Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-01-25
ACKNOWLEDGEMENTS gIsATS.
RICHMOND WHIG.
MONDAY MORNING. JAN. as, 1864.
priuate Cradits and Public Faxes.

The Confederate tax law OF 1908 IMPOSES nA VI
one per cent upon all credits and securities, provided
the holder will endorse upon them his willingness to re-
eeye Confederate notes in payment but should ne re-
ss to make such endorsement then his credits are 20
be taxed at higher rate" TIE law is Objectionable,
because Congress failed to prescribe sny limit to this
"hgher rate" and hecce the Secretary of The Treasury
was Left to guess at the intentions and wishes of Con-
gress The Constitution entrusts the great power OF
taxation 10 Congress alone and it is the duty OF Con-
gress TO decide what shall be the rate Of taxation upon
every species of property which is taxed. The COniti
tlon coafers no legislative power upon the Secretary
and however able and honest be may be- he should not
be permitted to adjust a0d decide the rate Of taxation
upon credits aud securities, or upon any kind of pro-
perty This duty should be discharged by Congress
alone and in language clear and plain to admit Of
doubt or controversy.
Toe tax BILL as a. first interpreted by the Secretary
Of the Treasury required that credits should be assessed
By the specie standard whenever the holder decnedae
ceiving Confederate notes in payment Such were the
insueto ns issued to the assessors by the Treasury
circular of the 6h Aug 1868. The assessors, in CON-
pance With these instruc IONS assessed credits with
tax Of nie per cent, Whentver the holder re-
fused TO endorse his willingness to receive Confederate
currency in payment. On the 24h August the Secre-
tary issued another circular revOkng the circular of
the 5h August. aud directing the assessors to assess
credits at the premium which they bore on the LIST July
last The language of this circular ambiguous, and
No uniform rate OF taxation prescribed upon credits
This confusion aAd embarrassment to be attributed
to the strange omission of Congress to fix the rate OF
taxation upon credits The bill should be amended
oh IN off ax ~
aud securities thaa upon horses CATTLE or other per-
sora property. 1t by taxing credits higher (han other
personal property whenever the holder refused pay
meut in Confediae notes Congress expected to arrest
the depreciation Of our currency time has proven that
the expectation was unfOunded and visionary. This
provision Of the tax bill was probably designed an
indirect attempt 10 make Confederate notes legal ten
der, by holding up taxation rod IN srorsm, over
al creditors who might hesitate about accepting Con-
federae notes in payment of debts Congress has no
Ascertaned and admitted power to pass 10 al tender
law and should not attempt to Go it by indirection.-
No legal tender law ever did will, arrest the
depreciation of paper currency.
In imposing taxes no disc limitation should be made
against the creditor class for the benefit Of another
cas- Taxes should be laid fairly, impartaiy and just
". No inducements should be offered to debtors to
deraud their creditors. The latter have evinced
desire 70 Cypress their debtors by calling FOR specie.
D.btors are now fully protected against oppression
since stay laws prevent TIE collection Of debts by egA
remedies. When debtors thus protected, and their
creditors are indugent why should credits and securi
tics be selected exclusively for taxation at any hgher
ratep than other personal property!
The tax is also Objectionable because requires every
creditor to exhibit his credits and securities the
ssssor, and to make an endorsement each Of the
EillDgness of the creditor to receive Confederate
notes This requisitiOn is despoc and inqaisloral l.
involves disclosure of private ars and debts equally
ndelca,e and unnecessary. No endorsement should Dc
required, and no bonds &c, should be exhibited. The
oath Of the taxpayer as TO the amount Of credits and
securities held by him Is al that ought to be required
by law
Tie tx law needs amendment in another respect
According TO the system of taxation adpted years
ago BY the Legislature OF Virginia, every taxpayer is
allowed to deduo. the amounI of his debts from bis
credits aud the net amount Of credits is listed for
avon This s correct principle, based upon justice,
and sanctioned by and sound reasoning.
B, the Oon'edeIae tax bill every taxpayer is required
to gay taxes upon tie whole of credits and secur
ties held by him, although he may owe debts amounting
to one.half or more Of his credits. This is unjust
and the injustice should be corrected before the sd-
jOurnment of Congress.
The people do not object to taxation; but they look to
Congress for an amendment. Of the present law. In
passing the last BILL Congress could hardly have
expected 10 commit aud make no mistake. The
tax bill should be made nearly perfect practicable.
Defects which have caused discOntent should be
promptly corrected and justice should be done to every
class Of society Errors should not be adhered to from
love of consistency from despair of being able to do
better. Congress should not sacrifice justice the
pride of consistency neglect duty from despair from
the love of ease or of Incidence.