Richardson, James S. Rollins, Sheffield, Treasury notes TAXES IN INSURRECTIONARY DISTRICTS, 1864. In Senate, June 27-The bill passed the Senate without a division. July 2-It passed the House without a division. Many financial measures and propositions were rejected, and we shall not attempt to give the record on these. All that were passed and went into operation can be more readily understood by a glance at our Tabulated History, in Book VII., which gives a full view of the financial history and sets out all the loans and revenues., We ought not to close this review, however, without giving here a tabulated statement, from McPherson's History of the Great Rebellion," of Sequestration Customs Export duty on cotton Patent fund. . 891,623,530 00 1,862,550 27 934,798 68 8,101 78 10,794 04 Miscellaneous, including re payments by disbursing offi cers.. Total. 24,498,217 93 Balance in treasury. $601,522,893 12 $377,988,244 00 38,437,661 00 11,629,278 00 56,636 00 32,212,290 00 59,044,449 00 $519,368,559 00 601,522,893 00 $82,154,334 00 But from this amount is to be deducted the amount of all Treasury notes that have been funded, but which have not yet received a true estimation, $65,000,000; total remaining, $17,154,334. CONDITION OF THE TREASURY, JANUARY 1, 1864. Jan. 25-The Secretary of the Treasury (C. G. Memminger) laid before the Senate a statement in reply to a resolution of the 20th, asking information relative to the funded debt, to call certificates, to non-interest and interest-bearing Treasury notes, and other financial matters. From this it appears that, January, 1864, the funded debt was as follows: cent., 15,000,000 00 cent, 8,774.900 00 cent., 100,000,000 00 3,612,300 00 $457,855,704 00 Act Feb. 28, 1861,8 cont., 95,785,000 00 cent., 556,105,100 00 Act Mar 23, 186, 6 cent., Act April 30, 1863 (cotton ernment to July, 1863, was 357,929,229 00 interest coupons)........... Call certificates....... Non-interest bearing Treasury notes outstanding: Up to December 31, 1862, the issues of Act May 16, 1861-Payable ITS CONDITION, MARCH 31, 1864. the amount of one hundred millions of dolThe Register of the Treasury, Robert lars, and bearing an interest of eight per Tyler, gave a statement, which appeared cent. per annum. This amount includes in the Richmond Sentinel after the passage the thirty millions already authorized to of the funding law, which gives the amount be issued. The bonds are not to be issued of outstanding non-interest-bearing Trea- in less amounts than $100, except when the sury notes, March 31, 1864, as $796,264,403, subscription is for a less amount, when as follows: they may be issued as low as $50. Act May 16, 1861—Ten-year notes Act Aug. 19, 1861-General Act Apr. 19, 1862-ones and twos. Act Oct. 18, 1862-General currency Act Mar. 23, 1863-General currency. Total.. $7,201,375 00 154,365,631 00 4,516,509 00 118,997,321 50 He also publishes this statement of the issue of non-interest-bearing Treasury notes since the organization of the "Confederate" government: Section three provides that holders of Treasury notes may at any time exchange them for bonds. Section four provides that, for the special purpose of paying the principal and interest of the public debt, and of supporting the Government, a war tax shall be assessed and levied of fifty cents upon each one hundred dollars in value of the follow511,182,566 50 ing property in the Confederate States, namely: Real estate of all kinds; slaves; $796,264,403 00 | merchandise; bank stocks; railroad and other corporation stocks; money at interest or invested by individuals in the purchase of bills, notes, and other securities for money, except the bonds of the Confederate States of America, and cash $911,258 50 on hand or on deposit in bank or elsewhere; 4,882,000 00 cattle, horses, and mules; gold watches, 6,086,320 00 gold and silver plate; pianos and pleasure 79,090,315 00 carriages: Provided, however, That when 157,982,750 00 the taxable property, herein above enu217,425,120 00 merated, of any lead of a family is of value 188,088,200 00 less than five hundred dollars, such taxable property shall be exempt from taxation under this act. tion under this act. It provides further that the property of colleges, schools, and religious associations shall be exempt. $973,277,303 50 Confederate Taxes. We also append as full and fair a statement of Confederate taxes as can be procured, beginning with a summary of the act authorizing the issue of Treasury notes and bonds, and providing a war tax for their redemption: The remaining sections provide for the collection of the tax. THE TAX ACT OF DECEMBER 19, 1861. An act supplementary to an act to authorize the issue of Treasury notes, and to provide a war tax for their redemption. SEC. 1. The Congress of the Confederate States of America do enact, That the Secretary of the Treasury is hereby authorized to pay over to the several banks, which have made advances to the Government, in anticipation of the issue of Treasury notes, a sufficient amount, not exceeding $10,000,000, for the principal and interest due upon the said advance, according to the engagements made with them. THE TAX ACT OF JULY, 1861. The Richmond Enquirer gives the following summary of the act authorizing the issue of Treasury notes and bonds, and providing a war tax for their redemption: Section one authorizes the issue of Treasury