Section 4 Revenue Acts in 1820s and 1830s

• Library: Tax Law 2009

The first revenue law of the state of Missouri, the Revenue Act of 1820, established only one new tax of consequence. This was an annual tax imposed on banks at the rate of one-fourth of one
percent on the whole of the institution’s capital stock. This may have been a reflection of the general suspicion with which banks were viewed following the panic of 1819, in which there was a chronic shortage of currency and widespread delinquent tax sales. The continued centralization of governmental authority and...