Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1864-03-11
THE FINANCIAL. SYSTEM EMBODIED
in THE TAX AND FgNDINGAC1S.

be best understood by an explanation OF the
practical duties Of the tax payer and currency
holder under each. To begin with
e TAX ACT OF FEBRUARY II, 1864.
Thi. act is additional to the act Of April "a
1868, which it also modifes and in some re-
spects repeals. The duration ofthe act is fol
tho wear 1864, alone though it imposes a re-
prospective tar apon, Certain profits of 1863
I,s operation is through the same machinery
with tho old law. Il impeaestaIes,
/. Upsn Ptepaty.-Upon4tho value Of al
property, ~(unnless specinsaallyyta1e otherwise,
held February Ii, 1854, and assessed at its
value in the year 1896, Is Ierisd a tax of Ave
psr cent, payable JunS1 ,1s64.
The list Of exemptions Will be seen below
also the property taxed otherwise by the act.
Merchandise is not included in this tax.
Bubraeed in the tax are land, negroes,
horses, mules, cattle, and all live stock on
plantations; also, plantation tools, instru-
ments and provisionso of every description, COZ
shutting tho whole agricultural property Ct
the country.
q Houses and l>ts. furniture, books. house.
hold and kitchen utensils and provisions, and
all sorts of supplies, constituting real estate
and establishments in cities and towns
8. Cotton and tobacco, (held as al invest
ueus-not as merchandise-so we cons.rue
the lav.) and, in general, all property NOS
named in the remaining items Of the act.
IF the land, negroes, cotton or tobacco were
purchased after July /, 1862, they are valued
at the price paid for them.
From the tax on the value Of property en-
ployed in agriculture, is deducted the value OF
the .ithes delivered to the Government pro-
rided, that il the tax in kind should exceed
the Ave per cent. tax. tho whole tithe is ts be
paid, nevertheless.
This tax is due and to be collected on 1T
Juno, 1861, or as soon thereafter as p.actica
bic. A question Of some Importance occurs
here, viz :-whether the tax on agricultural
property is to be paid in advance, and tho
value Of the tithes refunded from time to time,
or whether the tishe is to he first delivered,
and tho .sccrtainci residue to DO paid We
think tho latter the correct In0do, for reasons
to be hereafter given.
Q. On fbc value Of gold and silver wares.
plate, Jewels, ~.jawslry and watches-asaessed
at the same rate, VIZ of the year lSGO. ten
per cent.
8. On the value o fsha7es in any bank, rail-
road company, or other jeiut stock company
ass assed not at its value in 1860, but Ut its
value February II, 1851, z tax OF five per
cent.
4. Upon the an,ou VI Of gold and silver coin,
gold dust. geld Or silver bullion, and upon the
amount Of all BILLS Of exchange on foreign
countries, q tax Of hve per cent. Also, upon
the amount OF solvent credits, bank bills and
currency, ~(unless such credits are nsed in Il
registered business, the profits of which arc
taxed, and eIcsp4 also, non-interest bearing
Confederate money! a tsx Of five per cont.
This tay ineld1es notes. accounts, Except
mercantile or othera used in taxed business
bonds, whether State, Corporation or Confed-
crate also, 40 notes. Qasy-Does it ir-
clui e call csrtifnates' We think not, they
being regarded as the currency they represent
II is not clear, however.
An important question arises, whether his
tax is payable in currency or in lind q? {.
whether i've per cont. Of the actual gold coin,
for example, is TO bo paid7 We incline to the
affirmative opinion, for the reasons hereafter
given. .
5. Upon mosoys held abroad, five per cent
of their eslu>, February II, 1861, at the place
where the TAX Is SsseeSstt.
The foregoing taxes are all applicable to
tn. year 1854, alone. and payable, ~(e1cspt
the agricultural property tax,) Jare i, lsGE
riyss on iScsyE ANB rRoFITs.
1868:
A ia, OF ZEN par cent. is levi,d upon almost
every species Of profit. made by buying and
selling setueen July l, 1869, aud July /,
1885, viz: Upon the profits made on liquors,
products, cattle Or livestock, man
ufaotures, OF merchandise in gold, exchange,
.,ia, stocks, bonds, notes or CREDITS, and On any
PROPERTY OK rrFrcrs (swseping wordsl.
Are profits on cotton and tobacco included u? |
We think not. thas. itens boing taxed as pre- |
psty by section l.
2.,On shs excess Of proits OYER twenty-five
DIR cent. By any jsins stock company. bank,
-ailrsad, factery =, DO, during the year 1868, a
Al is levied OF twenty-five per cent.
These r1o taxes are payable nou.
A like tax With number 9 is levied upoa
ioint stsck comrssies for 1854, payable July
/, 1865.
|. For sach head Of fami'c, $500 for each
child, 500 moro, and for each son in |
tho army or died in the service, $500 more.
2. For each soldiers widow or family Of
$1,000.
8. For each soldier in service or disabled,
b, 900, provided his property (not including |
urniture) i. less than $1,000.
4. Provision il nlsde for deduction from val, !
10 Of property injured by the enemy, or Of
.sfugees>
III, sxentpt,if Ns interest 10 less than
Il, go.
sach are the provisions Of chs tax act. We
come next 10
TIE ryEtIHs ACT.
The general effect Of this law is to oonpel |,
'anding, or submission to.heavy taxation.
The ho!4er Of currency may 90 eishcr an
Individual, q bsnk or . State. Ssctian II re- |
;srs to the duties aud privileges Of a State
currency; section 10 to those of n
osnk.
EAST or TEE Alss1ssrppI.
The s"dirtd'o' holder Of ordinary Confade.
ate treasury notes NOT fearing interest is %
/. II he holds $50 bills, non. interest bear.
ne, he must Q said notes in fur per cent.
confederate o. ads described more fully here
tier! os'or' April l, lS64ror else paw then a
1ot o's per cent, and on May !, 1854, snoth.
: tax OF 10 per cent, and soon monthly III
er . ,nt., until. the bill is absorbed in October.
y or April Grst the said taxes attach t. the
note 81 If credits were written thereon, The
note i. ne longer receivable Tor public dues,
md 70 longer eschangeable for the nav issue
currency hereafter described, hut may bs
exchanged for four per cent. bonds after de-
the taxes due.
These provisions necessarily enforce the
.undias Of 500 bills.
2. The holder Of SOS, EOS and los must
aust fund said notes by April, 1864, in four
,or ssns. bonds. or pay 33t par cent taxation
attaching to each bill. BE can exchange the
Jill 40 taxed for q ner issue of treasury notes
): the rate of So of new for S. Of old bills, or
Dr. four per cont. oAl certificates, at the same
.se, payable on call in the new issue, or four
.,r sent bonds; he can also pay taxes, post
70 and the like at the anne rate. On January
1865, However, q tax Of one hundred per