notes, payable to bearer at the expiration of six months after the ratification of a treaty of peace between the Confederate States and the United States. SEC. 2. The time affixed by the said act The notes are not to be of a less denomi- for making assignments is hereby extendnation than five dollars, to be re-issued at ed to the 1st day of January next, and the pleasure, to be received in payment of all time for the completion and delivery of the public dues, except the export duty on cot-lists is extended to the 1st day of March ton, and the whole issue outstanding at one time, including the amount issued under former acts, are not to exceed one hundred millions of dollars. Section two provides that, for the purpose of funding the said notes, or for the purpose of purchasing specie or military stores, &c., bonds may be issued, payable not more than twenty years after date, to next, and the time for the report of the said lists to the chief collector is extended to the 1st day of May next; and in cases where the time thus fixed shall be found insufficient, the Secretary of the Treasury shall have power to make further extension, as circumstances may require. SEC. 3. The cash on hand, or on deposit in the bank, or elsewhere, mentioned in to occasion destruction of crops or property, the Secretary of the Treasury may suspend the collection of tax in such region until the same can be reported to Congress, and its action had thereon. the fourth section of said act, is hereby declared to be subject to assessment and taxation, and the money at interest, or invested by individuals in the purchase of bills, notes, and other securities for money, shall be deemed to include securities for money SEC. 7. In case any of the Confederate belonging to non-residents, and such se- States shall undertake to pay the tax to be curties shall be returned, and the tax collected within its limits before the time thereon paid by any agent or trustee hav- at which the district collectors shall enter ing the same in possession or under his upon the discharge of their duties, the control. The term merchandise shall be Secretary of the Treasury may suspend the construed to include merchandise belong- appointment of such collectors, and may ing to any non-resident, and the property direct the chief collector to appoint assessshall be returned, and the tax paid by any ors, and to take proper measures for the per-on having the same in possession as making and perfecting the returns, assessagent, attorney, or consignee: Provided, ments and lists required by law; and the That the words "money at interest," as returns, assessments and lists so made, used in the act to which this act is an shall have the same legal validity, to all amendment, shall be so construed as to in-intents and purposes, as if made according clude all notes, or other evidences of debt, to the provisions of the act to which this bearing interest, without reference to the act is supplementary. consideration of the same. The exception allowed by the twentieth section for agricultural products shall be construed to embrace such products only when in the hands of the producer, or held for his account. But no tax shall be assessed or levied on any money at interest when the notes, bond, bill, or other security taken for its payment, shall be worthless from the insolvency and total inability to pay of the payer or obligor, or person liable to make such payment; and all securities for money payable under this act shall be assessed according to their value, and the 1. The first section imposes a tax of assessor shall have the same power to as-eight per cent. upon the value of all naval certain the value of such securities as the law confers upon him with respect to other property. SEC. 4. That an amount of money, not exceeding $25,000, shall be and the same is hereby appropriated, out of any money in the treasury not otherwise appropriated, to be disbursed under the authority of the Secretary of the Treasury, to the chief State tax collectors, for such expenses as shall be actually incurred for salaries of clerks, office hire, stationery, and incidental charges; but the books and printing required shall be at the expense of the department, and subject to its approval. SEC. 5. The lien for the tax shall attach from the date of the assessment, and shall follow the same into every State in the Confederacy; and in case any person shall attempt to remove any property which may be liable to tax, beyond the jurisdiction of the State in which the tax is payable, without payment of the tax, the collector of the district may distrain upon and sell the same, in the same manner as is provided in cases where default is made in the payment of the tax. SEC. 6. On the report of any chief collector, that any county, town or district, or any part thereof, is occupied by the public enemy, or has been so occupied as SEC. 8. That tax lists already given, varying from the provisions of this act, shall be corrected so as to conform thereto. THE TAX ACT OF APRIL 24, 1863. [From the Richmond Whig, April 21.] We present below a synopsis of the bill to lay taxes for the common defence and to carry on the government of the Confederate States, which has passed both branches of Congress. It is substantially the bill proposed by the committee on conference: stores, salt, wines and spirituous