CONFEDERATE STATES. 



195 



sompanies of every kind, whether incorporated or 

 not, five per cent. 



The value of property taxed under this section 

 shall be assessed upon the basis of the market value 

 of such property in the neighborhood where assessed, 

 iu such currency as may be in general use at the time, 

 in the purchase and sale of such property, at the 

 time of assessment. 



SEC. 3. I. Upon the amount of all gold and silver 

 coin, gold dust, gold or silver bullion, whether held 

 by the banks or other corporations, or individuals, 

 five per cent ; and upon all moneys held abroad, or 

 upon the amount of all bills of exchange drawn 

 therefor on foreign countries, a tax of five per cent. ; 

 such tax upon money abroad to be assessed and col- 

 lected according to the value thereof of the place 

 where the tax is paid. 



II. Upon the amount of all solvent credits, and 

 of all bank bills, and all other papers issued as cur- 

 rency, exclusive of non-interest-bearing Confederate 

 Treasury notes, and not employed in a registered 

 business, the income from which is taxed five per 

 cent. 



SEC. 4. Upon profits made in trade and business, 

 as follows : 



I. On all profits made by buying and selling 

 spirituous liquors, flour, wheat, corn, rice, sugar, 

 molasses or syrup, salt, bacon, pork, hogs, beef or 

 beef cattle, s'heep, oats, hay, fodder, raw hides, 

 leather, horses, mules, boots, shoes, cotton yarns, 

 wool, woollen, cotton, of mixed cloths, hats, wagons, 

 harness, coal, iron, steel or nails, at any time be- 

 tween January 1, 1863, and January 1, 1865, ten per 

 cent, in addition to the tax on such profits as income 

 under the " act to lay taxes for the common defence, 

 and carry on the Government of the Confederate 

 States, approved April 24, 1863. 



II. On all profits made by buying or selling money, 

 gold, silver, foreign exchange, stocks, notes, debts, 

 credits, or obligations of an^kind, and any merchan- 

 dise, profits, or effects of any kind, not enumerated 

 in the preceding paragraph between the times named 

 therein, ten per cent, in addition to tax on such 

 profits as income, under the act aforesaid. 



III. On the amount of profits exceeding twenty- 

 five per cent, made in either of the years 1863 arid 

 1864, by any bank or banking company, insurance, 

 canal, navigation, importing and exp'orting, tele- 

 graph, express, railroad, manufacturing, dry dock, 

 or other joint stock company of any description, 

 whether incorporate or not, twenty-five per cent, on 

 such excess. 



SEC. 5. The following exemptions from taxation 

 under this act shall be allowed, to wit : 



I. Property of each head of family to the value of 

 five hundred dollars ; and for each minor child of 

 the family to the further value of one hundred dol- 

 lars ; and" for each son actually engaged in the army 

 or navy, or who has died or been killed in the mil- 

 itary or naval service, and who was a member of the 

 family when he entered the service to the further 

 value of five hundred dollars. 



II. Property of the widow of any officer, soldier, 

 sailor, or marine, who may have died or been killed 

 in the military or naval service, or where there is no 

 widow, then of the family, being minor children, to 

 the value of one thousand dollars. 



III. Property of every officer, soldier sailor, or 

 marine, actually engaged in the military or naval ser- 

 vice, or of such as have been disabled in such service, 

 to the value of one thousand dollars ; Provided, That 

 the above exemptions shall not apply to any person 

 whose property, exclusive of household furniture, 

 shall be assessed at a value exceeding one thousand 

 dollars. 



IV. That where property has been injured or de- 

 stroyed by the enemy, or th*e owner thereof has been 

 temporarily deprived of the use or occupancy thereof, 

 or of the means of cultivating the same by reason of 

 the presence or proximity of the enemy,*the assess- 



ment on such property may be reduced in proportion 

 to the damage sustained by the owner, or the tax 

 assessed thereon may be reduced in the same ratio 

 by the district collector on satisfactory evidence sub- 

 mitted to him by the owner or assessor. 



SEC. 6. That the taxes on property laid for the year 

 1864 shall be assessed as on the day of the passage 

 of this act, and be due and collected on the first day 

 of June next, or as soon after as practicable, allow- 

 ing an extension of ninety days west of the Missis- 

 sippi River. The additional taxes on incomes or 

 profits for the year 1863, levied by this act, shall be 

 assessed and collected forthwith ; and the taxes on 

 incomes or profits for the year 1864 shall be assessed 

 and collected according to the provisions of the tax 

 and assessment acts of 1863. 



SEC. 7. So much of the tax act of the 24th dav of 

 Apill, 1863, as levies a tax on incomes derived from 

 property or effects on the amount of value of which 

 a tax is levied by this act and also the first section of 

 said act, are suspended for the year 1864, and no 

 estimated rent, hire, or interest on property or credits 

 herein taxed ad valorem, shall be assessed or taxed 

 as incomes under the tax act of 1863. 



SEC. 8. That the tax imposed by this act on bonds 

 of the Confederate States heretofore issued shall in 

 no case exceed the interest on the same; and such 

 bonds when held by or for minors or lunatics, shall 

 be exempt from the tax in all cases where the inter- 

 est on the same shall not exceed one thousand 

 dollars. 



The prices of articles in the markets did not 

 decline during the vear. 



The position of the currency, on March 31st, 

 was as follows : 



Statement of the issue of non-interezt-liearing Treasury 

 Notes #inc6 th organization of th# Confederate Got- 

 trnmtnt : 



Fifty cents $911.255 50 



Ones 4.?y2.000 00 



Twos 6,086,320 00 



Fives 79,090,315 00 



Tens 



Twenties 217,425.120 00 



Fifties 158,088,00000 



Total ; $973,277,363 50 



Statement shoiring the amount of non-interest-bearing 

 Xotes outstanding on March in, 1864 : 



Act May 16. 1861 Ten-year notes $7.201,375 TO 



Act Auz. IP. 1 561 General currency 154.356.634 00 



Act April 19, 1S62 Ones and twos. . '. 4,516,509 00 



Act Oct. 18, 1662 General currency. 11.&97.321 00 



Act Mar. 23, 1S63 General currency 511,182,556 50 



Total $796,254,425 50 



The difference between the issues and the 

 amount outstanding is the amount that had 

 been redeemed. It was also provided that 

 Treasury notes should be funded in twenty 

 year four per cent, bonds, or surrendered for 

 new issues at the rate of three of the old for 

 two of the new issues. The hundred dollar 

 notes were to be taxed ten per cent, a month 

 from May 2d, 1864, and all notes outstanding 

 at the end of the year were to be taxed one 

 hundred per cent. These measures, however, 

 were insufficient, to reduce the depreciation of 

 the new issues. 



Of all the difficulties encountered by the 

 administrative bureau of the Government, the 

 greatest was caused by the deficiency of 

 transportation. With the coasting trade cut 

 off and all the great rivers under command 

 of the Federal fleet, the only reliance for 

 internal trade and communication was ne- 



