Confederate Congress.
Richmond, Aug. 19, 1861
A bill entitled an act to authorize the issue of Treasury notes and to provide a war tax for their redemption, as passed by Congress, was to-day approved by the President.
The bill authorizes the issue of one hundred million dollars in Treasury notes.
To pay the principal and interest on the debt thus created, there is imposed a direct tax of fifty cents upon each one hundred dollars in value owned in real estate, slaves, merchandize, bank and other stocks, (except bonds of the Confederacy,) cash on hand and loaned out at interest, cattle of every description, gold watches, gold and silver plate, pianos, pleasure carriages,--where the amount of such taxable property owned by the head of a family exceeds in value five hundred dollars.--The property of colleges, schools, charitable and religious corporations, is to be exempted.
The bill provides the penalty of death for the forging of the Treasury notes of the Government; and for counterfeiting the bonds and coupons, imprisonment not less than five nor more than ten years, and a fine of five thousand dollars. The States are to be divided into collection districts, and the tax is to be assessed and collected by officers provided specially for the purpose. The chief collector has a salary of $2,000, and is appointed by the President. The compensation of the collector is five per cent. on the first ten thousand dollars collected, and two per cent. on all additional collections.