liquors, tobacco, manufactured or unmanufactured, cotton, wool, flour, sugar, molasses, syrup, rice, and other agricultural products, held or owned on the 1st day of July next, and not necessary for family consumption for the unexpired portion of the year 1863, and of the growth or production of any year preceding the year 1863; and a tax of one per cent. upon all moneys, bank notes or other currency on hand or on deposit on the 1st day of July next, and on the value of all credits on which the interest has not been paid, and not employed in a business, the income derived from which is taxed under the provisions of this act: Provided, That all moneys owned, held or deposited beyond the limits of the Confederate States shall be valued at the current rate of exchange in Confederate treasury notes. The tax to be assessed on the first day of July and collected on the first day of October next, or as soon thereafter as may be practicable. 2. Every person engaged, or intending to engage, in any business named in the fifth section, shall, within sixty days after the passage of the act, or at the time of beginning business, and on the first of January in each year thereafter, register with the district collector a true account of the name and residence of each person, firm, or corporation engaged or interested in the business, with a statement of the time for which, and the place and manner in which the same is to be conducted, &c. At the time of the registry there shall be paid the specific tax for the year ending on the next 31st of December, and such other tax as may be due upon sales or receipts in such business. 3. Any person failing to make such registry and pay such tax, shall, in addition to all other taxes upon his business imposed by the act, pay double the amount of the specific tax on such business, and a like sum for every thirty days of such failure. 4. Requires a separate registry and tax for each business mentioned in the fifth section, and for each place of conducting the same; but no tax for mere storage of goods at a place other than the registered place of business. A new registry required upon every change in the place of conducting a registered busines, upon the death of any person conducting the same, or upon the transfer of the business to another, but no additional tax. 5. Imposing the following taxes for the year ending 31st of December, 1863, and for each year thereafter: Bankers shall pay $500. Auctioneers, retail dealers, tobacconists, pedlers, cattle brokers, apothecaries, photographers, and confectioners, $50, and two and a half per centum on the gross amount of sales made. Wholesale dealers in liquors, $200, and five per centum on gross amount of sales. Retail dealers in liquors, $100, and ten per centum on gross amount of sales. Wholesale dealers in groceries, goods, wares, merchandise, &c., $200, and two and a half per centum. Pawnbrokers, money and exchange brokers, $200. Distillers, $200, and twenty per centum. Brewers, $100, and two and a half per cen tum. Livery stable keepers, lawyers, physicians, surgeons, and dentists, $50. Butchers and bakers, $50, and one per centum. 6. Every person registered and taxed is required to make returns of the gross amount of sales from the passage of the act to the 30th of June, and every three months thereafter. 7. A tax upon all salaries, except of persons in the military or naval service, of one per cent. when not exceeding $1,500, and two per cent. upon an excess over that amount: Provided, That no taxes shall be imposed by virtue of this act on the salary of any person receiving a salary not exceeding $1,000 per annum, or at a like rate for another period of time, longer or shorter. 8. Provides that the tax on annual in comes, between $500 and $1,500, shall be five per cent.; between $1,500 and $3,000, five per cent. on the first $1,500 and ten per cent. on the excess; between $3,000 and $5,000, ten per cent.; between $5,000 and $10,000, twelve and a half per cent.; over $10,000, fifteen per cent., subject to the following deductions: On incomes derived from rents of real estate, manufacturing, and mining establishments, &c., a sum sufficient for necessary annual repairs; on incomes from any mining or manufacturing business, the rent, (if rented,) cost of labor actually hired, and raw material; on incomes from navigating enterprises, the hire of the vessel, or allowance for wear and tear of the same, not exceeding ten per cent.; on incomes derived from the sale of merchandise or any other property, the prime cost of transportation, salaries of clerks, and rent of buildings; on incomes from any other occupation, the salaries of clerks, rent, cost of labor, material, &c.; and in case of mutual insurance companies, the amount of losses paid by them during the year. Incomes derived from other sources are subject to no deductions whatever. All joint stock companies and corporations shall pay one tenth of the dividend and reserved fund annually. If the annual earnings shall give a profit of more than ten and less than twenty per cent, on capital stock, one eighth to be paid; if more than twenty per cent., one sixth. The tax to be collected on the 1st of January next, and of each year thereafter. 