Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-03-09
TENNESSEE.
PUBLIC LAws-oFFIcIAI..

real estate other than such as Is properl
exempted from taxation by section fiv
hundred and forty-two (542) of the Code
also all personal property, to-wit: Sta
lions, mares, geldings, mules, jacks, jer
nets, neat cattle, sheep and hogs, exceed
ing In value the sum of one thousand do
lars also all moneys secured by mortgag
| or deed of trust, money In actual @
constructive possession, money du
from solvent debtors, whether b
bond, bill single, promissory notes o
judgments; also all articles of agreemen
for the payment of money and accounts Oh
solvent parties, bearing interest, owned o
possessed by any person or persons what
| soeyer. except for notes or bills for worI
and labor done also all shares of stock il
any bank, institution or company now o
hereafter incorporated by or In pursuanc,
| of any law of this State, or OF any othe
State; and all public bonds or stocks what
soever, 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 o.
| the United States or the State of Ten.
nessee and all money loaned or invested
at interest in this State, or any other State
or Government, including money Of or.
phans, legatees and distributes, under
| twenty one years ofage, where the respective
amounts belonging to each legatee or dis
| tributee are over one thousand dollars
($1, O00); also all household and kitchen
furniture, including golden and silver plate,
owned by any person or persons, corpor-
alton or corporations, where the value
thereof shall exceed the sum of five hun
dred dollars; also gold and silver watches
and jewelry, all pleasure carriages and
buggies of two or four wheels, upon their
actual value; all salaries and emoluments
or fees of office, when the amount exceeds
$500; together with all other sources of
revenue, and property, real and personal,
now taxable by the laws of this State, ex-
cept what is exempted by this act, shall be
valued and assessed and subject to taxation
for all State and county purposes
Sec. 3. Be it further enacted, That there
shall be assessed and collected for State
purposes on the value of the property,
enumerated above, and upon the capital,
as now defined by law, of all persons en-
gagged in trade, whether as merchants,
commission 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
twenty cents on the one hundred dollars
of said property and capital 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 Constitution or 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 in the hands Of the per-
son to whom issued and unpaid, gold and
silver, United States legal tender notes,
and national bank notes.
Sec. 3. Be it further enacted, That here
after no private act Of incorporation IN this
State shall have the force and effect of a
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, savings institution, safe deposit COM
pany; insurance company, whether fire,
marine or life; iron, wood, manufacturing,
mining, cotton, wool, warehousing, trans
portation, or oil company; railroad, tele-
graph or steam vessel company, the sum OF
fifty dollars; and all other acts or charters
of incorporation, of whatever kind or char
acter, the sun of twenty-five dollars, other
than interpretations relating to churches
and schools, or charitable institutions, towns
or cities.
Sec. 4. Be it further enacted, That
the Comptroller of the Treasury, and the
Treasurer of the State, ont of the money
in the treasury, shall first pay and satisfy
all warrants issued for the purpose of pay
ing the current expenses of the executive,
judicial or legislative departments of the
State, and on account of borrowed money,
borrowed to supply The pressing demands
on the treasury; then out of the surplus IN
tho treasury, pay and satisfy approprla-
tions made to the Asylum for the Insane,
the School for the Blind, and the School
for the Deaf and Dumb, and the amount
due TO common schools, and approprla-
tions by the General Assembly to pay
special claims, and the remainder to the
satisfaction Of coupons on the bonds
known as the State debt proper issued
directly for the benefit of the State, and
such Stale bonds as are now due
and falling due, known as the State
debt proper; and the remainder,
whenever the sum amounts to one hundred
thousand dollars, pro rata, towards the sat
isfaction Of past due coupons on the bonds
of the State of any series issued for the
purpose of internal improyements-and
upon the presentation of the matured cou-
pom of the date amongst which the distri-
a., SC 10 la n
troller shall issue his warrant for the pro
rata, and a new warrant for the remainder
due on the coupon, and take up and cancel
the coupons SO taken up as required by
law, and continue to make such distrlbu-
ton as fast as one hundred thousand dol
lars of surplus shall accrue, until the entire
interest on the bonds at the time shall be
fully paid Provided, the interest falling
due first shall be first paid and satisfied.
Sec ). Be it further enacted, That from
and after the passage of this act, 1t shall be
the duty of the Comptroller of the Treasu
to furnish to the clerk of the 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 taxation on polls, property
and privileges, and also to the respective
collectors of State revenue, the cost OF
preparing of which shall be paid out OF the
Treasury, on the warrant of the Comptrol-
Ter.
SEC. g. Be it further enacted, That the
Comptroller of the Treasury shall keep IN
his Office, true and correct Interest Ac-
count" showing the amount OF interest
due semi-annually on the bonds OF the
State issued for any purpose, and shall
| cause entries to be made on said account
of said interest, and coupons received and
cancelled as row provided by law; and In
his report to the General Assembly, shall
state the precise amount paid on interest
account. the number of coupns paid and
| cancelled, and the number and amount
outstanding and not paid, so as to furnish
satisfactory information as to the condition
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 in all
cases in which assessments have already
been made for the year 1870, 1t shall be
| the duty of the Revenue Assessors In each
county, and they are hereby required with
out DELAY to reassess the taxable property
| in their respective districts according 20
the provisions of this act, and make their
report of such assessments as now required
by law, provided the person who, on the
first of April, 1870, is owner of real
or personal estate liable to taxation
shall be bound to pay the taxes assessed
thereon for the year 1870, and the same
shall be assessed in the name of such per-
son if he can be discovered, but from and
after the year 1870 the assessments shall
be made as now provided by section five
hundred and sixty-one (56D of the Code,
on the 10th of January in every year.
Sec. s. Be it further enacted, That each
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