, insurance, manufactu-
ring, telegraph, express, railroads and d.y
dock companies, Of every ki9l, whether in.
corporated or not, is taxed 5 per cent. This
is q tax upon the market value of these shares.
Itisenot 8 tax upon their par value unless
their par and market value ore the same. This
ts1 applies only to 1864.
Ssc. Sd. By the frat paragraph Of this sac
ton gold aad silver coin, gold dust, gold Or
silver bullion, By whomsoever held, is tszel )
per cens-nos, as we understand the Law, ia
Confederate money, but IRE pr ceat Of IL:
gold and silrsr. The word r1lue, used pre-
viously throughout the other sections Of the
law, snnot bs construed as synonymous with
the new wcrd amount, now used il the hc",
and second paragraphs Of the third section
This section takes 5 per cent. o. tho amount-
not of the value of the-anoant, bat Of the
kipd-thss is, S per cent. in gold and s!iyt-
of the gold and silver. Blu. uron monies heli
abroad the S per cent. is TO BE- assessed az
collected at its rdlue in Confederate money n,
the place where the tax il paid. The re ia
PRODUCTION Of the word value" in this para
graph, and is special and particular applica-
ton therein to monies held abroad, preoludos
the idea that the 5 per cent. tax on gold ana
silver coin, or dust or bullion, is payable in
Confederate money. Il was no part Of the
design Of Congress to depreciats Confea-
crate currency by taxing it and pro.
perty ut q rate different: from that O!
gold. If o man holding ono thousand do
lars in Confederate notes is to pay fifty doh
lar. in Confederate money, while bis neigh
Dor who holds one thousand dollars in COLA
pays the same amount, the price Of god VII.
soon reach one hundred to one. It cannas be
presumed that Congress designed any su:'
~ruinous depreciation of the very currency 10
improve which it was onacting al enormous
tax law.
Five per cent Of tho amount is Ave Pc. cent
of the substance, of the sum OF tho thing
taxed. The Secretary Of the Treasury should
issue instructions to assessors to assess gold
in gold, and to his collectors to ~co!le;s the ;ay
on goldin gold. This will pay into the Tr,a-
sury five per cent. Of all the gold AL silva:
in the Confederate States.
Sec. 4th. Upon profts:-Ten per ceot upon
profits made from buying and selling certain
enumerated articles, at any time between Is.
January, 1853, and Let january, 1865, in addi-
ton to the tax upon profits levied by the act o.
April q, 1868. And also ten per cent. in add
ton to the tax levied by the act of April e4:h,
1863, upon tho profits derived from huyiHg
aud selling money, gold, silver, &c., &c.
Incorporated companies. or companies not
incorporated, pay IS per cent. Of the excess OF
profits over 25 per cent. of the profits, made
during the years 1863 and 1864. That Of the
year 1853 is to DO assessed Immediately, and
that for the ycsr 1864 70 be assessed next
year. =
The exemptions need no explanation.
Section 9th provides for the reduction Of
taxation on property injured by tho enemy.
Section 7th provides for tho suspension, du.
ring the year 1864, of SO much Of the tax ac'
of 1863 as taxes incomes derived from pro
perty or effects, on the amount or value Of
which a tax is levied by this act.
Such are the principal features Of the tax
act entrusted to Mr.. Memminger for execu.
ton. Its three distinctive subjects are "~value,'
amount and profits" Property is taxed
en- the =G.se; tho p~soci6as 4aeeais- and other
things issued as currency is taxed on the
amount: trade and business on pretts. Thia
division into ~'value, amount" and profits"
is net accidental. Value and profits being es.
timated in Confederate currency are assessed
in that currency, but at different ratcs-.the
one at Eve and the other ct ten and twenty
FIVE per cent; but gold and silver are no: cs-
timated in Confederate currency, but are taxed
Ave per cent. on awount-that IL To say, Eve
per cent. in gold and silver. The reason for
this distinction between gold and silver and
other property is, because they measure the
depreciation Of Confederate notes. The tax
act enters as much into the plan Of the
Congress for the appreciation of Confederate
notes as it does for the common defence and
support Of the Government, and any con-
struotion that does not tend to the sppreci.
stion of treasury notes is erroneous and
should be avoided.
To c~onstrue the tex upon gold and silver to
mean five per cent. in Confederate money
upon the am!ant Of gold and silver, viii be to
encourage the depreciation gf the notes. II
,alue is to be lugged into the tax on gold and
...~ tba e,seasment sbould he made in cold