Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-02-17
THE UNION AND AMERICAN.
TAXATION.
An Important BIN Before the Legis-
nature

Section /. BE il enacted by the Genera
Assembly of the State of Tennessee
That from and after the passage Of thi
act. all real estate, other than such as j
held in trust for religious and school pur
poses also, all personal property, to-wit
Horses, mares, geldings, mules, jacks, jen
nets, neat cattle and hogs, exceeding The
value of one thousand dollars; also, money
in actual or constructive possession, all
moneys secured by mortgage or deeds OF
trust, money due from solvent debtors,
whether in bond, bill single, promissory
notes, or judgments; also, all articles OF
agreement for the payment of money and
accounts on solvent parties, bearing inter
est, owned or possessed by any person OF
persons whatsoever, except notes or bills
for work and labor done; also, all
shares of stock in any bank, institution or
company now or hereafter Incorporated by
orin pursuance of any law ofthis State, orof
eny other State; and all public bonds or
&pcks whatsoever, other than bonds of
he United States, which by The laws of
he United States are expressly exempt
from taxation; and all money loaned or
invested at interest in this State, or any
other State or Government, including
money of orphans, legatees, and distribu-
tees under twenty-One years, and where
the amount exceeds one thousand dollars
each; also, all household furniture, in
Guiding gold and silver plate, gold and
silver watches and jewelry, owned by any
person or persons, corporation or corpo-
ratiOns, where the value thereof shall ex-
coed the sum of five hundred dollars; also,
all pleasure carriages, of two or four
wheels, upon their actual value; all sala-
ries and emoluments of Office over and
above five hundred dollars; together with
all other sources and property, and things
now taxable by the laws of this State
shall be valued and assessed, and subject
to taxation for all State and county pur-
poses.
Sec. . 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 tle cap
ital, as now defined by law, of all persons
engaged in trade whether merchants,
mission. merchants, grocers, dealers in
liquors, or other occupation looking to the
purchase and sale of articles for the use
or benefit Of The seller or buyer, the sum
of thirty cents on the one hundred dol
lars of the value of the property and cap
ital of all persons engaged in trade, so as
sessed aud valued and the several tax
collectors of the State shall receive in pay
ment of The tax so assessed and levied,
bank notes of the Bank of Tennessee, not
rendered void by the amended constitu-
ton OF laws of the State of Tennessee;
coupons of the State of Tennessee, due at
the time offered in payment, ON the bonds
of the State of Tennessee; warrants on
the treasury legally outstanding aud un-
paid in the hands of the person to whom
issued, gold and silver, United States legal
tender notes, and National Bank notes.
Sec. 3. Be il further enacted, That no
private act of incorporation in this State
shall have the force and effect of law
unless the incorpoTators or persons asking
and requiring the same shall have paid
into the treasury of the State the follow
ing sums: On every charter of inC0rpora-
ton or act extending or renewing the
charter of any bank, savings institution,
safe deposit company; insurance com
pany, whether fire, marine or life; iron,
wood, manufacturing, mining, cotton,
wool, warehOusing, transportation or oil
railroad, telegraph, or steam
vessel company, the sum of one hundTsd
dollars; and all other acts or charters of
incorporation, of whatever kind or char
scter, the sum of fifty dollars, other than
relating to churches and
or charitable institutions.
Sec. 4. Be it further enacted, That The |
Comptroller Of the Treasury, and the |
of the State, out of the money
in the treasury, shall first pay and satisfy
all warrants issued for the purpose Of
paying the current expenses of the eI-
ecutive, Judicial, and legislative depart
u1ent of the State, and on account of
borrowed money, borrowed to supply the
pressing demands on the treasury; then
out of the surplus in the treasury, pay
and satisfy appropriations made to the
Asylum for the Insane, the School for |
the Blind, and the School for the Deaf
and Dumb, also the amount due to CON-
mon schools; then to the satisfaction of
coupons on the bonds issued directly for
bonds as are now due and falling due,
known as the State debt proper; and the
whenever the sum amounts 10
one hundred thousand dOllers, pro rata
towards the satisfaction of past due cOu-
pOns on the bonds Of the State of any
series issued for the purposes of internal
imprOvemGnts-and upon the presenta-
ton of the matured coupon of the date
which the distribution pro rata
is 10 be made, the Comptroller shall is
sue warrant for the pro rata, and a new
warrant for the remainder due ON the
coupon, and take up and cancel the cOu-
pOns so taken up "a required by law, and
continue to make such distribution IS
fast as one hundred thousand dollars Of
surplus shall accrue, until the entire in
terest due on the bonds at the time shall
be fully paid; Provided, the interest fall
ing due first shall be first paid and salts
fed.
Sec. 8. Re It further enacted, That
nom and after the passage of this act, it
shall be the duty of the Comptroller Of
the Treasury to furnish TO the Clerks of
tue County Courts Of this State printed
forms, in which shall be designated the
several sources from whence revenue is TO
be derived, together with the rate of tax
alton on polls, property, and privileges;
and also to the respective collectors of
State revenue; the cost of the preparing
and printing of which shall be paid out of
Tho treasury, on the warrant Of the Comp
trOller
Sec. 6. BE it further enacted, That the
Comptroller Of the Treasury shall keep in
his Office a true and correct ''inteTest ac-
count, " showing the amount of interest
due semi-annually on the bonds of the
State issued for any purposes, and shall
cause entries TO be made on said account
for every dollar paid on account of said
interest, and coupon received and can
celled, as now provided by law; and in
his report to the General Assembly, shall
state the precise amount paid on interest
account, the number of coupons paid aud
cancelled, and the number and amount
outstanding and not paid, so as to furnish
satisfactory information as to the con-
ditiOn of State Indebtedness at the end of
each fiscal year.
Sec. 7. BE It further enacted, That the
provisions of this act shall apply TO the
assessments for the year 1870, and shall
take effect from and after its passage.
CURIOUS HISTORY OF ! PRECE-
RTrS STONE