Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-03-14

OFFICE OF THE DAILY APPEAL,
MuMuMra Nh 10 IsE-

/, his mas Oeen a quiet Gay IN money
circles with no change to note. Tele
graphich dispatches from the east arriv,
irregularly. Gold was bought during
the day at $40.
Silver is scarce-buying at . to 28e.
County warrants are not active
Brokers buy at 80 to s2c, and sell at o;
to $50.
City scrip is not in demand. Brokers
offer SO to roc, and sell st "a to T2e. Tho
new city notes have been received, and
will be issued hereafter in lieu Of city
scrip. They are well executed-having
something the appearance of q legal
tender, and as many of our banks have
engaged TO take them at par We expect
they will pass current as national bank
notes in the city.
Exchange is in active demand, with
New Orleans more plentiful than east
ern. Our banks buy at par TO OF, and
sell at premium for the latter. The
former is bought at to of, and sold at
par to premium.
There is no change in Uncurrent
money, which continues dull at our quo
%tations 25e is the highest price offered
for Bank OF Tennessee, but holders Of
this money arc notGisposed to sell at this
figure. We quote . Bank Of Chatta-
uUOga, Is; Bank Of West Tennessee,
50; Union Bank, 80; Planters Bank, 50
Bank Of Memphis, par Bank of Middle
Tennessee, 80; City Bank Of Nashville,
50 Merehsutsl Bank, as Oeoee, 20
Bank Of Shelbyville, 50; Traders Bauk,
par Southern, 70.
We publish the following instructions
to assessors of United States internal
revenue:
TREASURY DEPARTMENT,
WAsHISGToB, February IS, 1867.
Sir: It has come to the knowledge of
this Office that many OF the national
banks pay the local taxes state and
local assessed upon their shares, deduct
ing the amount so paid from their earn
ings, thus reducing the amount subject
TO the taxi Of five per cent. under sections
twelve and one hundred and twenty-one
Of the internal revenue act Of June 80,
1864, amended July Is, 1866.
The decision of the supreme eosrt is to
the effect that said taxes may be imposed
upon the 9haTes of the national hanks,
as being the personal property of the
shareholders, and they cannot therefore
be deducted by the bank as an expense
Of the bank, as II the tax were assessed
upon the corporation.
Assessors will instruct the banks that
taxes paid for the shareholders cannot
be deducted in a-seertaining the amount
of net gains.
1t also appears that some national
banks withhold from their returns of
dividends and surplus profits, the
amounts carried to surplus fund, as re-
quired by the national currency act.
This Is erroneous, as the law requires
the tax to be paid upon the entire net
earnings, including mounts paid stock
holders, and "6ll Vndistributed sums, or
made or added during the year to
their surplus or contingent mnds.b (See
section 100 and III aferessid.)
This tax upon the additions 10 the sur
plus should not be COMPOUNDED with that
required to be paid upon surplus as
\ part of the banks capital, it being a
tax upon the profits Of the business,
Without regard 20 the disposition made
Of the same. Very respectfully,
TnOMAS HARLAND.
Deputy e nimisslnner.
Mr.. Justice Compton, of the supreme
court Of Arksnsss, on Saturday last, in
the case of Bennett vs.. W~orthinEtop. an
appeal from the circuit court Of Chieot
decided the question OF the
OF limitations, so long and anx-
ioUsly looked for, holding that the statute
was not suspended, except during the
Of time from the LIST OF December,
1852, to the 10Th of March, 1854. We
quote the language Of the opinion, the
space OF time rom the LIST day Of Deem
Der, 1852, to the 18th day OF March, 1854,
IS not to be taken as any part Of the
time within which any person under the
OF limitation is required to bring
his action"
The following are the disbursements
for the week War department. 81, 1876,
Us; navy, 1887, 25S; inferior, 81, O56, I2S.
for internal revenue for the
week, A19l, 268 80; total since July Ist,
s205, ST. 502 %.
The steamer Sacramento, for Panama,
on the 9th from San Francisco,
with sir 800 in treasure, 1892, 600 Of
which is for New York, and the balance
'Or Valparaiso and England. The total
treasury shipments from that port since
January LIST are s.. 046, 900.
During the year ending September
Both, kB6, the gross receipts of the Brit
sh E4Shequer were 1912, 800, 7I2, a sur
plus Of 1926, 454 owe the expenditures.
On September 30th the balance at the
amounted to SIS, 952, 665.
The first national bank of Hudson
New York resumed business on Tuesday.
3. Sheppard has been appointed
AN'oNS y 6Ac |uctdulbluS II
;sshier HaybrOok are not SO serious AS to
IMPAIR operations.
New YORK WEEKLY BANK STATE
dENT.-LOans 1882 l4I, ass, increase SI9,-
5 ,322; specie $40, S6S, 1872, decrease S7IO,-
80; circulation 1884 708, 5t1, increase
'll5,37S: deposits $500, SIS, SGT, increase
70, 644l 43 legal tenders S64, SIS, 40, in
.rease 81 ,504, 245.
The following is the detailed statement
# the public debt Of the United States
n the lst of March, 1857:
nEnr nrArrNc rnrn rNrrnr-r