Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-26
THE TAX LAW.
The Revenue Law as passed by the
General Assembly, is as follows:
bill to be entitled /" An act to sustain the erel
of the State and 20 amend the revenue laws Of

of the State and 20 amend the revenue laws /,
the State, and for other purposes"
Section l. Be it enacted by the Gen
eral Assembly of the State of Tennessee
That from and after the passage O
this act all real estate other than sue
as is property exempted from taxation
by section 542 of the Code; ais
all personal property to-wi.: Stations
mares, geidings, mules, jacks, jennets
neat cattle, sheep and hogs, exceeding il
value the sum of one thousand dollars
also all moneys secured by mortgage O.
deed of trust, money in actual or con
structive possession, money due from
solvent debtors, whether by bond, bill
single, promissOry notes or judgments
also all articles of agreement for the pay.
ment of money or accounts on solvent
parties, bearing interest, owned or pos.
sessed by any person or persons what.
soever, except notes or bills for work and
labor done; also all shares of stock in any
bank, institution or company now OF
hereafter incorporated by or in pursuance
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 expressly exempt from
| taxation; all incomes from bonds and
stocks which are exempted from taxation
by the laws of the United States or of the
State of Tennessee, and all money loaned
or invested at interest in this State.
or any other State. or Government,
including money of orphans, lega-
tees and distributes, under twenty
one years of age where the re-
sDectiYe amounts belonging to each lega-
tee or distributee are over $1,000; also
all household and kitchen furniture. IN
Guiding gold and silver plate, owned by
any person or persons, corporation or cor
porations, where the value thereof shall
exceed the sum of $500 also gold and
silver watches and jewelry, all pleasure
carriages and buggies of two or four
wheels, upon their actual value; all sala-
ries and emoluments or fees of office,
whenthe 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 be valued and assessed and
subject to taxation for all State and coun-
ty purposes.
Sec. 2. Be it further enacted. That
there shall be assessed and collected for
State purposes on the value of the prop
erty, enumerated above, and upon the
capital, as now defined by law, of all per-
sons engaged in trade, whether as mer-
chants, commission merchants, grocers,
dealers in liquors, or other occupation
looking to the purchase and sale of arti-
Giles for the use or benefit of the seller
or buyer, the sum of twenty cents on the
one hundred dollars of said property and
capital of all persons engaged in trade, so
assessed and valued; and the several tax
collectors of the State shall receive, in
payment of the tax so assessed and levied,
bank notes of the Bank of Tennessee,
not rendered void by the amended Con
stitution or laws of the State of Tennes-
see; coupons of the State of Tennessee,
due at the time offered in payment, on
the bonds Of the State of Tennessee; war
rants on the Treasury legally outstanding
in the hands of the person to whom issued
and unpaid, gold aad silver, United States
legal tender notes, and National Bank
notes.
Sec. 8. Be it further enacted, That
hereafter no private act of incorporation
IN this State shall have the force and
effect OF law, unless the incorporators
or persons asking and requiring the same
shall have paid into the Treasury of the
State the following sums:
On every charter of incorporation or
act extending or renewing the charter of
any bank, saving institution, safe deposit
company; insurance company, whether
fire, marine or life; iron, wood, manu- |
featuring, mining, cotton, wool, ware
housing, transportation or oil company,
telegraph, or steam vessel com
pany, the sum of fifty dollars; and all
other acts or charters of incorporation,
Of whatever kind or character, the sum
Of twenty-five dollars, other than incOr-
relating to churches and schools
)r charitable institutions, towns or cities.
Sec. 4. Be it further enacted, That the
of the Treasury, and the
Treasurer of the State, out of the money
n the treasury, shall first pay and satisfy
Ill variants issued for the purpose of
laying the current expenses of the eXecu-
i've, judicial or legislative departments of
he State, and on account of borrowed |
money, borrowed to supply the pressing
on the Treasury; then out of the
urplus in the treasury, pay and satisfy |
made to the Asylum for |
he Insane, the School for the Blind, and |
he School for the Deaf and Dumb, and |
be amount due to common schools, and |
by the General Assembly |
0 pay special claims, and the remainder
0 the satisfaction of coupons on the |
onds issued, known as the State debt |
roper, directly for the benefit of the |
tate, and such State bonds as are now
ue and falling due, known as the |
tate debt proper; and the remainder,
whenever the sum amounts to one hun
red thousand dollars, pro rata, toward |
he satisfaction of past due coupons on |
nc bonds of the State of any series is
1ed for the purpose of internal improve
lents-and upon the presentation of the
latUed coupon of the date amongst
7hich the distribution pro rata is to be |
lade, the Comptroller shall issue a war
ant for the pro rata, and new warrant
L 4,
AXE up and cancel the coupons SO taken
p as required bylaw, and continue to
lake such distribution as fast as one hun
red thousand dollars of surplus shall &C
rue, until the entire interest due on the |
onds at the time shall be fully paid
rovided, the interest falling due first |
hall be first paid and satisfied.
Sec. 5. Be it further enacted, That
rom and after the passage of this act, it
hall be the duty of the Comptroller of
he Treasury to furnish the Clerk of the
'Ounty Courts of this State, printed {
orms, in which shall be designated the
everal sources from whence revenue is to
C derived, together with the rate of taxa
on on polls, property and privileges, and
lso to the collectors of State revenue, the
Ost of preparing of which shall be paid
ut of the Treasury, on the warrant of
ne Comptroller.
Sec. 8. BE it further enacted, That the
of the Treasury shall keep
l his office, a true and correct '1nterest
-ccount, showing the amount of interest
ne semi-annually on the bonds of the
tate issued for any purpose, and shall
ause entries to be made on said account
Or every dollar paid on account of said
lterest, and coupon received and eau
elled as now provided by law; and in his
9port to the General Assembly, shall
tate the precise amount paid on interest
the number of coupons paid and
ancelled, and the number and amount
and not paid, so as TO furnish
satisfactory information as TO the condi-
on of State Indebtedness at the end Of
ach fiscal year.