A tax of five per cent. on all solvent credits, and on all bank bills and papers used as currency, except non-interest-bearing Confederate Treasury notes, and not employed in a registered business taxed twenty-five per cent.
Sec. 4. Profits in trade and business taxed as follows:
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 description, incorporated or not, twenty-five per cent. on such excess.
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, or who has fallen in the service, and a member of the family when he enlisted, the further sum of $500.
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.
A like amount of property of any officer, soldier, sailor, or marine, engaged in the service, or who has been disabled therein, provided said property, exclusive of furniture, does not exceed in value $1,000.
When property has been injured or destroyed by the enemy, or the owner unable temporarily to use or occupy it by reason 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.