The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-11

Important On Banker and Drawers Or STAR
hng Bihs-Nsw Engii n Scamp Act.
We had occasion the other day TO refer to ne .
snd imrortsnt En- glisn Stamp act.
IL ssems that prior Ia tna declaration Of war,
the government If Great Britain had mater.
ally modified and reduc. the existing stamp du.
ties.
At the reent session OF Parliament IL appears
that Mr.. Gladstone, Chancellor Of the Exchequsr,
brought forward MEASURE for renodelling the
stamp dodss on inland bids Of ex hauge In sddi-
ton to this bis proposed act imposed duty like
wife or all foreign bills drswo out Of the United
Kingdom and made psysne ri,hiu the same, and
also on all bills drawn on, Of The United Kingdom
and made payable out Of the United Kingdom but
endorsed or negotiated within the United King.
dom.
Thus bill drawn by banker in New York on
parties in England is pegotisble or recoverable
until the duty is paid. TIE same rule also applies
to accepted bills In England on another country.
Thus, If a merchant in New York draws q
bill In favor of . house in Paris, payable
to the order Of q firm In London-the
usual course of renting the bin ID made
subject to the same duty those iquidated In Lon
don In this it appears that foreign bills payable
in England not only taxes, but also foreign BILLS
paesi,e through London or in transition for the
continent.
1t is the first time stamp duties, or what Ia the
same thing tariff duties have ever been imposed by
Eng land on eign bil- rhe measure does not
square very well with tie d. trine OF free trade
We allow the rransit Of pro5n from and to Canada
through the United States. free Of duty. The plea
OF tie government In favc # this unusual tax upon
foreign property is The necs ssites Of the war.
The measure is to 60 into effect on the LIST Of Oc-
tober The act Is one of some importance, and In
which the bankers and people OF this country are
largely interested. The tendency Of the measure
win be to depreciate bills Of exchange drawn on
England, and also on the Continent, acceptances
which are provided for iu London while to some
extent, when exchange is high, it may cause small
drawers to send specie 10 place Of bills. We are
surprised that this measure has not attracted q
larger share Of attention the part Of the press
and the public generally.
As the duty IS arranged sort Of sliding scale,
it is difficult to form an idea Of the average Of the
pey centuw of the duty .xa ted Estimates have
varied it from I16th to l2Oth Of one per cent.
The duty on the aggregate amount Of bills drawn
on England from the United States, either made
pay able in London, or to be accepted there, must
in the course Of year. amount to very large sum.
There are some banking houses In New York
on whose bills drawn during year the duties win
probably amount to from 1000 to $2O0O0 This
duty, however, will not cone from their pockets,
but from the purses Of the consumers; the chief
payers as we think very improperly, Of all taxes.
BY the kindness of banking house in this city we
have been favored with the annexed schedule, which
speaks for itself -
STAMP DUTIES.
Resolutions be Proposed BY Chancellor Of the E1che
quer, ~ Comrtee Stamp Ads.
Inland Bill Of Exchange Draft for the payment
10 the bearer to Greer, time otherwise than
on demand OF any sum Of money.