The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-03-22
THE FINANCIAL SYSTEM EMBODIED
IN TEE TAX AND FUNDING ACTS.
From the Richmond ENQUIRER

From the Richmond Enquirer.
be studied in connection. They will be best un-
derstood by an explanation of the practical duties
of the tax payer and Gu -ency holder under each.
THE TAX ACT of February II, 1864. :,
| This act is additional to the act of April "A,
| 1868, which it also modies. aud in some respects
repeals. The duration of the act is for the yea,
/ 1864, alone; though it imposes retrospective tax
upon certain profits of 1868 It's operation is
through the same machinery with the old law. 1t
| imposes taxes,
/. Upon Proper,y.-Upon the value of all pro-
perty, unless specifically taxed otherwise,) held
February, II 1864 and assessed at it's value ia the
year 1860, is levied tax of five per cent, payable
| June /, 1864.
The list of ofexcmptions will be seen below; also
the property taxed otherwise by the act. Mer-
chandise is not included in this tax.
Embraced in the tax are land, negroes, horses,
mules, cattle, and all live stock plantations
also, plantation tools, instruments and provisions
of every description, constituting the whole agr-
cultural property of the country.
2. Houses aud lots. furniture, books, household
and kitchen utensils and provisions, and all sorts
of supplies, constituting real estate aud establish
ments in cities and towns.
8 Cotton and tobacco, (held as an Investment
not as merchandise-so we construe the law and,
in general, all property bot named in the remain
Ing items of the act
If the land, negroes, cotton or tobacco were pur-
chased after July l, 1862, they are valued at the
price paid for them.
From the tax on the value of property employed
in agriculture, is deducted the value of the tthes
delivered the Government; provided, that if the
in kind should exceed the FIVE per cent, tax :,
.he whole 1.-THE is to be paid, nevertheless.
This is due and to he collected on lst June
1864, or as soon thereafter practicable.
question of Importance occurs here, VIZ =
whether the tax agricultural property is to be
paid in advance, and the value OF the tithes re-
funded from time to time, or whether the tithe is
to be first delivered, aud the ascertained residue
to be paid We think the latter the correct mode
for reasons to be hereafter given.
2. On the value of gold and silver wares, plate,
jewelry and watches-assessed at the same rate,
viz /: of the year 1860, ten per cent
5 On the value Of shares in any bank, railroad
company, or other joint stock pany-assessed'
not its value in 1860, but at it's value February
II, 1864, tax of five per cent.
4. Upon the amount of gold and silver coin,
gold dust, gold or silver bullion aud upon the
amount of all bills of exchange on foreign
tries, tax OF D per cent. Also, upon the amount
of solvent credits, bank bills and currency (unless
such credits used in registered business, the
profits of which are taxed, and except also, non
interest bearing Confederate money tax OF five
per cent.
This tax includes notes, accounts, Except mer-
camille or others used in taxed business bonds,
whether State, Corporation or Confederate; also
7.3O notes. Query-Does it include call certif-
Gates We think not, they being regarded the
currency they represent. 1t is not clear, however.
An important question arises whether this tax
is payable in currency or in KIND? i whether
five per cent of the actual gold coin, for example,
is to be paid? We incline to the affirmative opin-
ion, for the reasons hereafter given
Upon moneys held abroad, five per cent of their
Ualue February II, 1864, at the place where the
tax is assessed
The foregoing taxes are all applicable to the
year 1864, alone, and payable, Except the agri-
cultural property tax,) June l, 1864.
Tares on Income and Profts.
l. There are, in addition to the taxes of 1868
tax OF ten per cent is levied upon almost every
species of profits made by buying and selling be-
tween July l, 1868 aud July l, 1865, viz: Upon
the profits made on liquors. agricultural products,
cattle or live stock, manufactures, or merchandise
in gold, exchange, coin, stocks, bonds, notes or
Credits and on any PROPERTY OR. EFFECTS (sweep-
ing words
Are profits on cotton and tobacco included
We think not, these items being taxed as property
Dy sectlou l..
2. On the excess of profits twenty-f five per
cent by any joint stock company, bauk, railroad,
factory, &c, during the year 1868, tax is levied
of twenty-five per cent.
These two taxes payable noac.
A like tax with number 2 is levied upon joint
stock companies for 1864. payable July l, 1865,
Exemptions.
l. For each head of family, $500; for each mi
nor child, 500 more, and for each son n the
army or died in the service, $500 more.
2 For each soldiers widow or family of minors,
81 900
3 For each soldier in service or disabled,
81 O0O provided his property (uot including furni-
ture) is less than 81 600
4 Provision is made for deduction from value
of property injured by the enemy, or Of refugees
s. Confederate bonds held for minors or lunatics
are exempt. if the interest is less than 81 900.
Such are the provisions of the tax act.
THE FUNDING ACT
The general effect of this law is to compel fund
ing, or submission to heavy taxation.
The holder of currency may be either an lndl-
vidual bank a State Section II refers to
the duties and privileges of State holding cur
rencv; section 10 to those of bank.
East Of Ute Mississippi.
The indiuilaat Aolder of ordinary Confederate
treasury notes not bearing interest is affected
follows:
I. If he holds Sl0O bills, non-interest bearing,
he must fund said notes In four per cent Confed-
crate bonds described more fully heresfter before
Anr;i 1854 or else paw then tax OF 33t per