Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-02-28
STATE TAXATION.
A Text Of the New Revenue
LAVA Document for Tax
Payers.

synopsis from the Nashville Union
and american Of the new revenue
law. We give to-day the full text,
which the Nashville Banner, from
which we copy it, says it viii be seen
that, while the rate of taxation has
been reduced just one-haIf, the basis
OF taxation has been so enlarged that
the amount Of revenue derived there
from viii not fall far short OF that pro-
dUced under the late law. The fol-
lowing is the law in full:
4 bill to be entitled An act to sustain
the credit of the State and to amend
the revenue laws Of the State, and for
other purposes.
SECTION. !. BE II enacted 6y the
General assembly Of tie Stuts Of Ten
HeSe6, That from and after the passage
of this act all real estate other than
such as is property exempted from
taxation by section Ji2 Of the Code; also
all personal property ,tO-wit: Stations,
mares, geldings, mules, Jacks, iennets,
neat cattle, sheep and hogs, exceeding
in value the sum Of one thousand
dollars; also all moneys secured by
mortgage or deed OF trust, money in
actual or constructive possession,
money due from solvent debtors,
whether by bond, bill single, promis-
sorry notes or judgments; also all arti-
cles Of agreement for the payment of
money Or accounts on solvent parties,
bearing interest, owned or possessed
by any person or persons whatsoever,
except notes or bills for work and la
Dor done; also all shares Of stock in
any bank, institution accompany now
or hereafter incorporated by or in pUr-
suance of any law Of this State, or of
any other State; and all public bonds
or stocks whatsoever, other than
bonds of the United States, which, by
the laws Of the United States, are eX-
pressly exempt from taxation; all in
comes from bonds anC stocks
which are exempted from taxation
by the laws of the United States
or Of the State of Tennessee.
and ALE money loaned or invested at
interest in this State, or any other
Stated or Government, including money
Of orphans, legatees and distributes,
under tWenty-One years of age, where
AAAG AEENG1A4NG &LAADuAAo DLANlaElAAE 10
each iegatee or distribuUee are over
$1,000; also all household and kitchen
furniture, including gold and silver
plate, owned by any person or per-
sons. corporation or corporations,
where the value thereof shall exceed
the sum of five hundred dollars; also
gold and silver watches and jeWelry,
ali pleasure carriages or buggies Of
two or Jour wheels, upon their actual
all salaries and emOluments or
OF Office, when the amount exceeds
$500; together with all other sources
and property, real and personal,
now taxable by the laws of this State,
except what is exempted by this act,
shall De valued and assessed and sub
ject to taxation for all State and cOun-
~ purposes.
Sec. ,. Be 10 further enacted, That
there shall be assessed and collected
for State purposes Oh the value of the
property, enumerated above, and upon
the capital, as now defined by law, of
all persons engaged in trade, whether
A. merchants, commission merchants,
yrOcers, dealers in liquors, or other
occupation looking to the purchase
and sale Of articles for the use or ben
Eft Of the seller or buyer, the sum of
twenty cents on the one hundred dol
lars Of said property and capital Of all
persons engaged in trade, SO assessed
and valued; and the several tax-cOl-
of the State shall receive. in
payment of the tax SO assessed and
eVied, bank notes Ofthe Bank of Ten
lessee, not rendered void by fine
.mended Constitution or laws of the
of Tennessee; coupons of the
Of Tennessee, 1ue at the time
,fered in payment, on the bonds of
he State of Tennessee; warrants on
he Treasury legally outstanding in
he hands Of the person TO whom is
ued and unpaid, gold and silver, Uni
ed States legal tender notes, and Ma
ional Bank notes.
Sec. 3. BE IL FURTHER enacted, That
..ereafter no private act of incorpOra-
ion in this State shall have the force
nd effect Of a law, unless the ineor-
orators OF persons asking ana requir-
lg the same shall have paid into the !
of the State the following
ans: On every charter of %incorpora-
on or act extending or renewing the
of any bank, savings institu- c
on, safe deposit company, insurance Y
)mpany, whether fire, marine or 7
fe; iron, wood, manufacturing, mi '
cotton, wool, warehOusing. s
anspOrtatiOn or oil company, rail- a
telegraph, or steam vessel COM L
my, the sum Of fifty dollars; and all f
her acts or charters OF incorporation, Il