The New York herald., 1866-05-09

ceeded to that we md gone far enough In that
direction that the wa, over and that policy and
safety were In returning to the constitution adherng to
its provisions aid frowning down all departures from it,
Senator Harris assigned substantially the same reasons
for his opposition TO the BILL and but few disposed
TO speak in its favor
TIE MERCHANTS NATIONAL BANK FAILURE.
The excitement connected with the suspension Of the
Merchants National Bank has comparatively subsidedi
An examination has been going on for two days, under
the auspices Of the government, and is not yet con-
cluded The military commission convened by special
order from the War Department as published In this
mornings HERALD met Union block and organized for
tho trial Of Major Pauding. few witnesses were ex
amined and the court adjourned till tomorrow.
The failure Of the Merchants National Bank which
was an authorized government depository has awakened
much discussion and little anxious solcitude among
the friends Of the national banking system Such affairs
need not be frequent to completely destroy the public
confidence in all such Institutions Mr. washburne has
already moved some legislation on the subject
THE TAX ON BROKERS AND BANKERS DECISION OF
THE ATTORNEY GENERAL.
The Secretary Of the Treasury has received the follow
ing opinion from the Attorney Gsneral:--
ATTORNEY GENERALS OyYIcr Nav l. 1886
SIRt appears to be clear under the statutes Of the
internal and the decisions OF the Supreme
Court in the brokers and bankers cases, that
to Themselves but also or stocks belonging Others
denominabe 'bankers doing business brokers, and
the S al II n ss % IN q. sass
OF tho United States Cutting ct al. the
exchange, bullion coined money. bank notes, promis-
sorry notes, and other securities as well % sales by
them Of stocks and other property belonging to Others
were subject to duty In expounding the statutes tho
Supreme Court regarded the amendment made by act of
March 1865 to paragraph nno OF tho seventy ninth
section Of the act d Juno l3 1894 which defines for the
purposes of the law tho term .broker" as in effect
amendment TO the nincty-nnth section Of the act Of
1864 which prescribes the duties leviable upon Ibe
sales by brokers of stocks and other securities Il was
therefore, held in that case that sales made by brokers
for themselves subject TO the duty those
made for Others. In the Of the United States vs.
Psk 1t al the question presented for determination was
whether bankers, dong general business as such,
who sold government securities for themselves and
not for others, for a commission. were subject
TO pay upon such sales the duty prescribed by the
ninety ninth section OF the statute Of 1894 the Su
preme Court held that they not liable.
The decision proceeded--lt would appear upon the
ground that the defendants we're not "bankers
dong business as brokcs' within the meaning OF the
statute The purpose and intent OF the Legislature in
the ninth paragraph OF section seventy nine" said Mr.
Justice Grler in delivering tho opinion OF the Court,
given Of the term broker and 10 make II mean that
every man who sold his own securities was broker,
and Liable TO pay ffty dollars for license. The obvi
GUS purpose OF tho amendment 10 compel brokers
70 render an account of all sales made, whether
them. As is often the caso in statues. Dd through
the intention is clear the words used to express il may
oe ichosen The evil intended TO De remedied by me
s eh.ien. was .r'nsIaiens !. , .nc anenomens nao
provso 10 the section which relates 70 the
rates Of duty 70 be paid on sales made In the stock
market by brokers others licensed aud doing business
iions affirmed blythe Supreme Court in these adudica-
uons mat person DONG general pnsincss az banker
soeks and other secnrities for Others as well as
for himself Is liable 10 pay tax upon all his sale so
long az ms sales are limited 70 ms own securities DIS
in addition 10 such sales he nesoa,es sales Of securities
for Others he in the bnsncss Of broker and
nJ 49, "vmS 30 hr , ON e
clsely The same footing ia the statute Both asr men
TONED IN the ninety ninth section as subject 20 the pay
Of .nr 'nI e s ~" cn,
has settled as we have seen that brokers are Liable
pay d9tes on all lher eales those OF tncr own proIery
dong business as brnksrs would seem 10 he snisct 10
the ability. They chargeablc under the pro-
,isos OF me ninety ninth secnon oi me statute WIN
ION of banke,s sics or their own sesros from d,iv
is maintained only think, where the bankers do not
prsecu,e or carry on business as brokers' 10 the case o.
,nrotatng purchases or saes or secarIl,es for tbe
benoit ol other parties But no exemption can be
Claimed ~ bankers VINO DO engage IN such business N
rcc..es foe satute rsoares ,hem' in nv opinion, 20
raethe returns OF sales madc by brokers,
sna neiec,s men 20 ne LIABILITY o. payng IKE oroner,
neeotas whether Cor the benefit OF Themselves or of
others remain yours, with great respect,
nokiT .a, Ashios, Acung Z, a',ongy .1' oencia-
--''"' I'e'N' =
aS 'hi.A"o 'oILho'oiss".
no" soneiAy o'"eVea wa. n's"''e' "'".'''
s'"" "' % "ppo'n'e" 'eoo' az ''o' A"'"''
'i''en' ''o'aScu
AfroiSThESfs by TbE fhhsiphhr.
ho icho"ing names "ef' ycs'e'uay sent 10 'c sen"'
T 'Onfmalon 70 Ounces IA h"lscohsin:-bf'eadier zen
eIa' taSsius f"icbhd, on'eo states harsnH' M W.
L. 3 Bragg pnted states District Attorney
CONGRATULATIONS TO THE czAR oF RUSSIA.
The Joint resolution OF congrntuiaon 70 The Car OF
Russia upon hs eseape from the late ai'cmptat asassn
alton was pas1cd IN tho Senate tbs morning as Il came
irom Tue house. 4
TREATIES Win THE fspiAS TRIBES or TEE ~ AIMS.
Colonel Ned W. "ynkoop who was recently ordered
oy e "'r Impairment 70 report 10 the ih'eror Depart
ment Tor the spec'a purpose OF eneci'ns rea'es oi
peace WIN 'o wariiNo indian tioes OF be plains, bHS
70 'boc ci'y hhVhS ln sa'ieo'ofy bhnhr