Date. Feb. 25... Coin and Rate of Bullion. Discount. 14,614,096 4 Public 46 11... 46 17... 66 24... Apr. 1... 46 INSTRUCTIONS AND REGULATIONS OF THE COMMISSIONER OF INTERNAL REVENUE AS TO THE INCOME TAX. EVERY ONE TO BE ASSESSED ON THE 1ST OF MAY. The Commissioner of Internal Revenue has issued the following regulations for the assessment of the income tax : The assessor and assistant assessors of each collection district will assess the income tax, on the first day of May next, upon every person residing within the district liable thereto. Each person will be required to return his total income, so far specifying the sources from which it is derived as to enable the assistant assessor to decide what deductions shall be made therefrom. Persons whose income does not exceed the sum of $1,000, and who reside in the United States, will be subject to a duty of 3 per cent on such portion thereof as is liable to taxation; provided, however, that upon the income derived from interest upon notes, bonds, or other securities of the United States, a duty of 1 per cent will be levied. Persons whose incomes exceed $10,000 will be subject to a duty of 5 per cent on the portion thereof subject to taxation, provided, however, that upon the income derived from interest upon the notes, bonds, or other securities of the United States, a duty of 14 per cent will be levied. Citizens of the United States residing abroad, and not in the employment of the government of the United States, will be subject to a duty of 5 per cent on the income of any property, securities, or stocks owned in the United States and not exempted from the income tax; provided, however, that upon the income derived from the interest upon notes, bonds, or other securities of the United States a duty of 14 per cent will be levied. Every farmer or planter will be required to make return of the value of the produce of his farm or plantation without deduction for the labor or services of himself and his family, or for any portion of such produce consumed by himself and family. The following deductions will be made from the aggregate income of each person, and the tax assessed upon the remainder, viz.: State and local taxes assessed in the calendar year preceding this assessment, to wit: From January 1st, 1862, to December 1st, 1862, inclusive; salaries of officers or payments to persons in the service or employment of the United States, from which a deduction of 3 per cent has been made by the disbursing officers of the government; interest or dividends of stock, capital, or deposits in any bank, trust company or savings institutions, insurance, bridges, express, steamboat, ferryboat, railroad company, or corporation, from which interest or dividends a duty of three per cent shall have been deducted by the officers of such companies, corporations, or associations. Interest from any bonds or other evidences of indebtedness of any railroad company or other corporation, from which a duty of three per cent shall have been deducted by the officers of such company or corporation, and receipts derived from advertisements, on which a duty shall have been assessed and paid; also the sum of $600, except in those cases where the whole or any part of said $600 shall have been deducted from the salaries or pay of officers or persons in the service or employment of the United States; the amount actually paid for the rent of every dwelling house cr estate which is the residence of the person assessed; and the amount paid by any farmer or planter for hired labor and necessary repairs upon his farm or plantation, including the subsistence of the laborers. upon Whenever the total income of any person exceeds $10,000, and deductions are made therefrom upon the ground that a portion of such income has been subject to a three per cent duty upon dividends or interest paid by companies, corporations, or associations, as before enumerated, such person will be subject to a tax of two per cent additional upon so much of his income as may have been previously subjected to a duty of three per cent by the officers of the company, corporation, or association above named. Guardians and trustees, whether such trustees are so by virtue of their office as executors, administrators, or other judiciary capacity, are required to make a return of the income belonging to minors or other persons which may be held in trust as aforesaid, and the income tax will be assessed the amount returned after deducting such sums as are exempted from the income taxes aforesaid, provided that the exemption of $600 under section 90 of the Excise Law shall not be allowed on account of any minor or other beneficiary of a trust, except upon the statement of the guardian or trustee, made under oath, that the minor or beneficiary has no other income from which said amount of $600 may be exempted and deducted. Whenever persons liable to assessment of income tax shall neglect or refuse to make the lists required by law, or when the lists made and tendered by such persons shall not be accepted by the assessors or assistant assessors be just and proper, it shall be the duty of each assessor or assistant assessor to make lists for such persons, according to the best information he can obtain. Persons so assessed may take oath or affirmation as to the amount of income and deduction therefrom, agreeably to section 93. Persons receiving rent may deduct therefrom the amount paid for necessary repairs, insurance, and interest on incumbrance upon such rented property. The cost of new structures or improvements to buildings shall not be deducted from the income. The tax must be levied upon all dividends declared prior to September 1, 1862, and upon $600 of all salaries of officers or payments to persons in the civil, military, naval, or other service of the United States, for services rendered prior to the said date, as such dividends and proportions of salaries were not subject to deduction or assessment. Interest received from or due by trust companies, savings institutions, insurance, bridge, express, steamboat, ferryboat, and railroad companies, corporations or associations, prior to the same date, must also be taxed. Interest paid by him on incumbrances upon the dwelling house or estate upon which the assessed person resides may be deducted from income; also his payments for necessary repairs. Farm produce which the producer has on hand on the 31st day of December, 1862, must be appraised at its marketable value on that day. The income tax shall be included in the annual list, and appeals and other proceedings held as provided by law. TREASURY SEVEN AND THREE-TENTH NOTES NOT A BASIS FOR BANKING. The following decision in relation to the the United States 7.30 per cent notes is of interest: Treasury Department, Washington, April 8, 1863. SIR: Your letter of the 1st instant is received. The three-year 7.30 bends I do not consider as securities contemplated by the act to authorize a national currency, to be deposited for circulation, until they are converted into bonds of 1881, which may be done at any time. S. P. CHASE, Secretary of the Treasury. J. THOMPSON, Esq., New York. Under this decision the following list includes the stocks that are receivable as security for the national currency: $9,415,250 sixes of 1867, interest payable January and July. DEBT OF THe united stATES, APRIL 1, 1863. We published last month the following official statement of the public debt of the United States up to April 1st, 1863: 7-30 convertibles, interest 6 per cent, due in 1881... 