Maryland free press. [volume] (Hagerstown [Md.]) 1862-18??, 1863-03-13
The National Finances.
Tax On Bank Circulation and Deposits.

finance bill, as enacted by Congress, New
! York journal remarks:
1t invests Secretary Chase with moro pow
or than was ever possessed by any other Sec
retary of the Treasury. Heis now authorized
! to sell, at whatever price he may choose, nine
hundred millions of dollars worth of bonds,
! to run not loss than ten Eor moro than forty
years. lie is permitted to issue four hundred
millions Of dollars in treasury notes, to run
not more than three years, TO bear any interest
| lie Plcases, under six per cent, and to be a
| legal tender note on presentation, as he may
desire. lie is allowed to issue ono hundred
aud fifty millions of fdollars moro in legal ten
der notes (includng the one hundred millions
lately authorized by joint iesolltioa, if he
deems it necessary. In other words, Con-
grcss has placed the finances Of the country
entirely in the hands of Secretary Chase, and
through him, under the control of President
Lihscln The following table will show the
amount of paper money we arc about to have,
without including the ono hundred and fifty
millions of new lesal tender author zcd to DO
used in converting the treasury notes:
AMOUNT OF PAPER MONEY AFLoAT AND Az
THoRIzEp.
Bank currency now aloat, $4,000, 600
New bank currency under Chas's act, 800 900 600
Legal tender, under acts of lSG2, 3O0O 10000
Legal tender, under act of 1863 $50 09000 600
;ehicr. 400 900 900
Posal curroncy, $4,000, 900
Total amount ofpapcr mouoy, sl,3G7,Oooooo
THE BANK TAX.
The following is tho section taxing banks:
Section 8. And belt .furthtr e,iacted. Eat all
banks, associations, corporations or individu-
ais, issuing notos or bills for circulation rs
currency, shall be subject to and pay duty
of one por ccntum each halfyear, from and
aftor April ], 1868, upon the average amount
of circulation or hills as currency issued be-
yond the amount hereafter nanicd that is to
say. banks. associations, corporations, or in
dividuals having capital ofnot over ono hmm
dred thousand dollars, ninety per centum
thereof over ono hundred thousand dollars,
eighty per centum thereof; over two hundred
thousand and not over three hundred thousand
dollars, seventy per centum therof; over three
hundred thousand and not over five hundred
thousand dollars, sixty per centum thereof;
over FIVE hundred thousand and not over one
million of dollars, fifty per centum thereof
over ono million and not over a million and n
half dollars, forty per contum thereof; over
million and half and not over two millions
of dollars, thirty per centum thereof, and over
two millions ofdollars, twenty five per cehtum
thereof
In the case of banks with branches, the du.
ty herein provided for shall be imposed upon
the circulation of the notes or bills or such
branches severally, and not upon the aggre-
gate circulation Of all, and the amount of cap
ital of each branch shall be considered to be
the amount allotted or used by such branch;
and all such banks, associations or corpora
tions and individuals shall also be subject to
pay duty of one-half per centum each half
year, from and after April !, 1868, upon the
average amount Of notes or bills, not otherwise
herein taxed, and outstanding as currency du-
ring the si$ months next preceding the rct,irh
herein provided for, nit! The rate or tax duty
imposed on the circulation Of the associations
organized under the "Act to provide nation
al currency" &c, shall be the same as is here
i'll imposed on the circulation of all banks, as
sociations, corporations and individuals, but
shall be assessed and collected as required by
said act. All banks, associations or corpora
tions and individuals, issuing or rcissuing notes
or bills for circulation as currency, etc, after
April ], 1863, in sums representing any frac
tional part Of 4 dullAt, shall be subject to and
pay duty Of five per centum, each half year
thereafter, upon the amout of such fractional
notes or bills so issued. Associations. cerpo-
rations and individuals, and all banks receiv-
ing deposits of money subject to payment in
checks or drafts, except savings institutions,
shall be subject to duty of one-eighth of one
per centum, each half year, from aiid aetct
April ], 1858, on the average amount of such
deposits beyond the average amount of their
circulating notes or bills lawfully issued and
outstanding as currency, and list or return
shall be made and rendered within thirty days
after the first day Of October, 1858, and each
six months thereafter, TO the Coinni sioner
Of Internal Reybnhc, which th4ll contain as
tiuC uCtOuUt Oh the amount OF
duties, accrued, or which should accrue OH the
amount Of fractional note circulationi and an
averagr amount ofalf other circtilation and de-
posts for the six months next preceding:
And there shall be annexed to every such list
or return declaration, under oath or afrma-
tion, to bc made in form or niaancr as shall be
prescribed hy the Commissioner Of Internal
Revenues Of the President or some other proper
officer Of said bank, association, corpora.io
or individual, respectively that the same con-
tains true and faithful account of the duties
which have accrued, or Which should accrue,
and not accounted for; and for any default in
the delivery Of such list or return, with such
declaration annexed, the bank, association,
corporation UT individual making such default
shall forfeit, as q penalty, The sun Of $500.
And such bank, association, corporation or
individual shall, rrou rendering the lis, or &C.