New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-01-13

Tho direct tax was be assessed the value OF all
lands with their Improvements. A whole new - TEN
q machinery for the collection Of the invented
the tex being assessed and collected By officers Of the
United States. Zach State however. was allowed to
collect and pay It's quota Of the tax In its own way in
which case allowance Of een per cent on the quota
Of direct tax npportioned - the State Territory
was allowed. BY this act, also, an income tax was I'M
posed After January 1862 an Income tax OF three per
cent on the Of income $40 Of every person
residing in tie United States 10 be levied. IN case
this INCOME any portion Of II was derived from iqtr
est GA Treasury notes older United States securi-
ties the tax was TO be but and half per cent On
such income or portion Of It; It was TO b. moreover
FIVE per cent on income &c. derived from property IN
the United States by citizens residing abroad with tie
same exception as in the per cent tax. This income
Tux was repealed by the Internal Revenue Act OF July
], 1862.
On the same day, August s, 1861, the President up
proved an sctsnppcmeuta TO the loan act Under It's
isons the Secretary Of TIE Treasury was author
lied to ssUs bonds bearing interest at SIX Per cent per
annum and payable at Tie p asuo ofthe United States
after tweuty years from date. The Secretary was Gu
tborizad either at the hnc of maturity bcfo to ex
hango these bonds fr the 40 notes, IL being splll
tod that 10 such BONDS ohoud BE- issuol for ioss s
Lln ssV, ana tLRt inc WLoe amount OF DuhuS hioha
not exceed T. whole amount Of 73O Treasury aotes
The Secretary was allowed 20 tel negotiate for any
Of the $50 900 osn authorized By the act Of
JLti7, 1861, bonds payable not more than 20 yetrs
from dttc and bearing interest not exceeding p1
cent pe' annum payable semi annually. at any gate no.
less than the equivalent Of par fer de boads bearing
pes cent irtcrcst This law authorized the issue Of G.
demand uotos and iaGdc tAe notes Gf cl deno-lina
lion tan 20 receivable for public does.
VIII ta.s &C. ended The financial measures passed
tie first sea sion Of the XXXYIIth CongIcss which hid
been called by Proclamation Of President Lincoln pr1
H. 1861. which began Jny 1861. and eldod August C.
lt6l Tie second session q this C0ngTc6s began Doeca
Dor lsO and ended July II. le62duIiny which period
large number Of the most important lave passed.
Of which were Of greater importance. However
than those relating 10 finance u was in this Interval
that cur tax system was devised not exactly IN The
form in which ii Is now in operation indeed but similar
in many particulars. NoS loan acts were passed. new
schemes adopted for raising money nov duties imposed
on foreign goodf imported. For By this time tue wa
had become gigantic. aud immense sums had become
necessary for Inc payment Of current expsnrcs.
Shortly aver assembling Congress revised Tho Talf
Is 50 far az the duties on tea coffee ana sugar Tere
concerned IN an aot approved December H. IeGi sui
Zee 10 20 say that on there articles tue dudos were
aTgey increased.
GA February - 1909, was approved An Act to
u,hoTiae m additional issue Of United States notes"
lie sccgelsr. vas AUTHORIZED " issHe. " addition 10