9. Relates to estimates and deductions, investigations, referees, &c. 10. A tax of ten per cent. on all profits in 1862 by the purchase and sale of flour, corn, bacon, pork, oats, hay, rice, salt, iron or the manufactures of iron, sugar, molasses made of cane, butter, woolen cloths, shoes, boots, blankets, and cotton cloths. Does not apply to regular retail business. 11. Each farmer, after reserving for his SEC. 4. Profits in trade and business taxed as follows: own use fifty bushels sweet and fiftying Confederate Treasury notes, and not bushels Irish potatoes, one hundred bushels employed in a registered business taxed corn or fifty bushels wheat produced this twenty-five per cent. year, shall pay and deliver to the Confederate Government one tenth of the grain, potatoes, forage, sugar, molasses, cotton, wool, and tobacco produced. After reserving twenty bushels peas or beans he shall deliver one tenth thereof. 12. Every farmer, planter, or grazier, one tenth of the hogs slaughtered by him, in cured bacon, at the rate of sixty pounds of bacon to one hundred pounds of pork; one cent, upon the value of all neat cattle, horses, mules, not used in cultivation, and asses, to be paid by the owners of the same; beeves sold to be taxed as income. 13. Gives in detail the duties of quartermasters under the act. On the purchase and sale of agricultural products and mercantile wares generally, from January 1, 1863, to January 1, 1865, ten per cent. in addition to the tax under the act of April 24, 1863. The same on the purchase and sale of coin, exchange, stocks, notes, and credits of any kind, and any property not included in the foregoing. On the amount of profits exceeding twenty-five per cent. of any bank, banking company, or joint stock company of any depostscription, incorporated or not, twenty-five per cent. on such excess. 14. Relates to the duties of assessors and collectors. 15. Makes tru-tecs, guardians, &c., responsible for taxes due from estates, &c., under their control. 16. Exempts the income and moneys of hospitals, asylums churches, schools, and colleges from taxation under the act. 17. Authorizes the Secretary of the Treaɛury to make all rules and regulations necessary to the operation of the act. SEC 5. The following are exempted from taxation. Five hundred dollars' worth of property for each head of a family, and a hundred dollars additional for each minor child; and for each son in the army or navy, who has fallen in the service, and a member of the family when he enlisted, the further sum of $500. or One thousand dollars of the property of the widow or minor children of any officer, soldier, sailor, or marine, who has died in the service. 18. Provides that the act shall be in force for two years from the expiration of the present year, unless sooner repealed; A like amount of property of any offithat the tax on naval stores, flour, wool, cer, soldier, sailor, or marine, engaged in cotton, to acco, and other agricultural pro- the service, or who has been disabled ducts of the growth of any year preceding therein, provided said property, exclusive 1863, imposed in the first section, shall be le- of furniture, does not exceed in value $1,000. vied and collected only for the present year. When property has been injured or deThe tax act of February 17, 1864, levics, stroyed by the enemy, or the owner unable in addition to the above rates, the follow-temporarily to use or occupy it by reason ing, as stated in the Richmond Sentinel of February, 1864: SEC. 1. Upon the value of real, personal, and mixed property, of every kind and description, except the exemptions hereafter to be named, five per cent.; the tax levied on property employed in agriculture to be credited by the value of property in kind. On gold and silver ware, plate, jewels, and watches, ten per cent. The tax to be levied on the value of property in 1860, except in the case of land, slaves, cotton, and tobacco, purchased since January 1st, 1862, upon which the tax shall be levied on the price paid. SEC. 2. A tax of five per cent. on the value of all shares in joint stock companies of any kind, whether incorporated or not. The shares to be valued at their market value at the time of assessment. SEC. 3. Upon the market value of gold and silver coin or bullion, five per cent.; also the same upon moneys held abroad, or all bills of exchange drawn therefor. of the presence or proximity of the enemy, the assessment may be reduced in proportion to the damage sustained by the owner, and the tax in the same ratio by the district collector. SEC. 6. The taxes on property for 1864 to be assessed as on the day of the passage of this act, and collected the 1st of June next, with ninety days extension west of the Mississippi. The additional tax on incomes or profits for 1863, to be paid forthwith; the tax on incomes, &c., for 1864, to be collected according to the acts of 1863. SEC. 7. Exempts from tax on income for 1864, all property herein taxed ad valorem. The tax on Confederate bonds in no case to exceed the interest payable on the same; and said bonds exempt from tax when held by minors or lunatics, if the interest do not exceed one thousand dollars. THE TAX LAW. We learn that, according to the construction of the recent tax law in the Treasury A tax of five per cent. on all solvent Department, tax payers will be required to credits, and on all bank bills and papers state the articles and objects subjected to a used as currency, except non-interest-bear-specific or ad valorem tax, held, owned, or |