Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-05-24

ignorant but 1t appears TO us that the following
extract, which we make from the New York Jour-
nal Of Commerce, is entitled to some weight:
For the Journal of Commerce.
| INCOME TAX
Messrs. Editors Il have great faith in your judgment
in business affairs, and will be doing favor to and
doubt to thousands of Others if will give your
| opinion on the following
When makes up his statement for the internal
an hn T ba s o his 1 ms
rents &c, after deducng his losses and the legal
empons. But the assessors arrange 1t Ill different
way.
For instance, aman's income from the above sources
may be $100 600 but he may have lost SO 900 Ships
steamboats, or some other property The assessors will
permit him to deduct that loss from profit if he had
from ships steamboats, &C., and from nothing else
but they will compel him to pay tax the $4,000 which
he received from other sources.
that man should be Compelled to pay $4,000 as
above; when every dollar of that income and perhaps
twice much has been wiped out by losses in other
tiers during the same year. N.
Reply0We do not believe that profits in one
branch of business can properly be reckoned as
net income if there have been actual losses in an
other branch to offset it. The income to be taxed
is the actual gain of the individual for the year,
subject to the legal exemptions, and no one should
feel bound to return more than an honest state
ment of this total
If the Tax Collector for this District has differ
ent Instructions we have no doubt he will favor
the people with the through the columns of
this paper.
Trial OF MI. Davis.
fIorA" the Washington correspondent of the
Baltimore Sun, says that the trial of Jefferson Da-
Wis before the United States Circuit Court in Vir
ginia is considered as settled, but Chief Justice
Chase has not yet signited his intention to hold
the Court for this or any other purpose. The Ju-
dietary Committee of the House are now directing
their attention to the grounds presented to them
upon which the charge of treason, not of conspi-
racy ard for assassination, Is founded, and the
Chief Justice may await their final report. The
President will, no doubt, remove the chief obsta-
cles which the Chief Justice indicated as prevent
ing him from trying criminal case IN Virginia
He must certainly withdraw martial law from the
State before Justice Chase will consent to hold
Court for Mr.. Davis trial This has not yet been
DONE but it is thought that it will be.
The Just passed to facilitate the trial at Rich
mond authorizes a special term to be held, we'll
as the regular terms in May and October. II the
Chief Justice determines to hold the court and try
Jefferson Davis for treason it will not be early
as June, as some have supposed ; other engage
ments will prevent it. The jurors cannot be ia
ken from West Virginia, as has been stated in
some quarters Of course not, as the district IN
which the alleged overt act was committed does
not and did not at the time of its alleged commit
ment, embrace West Virginia. The accused will
have the usual right of peremptory challenge as
we'll as Directing for cause No one believes that
jury is likely to be empanneled at Richmond
that will agree. disagreement, and possibly
new trial with like result is all that will come of
it. Therefore the radicals opposed to trial
for treason by civil court in Virginia. Senator
Sumner is not alone in declaring it to be farce.
"The public look with interest for Mr.. Fessen-
denis expected explanation of the new reconstruc-
ton scheme tomorrow. We shall whether
MIR Stevens correctly represented the joint COM
mittee in the statement that the proposed amend
ment requires only the ratification of nineteen
States