The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1865-04-04

associations and joint stock companies; Provided,
That no bank or banking company shall be liable
to pay tax on deposits of money to the credit Of
and subject to the checks of Others and provided
further That the stock shares representing pro-
pery or assets in corporations. associations joint
stock companies shall not be assessed or taxed as
property under this act; but the dividends derived
therefrom shall be subject to be taxed as income
under existing laws.
II. Upon the amount of all gold and silver coin
and upon the amount of all moneys held abroad or
bills OF exchange drawn therefor, promissory notes
rights credits and securities, payable in foreign
countries, and upon the value of all gold dust OF
gold and silver bullion valued in specie twenty per
cent; and upon the value of gold and silver
plates. jewels, jewery and watches, valued on the
basis of the value of such property in the year 1861
ten per cent.
Ill. Upon the amount of all moneys, except those
mentioned in paragraph two, bank bills, treasury
notes and other paper issued as currency, on hand
deposit the day of the approval of this act
five per cent.
". Upon the amount of all solvent credits, ex-
cept those mentioned in paragraph two, five per
cent: Provided, That all the bonds and stocks
issued by the confederate States or by any State,
and all loans to the confederate States, shall be
empt from taxation, except as to the interest pay
able thereon. which shall be taxed as income under
existing laws; Provided further, That the interest
the bonds, stocks obligations Of the confeder-
ate States of any State, shall not be taxed as
income in cases where the acts under which they
issued contain stipulation that the interest
thereon shall be exempt from taxation.
V. Upon profits made by buying and selling mer-
chandise, effects, or property of any description,
money, gold, silver, stocks credits obligations
of any kind at any time between January 1st 1865,
and January 1st, 1866 ten per cent, in addition
the tax such profits income Said profits to
be ascertaned by the difference between the price
paid in confederate treasury notes, including all
costs and charges, and the price realized in the
same currency; Provided, That if the objects of
sale were purchased at any time since January 1st
1868, this additional tax shall attach on the profits
realized the sale thereof during the year 1865.
vi. Upon the amount of profits exceeding twenty
five .per cent made during the year 1865 by any
bank or banking company, insurance. canal navi-
CATION. importing exporting, telegraph, express
railroad manufacturing, mining dry dock, or other
joint stock company, of any description whether
incorporated OF not twenty-five per cent; Provided
That this tax shall apply to individuals and part
nerships engaged in trade or in any business
ployment enumerated in this paragraph, well
to corporations Joint stock companies. Provided
further, That individuals and partnerships who
have not been assessed, or who have not paid for
the year 1864, the tax of twenty five per cent i'm
posed on the excess of profits twenty-five per
cent for that year. shall be assessed and required to
pay during the year 1865, twenty five per cent on
the of profits, twenty five per cent,
realized during the year 1864.
Sec. 2 The property, the income and monies of
hospitals, asylums churches, schools, colleges and
ton under the provisions Of this act, any other
law. All property within the lines of the enemy
shall be exempt from taxation, long it remains
within such lines; but income derived therefrom
shall be taxed as income under existing laws. The
exemptions enumerated in paragraphs one, two and
three, of section five of the act, entitled San act to
levy additional taxes for the common defence and
support of the government" approved 18th Feb,
1864, hereby enacted: household furniture,
when the value does not exceed three hundred dol
La tha hast IF tba vain in tt,a
1861, wearing apparel, goods manufactured by any
person for the and consumption of his family,
including slaves, poultry, fruit and the products of
gardens, when said poultry, fruit and products
raised for the family of the producer, and not for
sale, corn, bacon and other agricultural products,
which were produced i'll the year 1864, and neces-
sary for the tax payers family, including slaves,
during the present year. and in his possession
the day ofapproval of this act, shall be exempt from
taxatio1f
Sec. g. That the taxes on property for the year.
1865, imposed by this act, shall be assessed on
the day of the passage of this act, and be due and
collected on the LIST day of June next, or as soon
thereafter practicable. The additional taxes
profits for the year 1865 shall be assessed and col
lected according to the provisions of existing laws
in regard to the assessment and collection of taxes
on incomes, and all the taxes imposed by this act.
well as the taxes on incomes and profits and the
specific tax, and taxes sales. shall be payable in
confederate treasury notes, of the issue, or in
certificates of Indebtedness authorized by act
entitled ian act to reduce the currency and to
thorize new issue of notes and bonds," approved
February 17th 1864 at par, without any allowance
for interest: Provided, That at least one-half of
said taxes shall be paid in treasury notes afore
said, and, provided further, That the tax for the
increased pay Of soldiers shall be paid in confeder
ate treasury notes. of the new issue. only. And it
is hereby enacted that the certificates of indebted
ness, authorized by the said act of February 18th,
1864, may be issued for debts contracted prior to
the passage of said act. And the Agent of the
Treasury of the Trans Mississippi Department, be
and he is hereby authorized to issue, under regula-
tons be prescribed by the Secretary of the Treas
ury the certificates of indebtedness provided for in
said act of February 17th 1864 for debts contracted
prior subsequent to the passage of said act in
the Trans Mississippi Department. aud that all the
certificates above mentioned shall be received in
of said taxes, in like manner and to the
same extent the certificates originally authorized
by the said act of 18th February, 1864, subject to
the provisions above mentioned.
Sec. 4. That upon all the subjects of taxation
mentioned in this act and the act approved 18th
1864 entitled ian act to amend an act
entitled an act to lay taxes for the common defence
and carry on the Government of the confederate
States" approved 24th April, 1863, there shall be
levied and assessed for the year 1865, additional
tax in money, equal to eighth of the amount of
the tax the subjects, imposed for the year
1865 by this act and the said act of 18th February,
1861 which tax shall be payable in confederate
treasury notes, of the issue, only and shall be
assessed and collected at the same time with the
other taxes and the money arising therefrom shall
be first appropriated to the payment of the increased
of the soldiers of the army; Provided,
That this additional tax shall not be construed to
aDply to or to increase the tax in kind.
Sec. 5. Any tax payer, under regulations to be !