The New York herald., 1862-09-30

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The Banks and tho Tax Law.
The following report adopted At meeting Of baak
officers held yesterday At the Clearing House.
The undersigned appoint committee for the considera-
ton OF the United States Tax law affecting the busi
ness Of banks after very careful consideration Of the
subject beg TO report the following schedule ap-
proved by Governor Boutwell, the Commissioner Of Inter-
Revenue the result Of their labors The committee
take this opportunity Of returning that gentleman
behalf Of the associated banks OF this city their cordial
thanks for tho kind and courteous treatment received
at his hands during their several interviews with him At
Washington. GEORGE s. COZ,
J. NJ. MORRISON, COMMITTEE.
JOS N. PRICE,
r. II. LOWRY,
New York, Sept. 70, 1852.
Fyrs-Agreements contracts other than those hero
matter named for each sheet or piece of paper upon
which the same shall be written, five cents .05
Second-Checks, drafts or orders, for the payment
Of money, payable at sight or on demand, for any
sum exceeding $40, each two cents ...,....... .o2
Third-Inand bills Of exchange, drafts, checks, c1
orders drawn upon places other than the place Of Is
sue payable at sight or on demand, are subject 70
Z,
Fbtoth-Inland bills of exchange, drafts, or order
for the payment of money otherwise than at sight
demand, and all promissory notes on demand or
on time excepting circulating bank notes).
Exceeding $40 and not exceeding Sl00.. .05
Exceeding $loo and not exceeding s2oO....... 10
Exceeding $500 and not exceeding $780,. is
Exceeding $3.50 and not exceeding $500....... 20
Exceeding $500 and not exceeding $3.50. 0....... 80
Exceeding $3.50 and not exceeding 81 ,oO0..... 40
Exceeding 81 900 and not exceeding 81 ,5O0.... go
Exceeding 81 500 and not exceeding 81 800 loo
Exceeding s, 500 and not exceeding IS 900 $50
And for every additionals2 500, or part Of $780,
Rfss~Foreign bills Of exchange drawn out Of
but payable in the United States, and all such
bills, drawn in, but payable ont of the United
States "when drawn singly or otherwise than in
a set Of three or more, = and all letters Of credit
pay the same rates Of duty as in the preceding
Slr,A-Bills Of exchange drawn in but payable
out Of the United states, "n drawn in a set Of
three or more, !" for every bill Of each set, not
exceeding $3.50, or its equivalent three cents. .o3
Exceeding $3.50. and not exceeding $250....... .06
Exceeding $3.50, and not exceeding $500...... 10
Exceeding $500, and not exceeding 81 .ooo..... rs
Exceeding 81 OO0 and not exceeding 81, ,500... 20
Exceeding 81 ,too ard not exceeding s225o.... 80
Exceeding 81 $50, and not exceeding s., $780,. so
Exceeding So, ,5OO and not exceeding S. 0O0... 10
Exceeding IS 900 and not exceeding 81, 500 100
And for every additional 81 800, or part
serentA-Bonds Of indemnity, ffiy cents so
EghGh-Certfcates Of stock In any Incorporated
company, each twenty five cents. s.............. rs
Ninth-Certifcates Of deposit OF bank, trust COM
pany, banker or person acting as such, not exceeding
Exceeding 500, Ave cents .o6
Tenth-Powers Of Attorney
For sale transfer Of stocks or bonds, or for the
collection OF dividends interest twenty five cents. rs
Or proxy for voting at an election ten cents 10
For collecting receiving rents ............ rs
General Powers-For alpurposes other than those
above specified .....................S1 81. 90
Note-Gcnerai powers will not be valid for the
specific objects above named without the addition Of
Elere,.J-Irotests each twenty five cents .... rs
7cefh-Tax on all dividends, and on all sums
added TO surplus contingent funds .......3 3p o.
fredericksburg Issued for specific instruments
cannot be used for any other (see sec 96).
f6urieeit-The person using or afixing stamp, must
write thoreupon the initials or his name, and the date
when used (ssc. s9).
The penalty making signing, or issuing any nstru
ment document, or paper Of any kind without the same
lars, and such paper viii be invalid and Of no effect
(sec. 95).
require no additional stamp for such certhc alton.
The stamp tax upon protests should bs added TO the
expenses thereof.
All dividends or coupons payable prior TO or on Sep
tember 1862, although paid after that day. exempt
from the operations Of the law.
Cheeks dated, payable ahead, are subject 10 taxa
ton as pfomissory notes.
Stamps are not required upon documents made prior to
0ctober 1852 excepting upon foreign bills OF exchange
which must be stamped on acceptance.
The COMMITTEES recommend as a simple and convenient
method that the three per cent tax required upon dvi
dends aud surplus profits be deducted by banks in
from their net earnings before the declaration OF dv
denGs. Dividends then declared would DO free from
The three per cent thus WITHHOLD must De paid TO the
United states within thirty days from the date which
such dividends payable, under penalty Of five hun
dred dollars for default. (sec. s2)
Stamps must be Affixed 10 all documents by the party
issuing the same, before presentation at bank; and all
documents issued by bank must be stamped by IL be-
fore delivery as required by resolution UNANIMOUSLY
passed a meeting Of bank officers September 15.
Stamps in amounts Of $50 and over be obtained d
the Commissioner Of informal Revenue. per schedul,
hereunto annexed for which commission Of not exceed
| ing ave per cent, in stamps, will be allowed
All checks OF bank upon ITSELF for payment Of divi
dends otherwise and all written papers for
the internal business o. banks, are exempt from tax.
Orders TO pay dividends not powers OF attorney
but like drafts at sight, arc subject 70 the stamp Of TIVE
cents.
Bills Of exchange, drawn 10 duplicate must both b,
stamped.
the purpose Of mpressng the initials Of the bank or per
con thereon, 10 which the date must be added
The omission to cancel the stamps checks docs
nvadae the checks, but subjects the maker 10 fine
WASHINGTON, Sept. U, 1862.
opinion that the specifications conform 10 the provision
Of the Excise Law in all essential particulass
GEO. i. BOUTWELL,,
Commissioner Of thermal Revenue.
Until the government provide stamps no penalty will
be exacted for their omission.
Office INTERNAL REVENUE, Sept II, 1902
Revenue stamps may be ordered from this Office IL
quantities 10 suit tho purchasers. Orders should cove
retsnces Of Treasury notes or an original certificate
OF United States Assistant Treasurer or designated
depostary, Of deposit made for the purchase o.
stamps
The following commission, payable in stamps, win b,
allowed
ON purchases Of $50 more, 2 per centum.
On purchases Of 500 or more, per csntum.
On purchases OF $500 or more, per centum.
8Uh purchases OF 81 900 or more, per centum.
In sending orders Tor stamps II should be remembered
that every stamp expresses upon s kind vel
as s denomination and that each stamp must be used
for the purpose thus specified and for othsr For
stapcs-Check stamps must 10 for checks alone
contract stamps only on contracts, &c, &C. Rsycnu
stamps will be ready for delivery the 22d inst Every
correspondent requested 10 give the State well N
town and county, Of his residence.
II not otherwise instructed the stan1ps will be trans
pjtasd b. nAtA o0o 3. BOUTWELL, Comnkssisow.