6 per cent debt.. 5 per cent debt.. Amount. $139,996,950 00 92,625,905 91 Interest per annum. 6.10-100 6.10 5.00 30,483,000 00 Our purpose, in repeating it, is to give the items of the first four totais, (amounting in all to $295,068,255 91,) that the figures may be understood. The items in question are made up as follows: United States 6s of 1881-act of July, 1861.... $139,998,000 00 9,415,250 00 8,908,341 80 20,000,000 00 7,022,000 00 50,002,000 00 Texas debt..... Old funded and unfunded debt.... United States 6s, called five-twenties.. Total 114,115 52 36,593,856 00 $295,068,255 91 THE UNIVERSITY OF MICHIGAN LIBRARIES STATISTICS OF TRADE AND COMMERCE. ANNUAL STATEMENT OF PORK PACKING IN THE WEST. THE Cincinnati Price Current of April gives the following annual statement of pork packing in the West: Over two months ago we published statistics in the Price Current which indicated very accurately what would be the result of pork packing the present season; and, though we have been in possession of the great bulk of the returns since then, and of all but about eight or ten during the last three weeks, we deferred publishing this, our usual annual statement, until now, in order to be able to make it full and complete. The result is wonderful. The number of hogs packed the present season, it will be seen, is over four million head, being an increase over the packing of the season of 1861-62 of over a million and a quarter, namely, 1,175,787, being an increase of 40 per cent. The decrease in weight is 7 per cent, leaving a net increase of over 323 per cent as compared with last year. The yield of leaf lard is five pounds per hog less than it was in 1861-62, but owing to the great increase in the number of hogs slaughtered, there is an absolute increase in quantity of 27 per cent over last season. In these comparisons we do not include the Tennessee packing last season. It will be seen that the great increase was in that section of the West tributary to Chicago, but of all that section, in no place was that increase so marked as in Iowa, and our correspondents in that State say that fully one-half of the hogs packed in Chicago were shipped from thence, and explain the enormous increase in this way. The corn crop in that State, the past two years, was an unusually good one; but owing to the blockade of the Mississippi, the usual channel of outlet to a market, and the low price, the article did not admit of transportation to the East; it was therefore as a matter of necessity fed to hogs, to an extent unusual, and which would not have been the case had a market been accessible. This applies not only to Iowa, but to that portion of Illinois bordering upon the Upper Mississippi. Owing to the great speculation in, and high rate of gold, remunerative prices were obtained, which proved of as much advantage to the feeders as if the currency was down to a specie basis. The rise in gold affected none but those who used foreign goods, and of these the agricultural classes use but little. It will be seen that there is a large increase in all the States but Kentucky, and in that State there is a decrease, but this is not wonderful, and the surprise is that the packing along the Ohio was as large as it has been, owing to the disturbed state of affairs and the repeated menaces of the rebels along the border. When the season opened, owing to the large stock of barrel and bulk meat on hand, and which had become next to unsalable, the impression was general that the product of the hog crop, which the trade then did not suppose would exceed that of the previous season, and, in many cases, that it would not come up to it, should be packed in shape for foreign markets, as but a small amount would be needed for a home market; and, therefore, boxing sides, shoulders, and hams for the Liverpool market was the rule throughout, and it was not until in December that any of consequence was put in barrels for a home market. This naturally led to shipments of boxed meats abroad to an extent vastly greater than the previous season; and owing to the high premium on gold and sterling exchange, this meat was furnished in the foreign markets at prices below the previous year, and which ha induced a largely increased consumption in England, France, Germany, Holland, and Denmark. The amount of mess pork packed has been small, unusually so. We have no returns on this point to enable us to make any estimate approaching accuracy, but we think it was not over one-third the amount packed the previous season. The scarcity and high price of cooperage had some influence in diminishing the amount. A good deal of that packed in barrels was prime mess-anticipating an army demand. Last season, owing to the very low price and the unsettled state of the public mind, and the want of confidence in the currency, an unusual number of hogs were packed by farmers and country merchants, as we stated in our last annual report; this season this was almost universally avoided, as the packing done in this way last season, the sequel has shown, proved most unwise, and generally resulted in heavy losses to the parties, because the meat was generally unsalable. The yield of lard given below is what is called leaf lard only. In many places the greater portion of the hogs was rendered into lard, but this was not done as generally as it was last season, which was partly owing to the fact that the hogs were not so well fatted, and partly to the higher prices paid for them. Lard was considered lower in proportion than the meat, and hence it was bought and is held on speculation, as mess pork was last The shipments to foreign countries have been large. season. Now, although a large portion of the pork cured in Tennessee last season by the rebel government, was brought to this and other markets after the rebels were driven from that State last spring, vet a good deal of it was spoiled; and taking all the circumstances into consideration, the Tennessee packing last season ought not, we think, to be taken into account this season, no more than it was last season, by the trade. Leaving Tennessee, |