Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1865-02-08

sixty including the specific taxes and all taxes
on sales duringitse year eighteen hundred aud sixty
five, whether made before or after the passage of
tins Act, and not expressly excepted or otherwise
provided by this Act which tax shall be payable ia
Confederate Treasury notes Of fine new issue u par,
or in the certificates of Indebtedness authorized by
Gan Act 10 reduce the currency and authorize
new issue of notes and h0ndS," approved February
seventeenth, eighteen hundred and sixty four at the
rate OF one hundred aud i've dollars tor every one
hundred dollars of said certificates; but without
any allowance for interest; and the same shall be
collected at the same times With the other taxes on
the same subjects under existing laws. And where
any tax for 1865 has been collected prior 10 the pas
sage OF this Act, the one hundred per cent add
ti0nal tax thereon shall be collected as soon as
practicable after It's passage.
Sec ? That the proyisos TO the first paragraph Of
the drst section OF the Act passed the fourteenth
day of June, eighteen hundred and sixty-four en-
titled ..An Act to- amend the tax laws" and the
second paragraph Of the eighth section of the said
act be and the same are hereby repealed; saving,
however ID all persons, all rights heretofore accrued
to them by virtue OF the same.
Sec. 3. In the year 1865, and N each succeeding
wear thereafter during the continuance OF the ex'
lsting war between the United States and the Con-
ederate States, there shall be levied and collected
the taX-in-kind on the products Of property EN-
ployed in agriculture as now provided by law, with
out deduction or abatement from the assessed tax
ON the property so employed.
Sec. A. In and for the year 1865 there shall, IN
stead Of the income tax now provided by law, be
levied and collected tax OF twenty per cent on
the gross amount of all incomes derived from pro-
perty other than that employed in agriculture, or
derived from Any source or subject from which
tax on income is now provided by law the said tax
10 be levied and collected according 10 the assess
ments thereof required by existing laws.
Sec. D. That upon the failure Of any person, CO
partnership, Joint stock company, corporation or
any other association of persons, to pay the taxes
levied by this Act, at such times and places as the
collector NAV prescribe by public notice, such per
sons, copartnerships, joint stock companies, cor
porations or associations OF persons shall be deemed
'eld held as defaulters and shall pay penalty of
ten per cent. upon the amount OF tax que, ana DC
subject to all the provisions OF existing laws au-
thorizng the seizure aud sale OF property for non
payment of taxes.
Sec. 6. II any State shall elect TO pay the taxes
imposed by this Act upon its citizens notice there
OF must be given to the Secretary of the Treasury
on or before the lSt Of April next, whereup0n he
shall estimate the probable sum OF the tax for the
State so applying and notify the Governor thereof,
and upon the payment OF not less than three
icurths Of the sum estimated being made on or
before the lst Of june 1868 it shall be the duty OF
the Secretary OF the Treasury TO instruct the tax
collectors in the State SO making payment TO sus
pend the collection of the taxes imposed by this
Act And when the full returns shall have beenre-
ceiyel and the true OF the tax ascertaned, then
the husl settlement with the State shall be made
and the sum OF the remainder be collected, and
when paid the Secretary of the Treasury shall give
notice that the sah taxes have been fully paid and
discharged TO the tax collector of the said State.
uSoRlTY REPORT,
4 minority Of she Committee of.Ways and Means
reported. through Mr.. Anderson, OF Georgia, sub
stitute for the bill ofthe majority the main features
Of which are as follows
lst. \ tax of per cent. on every species Of pro-
pertv AZ its present value in Confederate Treasury
notes, except coin, foreign exchange and bank
notes.
2d. A tax Of 10 per cent. on the amount of all
COIN foreign exchange and bank notes, payable in
klud or in the coupons ofthe per cent non-taxabe
bonds hereafter TO be issued.
81 A tax OF 10 per cent. on all gross incomes
over $4,000 including one-tenth OF the gross income
Of farmers which last Is TO be paid in kind.
4th The tax in kind is TO be deducted from the
tax on property employed in agriculture, and the
tax on incomes, arising from property taxed, is to
be credited with the al yalorem tax paid on such
property.
The estimate is that this bill will raise $3.50 OOO,-
600 in money the tax in kind is valued at $3.50 OOO
900 making an aggregate Of $3.50, OOg, 900. 1t is
further estimated that the tax coin, foreign eX-
change and bank bills will enable the Government
to dispose Of slOO OOO 900 or $780, OOO 900 of its
bonds at premium Of 100 per cent-thus realizing
rom the sale Of bonds from $4,000 900 to
5000, OOO, 900.
This plan has been advocated, thus far, by Nessrs.
Anderson, OF Georgia, and Barksdale, of Msss-
sppi.
ANOTHER REPORT.
Mr. Russell of Va, proposed a substitute for
both bills lie holds that our present system Of cur
rency and finance nas become incapable of enabling
the Government 10 carry on the war His substi-
tute has the following points
/. A new currency based, not on the credit of
the Government, but cotton in hand and the tax
IN KIND. The amount OF the new currency (calied
.revenue bills) Is not to exceed $500, 100000 1t
is 10 be redecmable in Communication OF one-half of
the tax III kind and in cotton at = cents per pound
fifty cents being suggested. lt was estimated that
under the arrangements OF the BILL aud with skill
Gal management Of the Treasury, the revenue bills
sill circulate at about halfthe price OF specie or
two for one.
p An income tax on the existing scale of income
taxes but repeating the credit for the property tax
on the property from which income IS derived. This
tax is 70 be paid IN Treasury notes. but, after tn
revenue bills get into circulation, il may be paid in
revenue bills at fraction OF the amount payable IN
Treasury notes-say oue-twentieth. The income
taxes are estimated produce SIS 900 900 in Treas
airy notes.
3. A prperty tax Of - per cent IN Treasury notes
OF fraction-say onAiwenIieth-oft the amount II
pa.d in revenue bills The tax in Kind is 10 be
credited against the property tax on the whole
plantation and all ITS slaves. The property tax Is
estimated TO produce $50, 900 900 in Treasury notes
A. The tax in kind to be doubled, but half of it
to lie commutabe at the option OF the taxpayer, by
paying four-dfths Of its appraised value in reve
uue bills or times as much in treasury
notes.
;. The treasury notes to be eSchangeable at the
treasury Er revenue bills, at the rate of -
dollars OF the former for OF the latter-say
twenty Tor one.
e. Treasury notes T. be issued in sufficient
amount 10 paw or tie present hoating debt.
:. Property hereafter impressed to be paid for at
the usual market prices in revenue bills This pro-
vision il was insisted would make the whole scheme