Daily Davenport Democrat. [volume] (Davenport, Iowa) 1864-1874, 1867-02-07
MAKING q total United States tax

MAKING o total United States tax
oi............... SO, v09.57
And in addition thereto, in consequence
Of the decision OF the Supreme Court Of the
United States, just rendered, that the shares
OF Banks are taxable in the bands OF its
shareholders, whether the Capital is invests
cd IN the Bonds Of the United States or not,
We have paid the State, County, and City
tax, which amounts TO $4,000, making .
total for taxes OF $93,91057, and all on
Capital OF One Million dollars.
II any Of our shareholders have them>
selves paid these taxes to the tax collector
in the City Of New York, .hay can have the
same refunded by applying at the Bank.
The Comptroller fthe Currency issued .
circular, asking each Bank TO report the
amount Of Government Loans it had taken
for Itself and others We replied that our
total subscriptions had been s5T asa, s5o.-
90. lie al.o required to know what amount
OF money we had received and dl sbursed for
the Government, Our reply was 81 49,
4j0.21, wi bout any charge whatever to the
! Government
You will notice by our Report that at
present the amount Of United States Dcpos-
its with us is only &23, 774-s2, and they are
often inuch less. We draw attention to this
fact, to show, first, that we are not,as many
suppose, using large amounts OF Governs
ment money; and, secondly, to show you
that we are now ready to confine our busi>
ness ard exertions to the accounts of the
mercantile community and correspondence
with interior Banks and Bankers This cor
respondencc being very extensive, We have
good facilities for King cole ctions and
with cur now complete and thorough organ
izltion We feel satisfied that We can well
serve the community, and desire 10 invite,
ard to have our Stockholders invite, the &C
counts Of the business public.
| We believe it to be the case that the Ma
tional Banks have in no instance objected to
pay full share Of taxation, and by paying
very large sums to the Federal Govcra.
ment they have greatly lightencd the bur.
dens Of the whole people; but is it fair, OF
in any sense just, that Congress should
compel these banks to buy United States
Bonds, which are themselves exempt from
taxation, and then tax the banks very heav-
ilyy a. follows For license. $500 Oh each
$1,000 of capital the one>half Of ono per
cent on the capital; one per cent. on the
circulation, half Of one per cent. on depos-
Is; and then five per cent on earnings and
again. by the ambiguity Of the language OF
the National Currently Act, the Supreme
Court Of the United States, by . majority Of
one, permits any amount Of local taxation
that State Legislators, often hostile to
banks. may choose to put on the Governs
ment bonds. represented by bank shares. =
Tho whole people have great interest in
this question, as it involves tho public faith
and the honor Of the nation; and no other
nation has. under any prctcxt, permitted
the taxation of the public debt And in
this view of the subject. is it not discour-
aging fact that the public honor and faith.
if not broken, has been badly bruised
Directors - William A Ko be, Thomas
A. Vyse. Jr., Geo A. Wcks, Barnet l..
Solomon, Geo. A. Fellows, Chas. Minxes-
heimcr. j. o. Whitehonse, Joseph U. Orvis,
S. &. Parkhurst
JosErn t. ORvis, President.
JonS r. HUI, Cashier