Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1864-03-08
THE TAX ACT.

Under section 1st, the value in Confederate
money OF all property, real, personal ana mix
ed. not exempted or otherwise taxed, Is taxed
Gvo per cent. The tax does not apply to the
year 1868, but is to be assessed as on the 18th
day OF February, 1864, and is payable on the
lst of June, 1864. From the amount Of this tax
on property employed in agriculture is to be
deducted the value of the tax in kind for 1864
delivered to the Government. But the tax in
kind for 1864 cannot be ascertained by the 1st
of June; therefore, We presume that the whole
amount of the 5 per cent, will be collected, and
when the tax in kinds delivered it will be paid
for. and thus become deduction from the a
mount of the tax of per cent provided that
all ofthe tax in kind, over and above the value
of per cent. upon the property, shall not be
paid for, but still remain a tax in kind. Sa
| By the second paragraph of this section, the
assessment of 1860 is to be taken as the as
sassnent for this five per cent tax, except where
uthe land, slaves cotton or tobacco have been
purchased since 1st january, 1852" The as
sessment in cases whore purchases have been
made since the 1st January, 1862, are to be made
at the price actually paid.
The oalue in Confedeate money of gold and
silver wares and plate, jewels, jewel;y aud
| watches, is taxed ten per cent.
Sec. 3D. The value in Confederate money OF
all shares or interests in banks, banking CONS
panies or associations, canal navigation, import
| ing and exporting, insurance, manufacturing,
1 telegraph. express railroads and dry dock COM
panies of every kind, whether Incorporated or
not, is taxed 5 per cent. This is q tax upon the
i ,n,,-ket value of these shares. 1t is not tax
upon their par value unless their par and mar.
! ket value are the same. This tax applies only
10 1864.
| Sec. Sd. By the first paragraph of this section
gold and silver coin, gold dust, gold or silver
bullion, by whomsoever held, is taxed 5 pei
cent-not. as we understood the law, in Confed
crate money, butJaue per cent Of tie gold ana
| sizueg. The word gaz4e, used previously through
ont the other sections of the law, cannotbe con-
strned as synonymous with the new word a..
n,os,pat now used in the first and second para
oranh Of the third section. This section takes
| ( per cent. of the 0nsoUnt-not OF the Vaiue o.
the amount, but of the kind--that ls, per cent
IN oold and silver of the gold and silver. but
.ren 80 monies held abroad the per cent. is TO
he assessed and collected at its g0lue 10 CoHted-
! crate money at the place where the tax is paid
!! The re-introduction OF the word "yalae" IN this
paragraph. and it's special and particular applicas
| tion therein to monies held abroad, precludes
the idea that the per cent. tax on gold and sill
YER coin, Or dust or bullion, is payable In Cons
federate money. 1t was no part OF the design
| of Congress to depreeiate Confederate currency
| by taxing it and property at a rate different
| from that of gold II man holding one thous-
| and dollars in Confederate notes is to pay hfty
dollars in Confederate money, while his neigh
Dor who holds one thousand dollars in gold pays
the same amount, the price of gold will soon
reach one hundred to one. 1t canr OF be presum'
ed that Congress designed any such runous de-
probation of the very currency to improve
which it was enacting an enormous tax law.
| Five per cent. of the substance, of the sum o
the thing taxed. The Secretary Of the Treasu
ry shonid issue instructions to assessors to assess
cold in gold, and to bis collectors to collect the
| tax on gold in gold. This will pay into the
i Treasury FIVE per cent. OF all the gold and sn
Il yer in the Confederate States.
L Sec. 4th. Upon profits The per cent upoI
1 profits made from buying and selling certain
4 enumerated articles, at any time between Is
| January, 1868, and 1st January 1865, IN add
i ti0u to the tax upon profits levied by the ac
/ of April %, 1868. And also ten per cent. in ad
diton to the tax levied by the act OF April 24th
I 1863, upon the profits derived from buyinl
/ and selling money, gold, silver, &C., &c.
l incorporated companies, or companies no
/ incorporated, pay 25 per cent. of the excess 9
i pa ofts over 25 per cent. OF the prohts, mad
Il during the years 1868 and 1864. That of tn
4 wear 1905 Is 10 O9 aS5eSSeu luuculn1clJ, al
that for the year 1864 to be assessed neat yea
1 The exemptions need no explanation.
| Section 9th provides for the reduction of taz
alton Oh property injured by the enemy.
Section 9TH provides for the suspension, du
lring the year 1854, OF SO much of the tax act
1853 as taxes incomes derived from property
, effects, on the amount or value of which ts
: is levied by this act RsehaeAd Enquirer.