The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1864-07-15
For The Caledonian.
Taxing State Banks.

.
Taxing State Banks.
AS some Misrepresentation exists relative
TO the amount of taxation imposed upon
State Banks by the recent act OF Congress,
will YOU please publish the following, which
is SllO of the act, and all that pertains TO
that subject
1t will be seen that State Banks are taxed
annually
LIST One-hal of one per cent on all de-
posts.
ID One-half of one per cent on the en-
tire capital except amount invested in U. ,.
bonds.
Sd One per cent on entire circulation.
4th An additional tax of two per cent
upon all circulation beyond ninety per cent
of the capital.
5th An additional two per cent on all
circulation for Blk months preceding July /,
| 1864.
1t will be seen also that the law docs not
include National Banks or Savings Banks:
| SEC. lO ind be Il further enacted, That
I there shall be levied collected, and paid duty
/ of one twenty-four,h of one per centlIm each
month upon the average amount OF the deposits
| of money, subject to payment oy check or uTaii'
or represented by certificates OF deposit or oticT-
wise. whether PAYABLE on demand or al some fu-
ture day, with any person, bank, association,
! COMPANY or CORPORATION engaged IL the business
of banking; and duty Of one twenty-fourth of
one per centum each month as aforesaid, upon
the average amount of the capital Of any bank,
! association, company, or corporation. or person
engaged in the business of banking beyond The
amount invested in United States bonds; and a
duty of one-twelfth of one per centum each
month upon the average amount OF circulation
issued by anv bank, ASSOCIATION, corporation,
company. person, including - circulation a.
J certified checks and all notes and either obIlga-
tionS calculated or intended - circulate 10 c
used a money, but not including that IN the
vault OF the bank and redeemed and on deposit
for said bank. and additional duty Of one sixth
OF one per Cenlum. each month, upon the aver
age amount of such circulation, Issued as afort-
sd Deyoud rht amount 81 ninety per centun ui
the capital Il anv such bank. association, COZ
poration. company, or person. and upon any
amount of such circulation. hcN ond the average
amount of the circulation that nai been issued
as aforesaid by any such banh- association cor
iporatiun. csmpanf. or person -ur tie >lx months
preceding the first da' %: ul.. $50 And al
the ir>t Monday q: -tuglsi l. ,, -s'd OF eacai
month thereafter sue au3 4, '-Vrn 81
the amount OF ciTculasIrn, Of G 81 f cal'-
ital as aforesaid for the pTey!"l- All Oc
made and rendered in n.-cat' ~ 'ici- = Nlllh
bank sSoCiaiIOns. cOrporltlcnS COMPANIES g.
pCysu.-o 10 the assessor 81 TIE "a IElct ii which
any such bank. association corI,orat.oI.. or cOG
p,ny NAV be locaiea. IL winch such person
NAV reside, with i declaration xed thereto,
and the oath G affirmation. oi 'r-oIi, or %
the president or cashier of such AZ. ->SSCla-
tihn, corporation or company. Ia >a.cA form and
manner as NAV oe prescribed - ,hs Commas
sioner OF Internal Revenue that me .le con
tains true and faithful statement "i .-rns la'
Of circulation. deposits, and ca;i;al 4 i Te 81,
subject to duty as aforesaid, and >haia trail M
he duplicate of said return L. l. C''i.Ii.l>>..fi.
of Internal Revenue. and w.'h.u ,sa-y X
thereafter, shall pay 10 the aiG C,llll... >>l"ll'
! Internal Revenue the duties keTvlnot!"Te 4
I scri5ed upon the said amount Of circulate. 60
deposits and Of capital as aforesaid. an for ank
refusal or neglect 10 make or - render >Gcn
/ turn and payment :. aforesaid. any such banA.
association. corporation, company, = person 80
in default shall DC subject 90 and la, penalty Of
TWO hundred dollars besides the additional penal
and forfeituTes IN other cases provided IN TINS
1. act; ard the amount OF circulation, deposit
capital a. aforesaid in default OF The proper r..
turn. shall oe estimated nv the assessor a>sis-
: ian; assessor Of the district sfOrrsz.G, upon
l the hes. information nc can o-taln: AID every
such penalty. together VIII The duties afore-
said. NAV bc recovered Tor the Use Of the United
States in anv colrt Of competent jurisdiction
: And in the case OF banks with branches. the du-
" herein provided fuE shall be imposed Upon the
circulation Of each branch seVerally. and the
+ amount of capital OF each branch shall be con
>idcred 10 Toe the amount ALLOTTED 10 such branch
and 80 MUCH Of al a., entitled - An act 20 pro
= vide MANS and means for tie support of the COX
eminent" approved March 5, lS5i, imposes
any AK on banks, their circulation, capital. OF
deposits. other than * herein provided i here
hy repealed Pry-i6,a, That ;hIs section shall
not apply n associations which arc taxed under
and Uy siT,uc II the sct 10 pTo-idc 4 I4aflonal
currency, secured by pledge OF United States
bonds. and 10 provide for the circulation and re-
2 dempti2n thereof, nor 10 aay savings bank has-
M capital stock andwhoSc business i ccnru-
e. TO receiving deposits and loaning the same OF
interest ior the benefit II ihe deposltoTs only and
: which DO no other business Of bauhiu. AID yyr
r r'esa, riTthcT, That ANY bank ceasing 10 ISSUE
notes ior circulation. and which shall tiernSi, !,
the treasury Of the United States in Lawful mon
ey, the amount Of lis outstanding circulation. 10
be redeemed a; par. under such regulations a,
e the Secretary of the Treasury NAV prescribe
shall be exempt from any tax ai'on such circulA-
Ton.