Cleveland daily leader. [volume] ([Cleveland, Ohio]) 1865-1873, 1865-12-25

4 Other grades are steady at 10(1l Is per cent
Gold is weak in anticipation of the pay
ment of nearly ten millions gold interes
notes after the first Of January. =
The exports Of specie to=day amount t
s452, ,6S4. ----.,..,-
/ The business at the stock board this morn
ing was very much confined to the weleom
ing of Christmas with the customary blow
ing. Loan transactions were deferred a
much as possible until next week, and ope
rations were confined chiefly to two or thre'
speculatiOns.
The general tone of the market is more
buoyant than yesterday, and the bull side
are confident Of rise in prices after tht
holidays.
Governments are quiet but firm; 7-SOs ART
about higher.
Letter from the U. 8. Treasurer.
NEW York, December 2S.-The Treasurer
of the United States has addressed letter
to Messrs. Andrew I. Hall and others in
this city, which contains an important de-
cision relative to the undivided profits Of
national banks He says; Under the pro-
visions of the 41st section OF the National
Currency Act, have deemed it my duty 10
require to be included among the deposits
subject to the duty the undivided profits OF
banks. 1t has always been clear TO me
that profits should pay duty under this
section. The question might be raised,
''should they pay duty as deposits or as cap
| ital." 1t appearing to me that they were
more in nature of deposit than of a eapi-
tai, have directed that they be so elassed.
The duty on deposits and en- capital is fixed
at the same rate, so that it being desided
profits were to pay duty. The duty on
either hand would be the same in amount
with the exception of the following: A
bonds In excess Of their capital, and in case
the profits were elassed as capital they
would be entitled to deduct such bonds TO a
greater extent than they now do with profits
classed as deposits.
1t is not probable, however, that there are
many banks that would be gamers by the
different construction. The Commissioner
of Internal Revenue contrives a law under
which he acts, to require him to obtain
payment from all banks, national or State,
of taxes on dividend and surplus. and also
to enact the license fees required by the
same Act. While it is true that the Ma
tional Currency Act, in providing for the
same annual duty, specifies that his duty
shall be in .lieu of all existing taxes, it SO
happens that this provision is not applica-
Bile to the Internal Revenue Act, which be-
came law subsequent to the passage of the
National Currency Act. l desire to state
that l have heretofore, on several occasions,
had opportunity TO say, both verbally and
by written communication, that in my
opinion public policy requires that
the surplus fund of a bank to the ex-
tent of, for instance, twenty per cent of the
capital shohld, under certain circumstances,
be exempt from all duty. This view, / am
pleased to know, has the concurrence of the
Secretary of the Treasury, of the Commits
sioner of Internal Revenue, of the Comp
trolIer Of the Currency, and Of members of
Congress who have given the subject their
attention It is proposed. therefore, by the
Commissioner of Internal Revenue and by
myself that at some early period of the ses-
sion meeting be held of the officers named
in connection with the members Of the
Committee Of Ways and Means and of the
Committee on Banking and Currency, Of
the House of Representatives, before which
Committee any matter relating to banks
will probably come for consideration, and it
is most likely that the result Of such con-
sultation will be the Recommendation and
application by Congress of a provision
exempting from duty or tax the surplus
funds to the extent named, or, at least to
such an extent as will greatly strengthen
the banks by encouraging the accumulation
and retention by them Of the surplus. And
in regard to daily settlements I can only
say that the present requirements were
adopted by the Internal Revenue officers
and by this officer after a very full consid-
Grafton given to the subject, and that
method of making returns of deposit re-
quired by both officers, that is, the balances
on hand when the books of the bank are
closed for the day, has been deemed equita-
bic and just.
Wish for a Foreign War.
NEW YORK, December 23.-The Times
Richmond correspondent says that notwith-
standing the distressed condition Of this
section financially. there is generally ex-
pressed wish that our government. should
become embroiled in a foreign war. This
wish finds its origin with a certain class in
heartfelt longing for an opportunity to wipe
out the disgrace now attached TO them on
account of the rebellion. There are men
here who held high offices in the Confeder-
ate army who would willingly enlist as pri-
Yates under tho old flag in case OLA war
with France or England. While hesitating
to acknowledge it publicly, majority of
the people of the South feel the disgrace
which attaches itself to the name Of rebel as
bitterly as is possible, and regret their folly
in winning for themselves the name of tTai-
tor. To free themselves from this imputa-
tiOn and to put themselves again on a level
with their Northern brethren, they are will
ling to do almost anything. sf
Three Months Hence -
The Commercials Washington special
says it is asserted here upon apparently re-
liable authority that three months hence
there will not be French soldier on Mex
lean soil.
PardOnS.
A large number of pardons have been
granted this week.
The COMMITTEES ON Appropriations.
The Posts Washington dispatch says that
the Committee on Appropriations will hold
several sessions during the holiday recess
with the expectation Of perfecting theperm-
anent appropriations bills. A general re-
duction will probably be made.
John Minor Bolts.
John Minor Bolts, who is here, commends
the refusal of Congress to admit to,its seats
men who were traitors. ..t-E cot .I