The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-05-23

UPoN the authority of the New York
Financial Chronicle, 1T would appear
that no small disquietude prevails in
financial circles in consequence of the
claim which las inlRe case of the late
New Orleans and other disgraceful
National bank frauds,) the officers of
the Treasury have tried to make good
relative to Government deposits. 1t is
claimed that when bank fails, having
in its possession money belonging to the
National Treasury, this money must
be paid In full before any other debts
are satisfied. Ifthere is only enough
to pay the Government, the Govern
ment takes all there is, and leaves the
private depositors without dollar. III
there is a surplus the private depos-
itors will receive it. This view OF the
comparative claims ofthe Government
and OF the public over the assets of
broken bank is the one which, If we
are not misinforlned, has not only been
advanced but enforced. Hence, the
first telegram of any new bank failure
assure us that "thes Government will
lose nothing and the circulation is
secure" The authority upon which
Government officials proceed in Civ
| ing precedence to Government claims
in cases OF this kind is, for general
warrant, an old law to that effect and
specifically, the 50th section of the
banking law which provides for the
Government first. The great question
for the community, however, in this
connection, is, as the Financial ChroHi-
| Gle puts it, whether bank possessing
| n nh OF in hao on INFT-
eminent deposits should be allowed to
use those deposits in fpmeuting specu-
lation In cotton, in stocks, in gold, in
| provisions, in breRdstuffs, in rObbing
the poor by high prices of the necessa-
ries fife, and in robbing commerce
by derangipg the markets for the COM
modIties of trade; and whether after all,
the losses, when the speculative bank
succumbs, shall fall on the depOsitors
-on the very public who have been the
sufferers from the specnlations them
selves :"
A special correspondent of the New
Orleans Piedyane, writing from New
York, reproduces from Mr.. Gibbons
volume on the National debt, pass
ages to show that population is a con-
tingency not excluded from the bank
ing mind. According to Mr.. Gibbons,
| Republication is not $50 impossible that
we arejustified In treating 1t with con-.
tempt;" nor Is 1t, son the same author
ity, always ian extrinsic, unnatural
and totally unjust measure" The
RiedyW'ue's correspondent insists that
the E"fearfuF spectre haunts every
bank ,parlor," which is, we think,
| gross exaggeration, to say the least
rs5T n TFsI -ss7--7s rrrf-TY r
The, Internal Revenue Commissioners,
in transmitting his decision favoriug
the deductions from Iincomepon account
of losses on stocks, incidentally pro:
mulgatesa principle which the assess
ors and others concerned in the admins
istration OF the Internal Revenue sys-
tenn are prone to forget. Their general
principle appears to be to interpret the
| law adversely. to the taxpayer, and on
teyery point of doubtful construction to
take advantage Of their power, and de-
! eide in flvor of the Government. Mr.
Rollins, on the other hand, reminds
one OF his official correspondents that
i the construction Of the Tax Law should
be controlled by the disposition Of Con-
| gress tnregard to 1t; and since that dis
4 position was last session decidedly in
favor Of the taxpayer, the rule should
veto decide doubtful points In the same
spirit. This is the true rule at all times,
and though strengthened by the action
OF Congress, should mot be dependent
ilou5it. In the interpretation of law the
bias should be towards The rights OF
the citizen, and especially In determine
ing his liability as a tax.payer.i
AS the internal revenue received up
to date amounts to 1856 OOO, 900, and the
Income tax yet to come in will make it
amount to about s275, OO0, 900, the. New
York Post holds that this will show.
greater productiveness than last year;
because Congress has RENTED duties
TO the amount Ofyabout 500, 900, 900. The
customs revenue wilIgive MS this year.
between $3.50, OO0, O6OA and sl6O. 900, 900,
against S17s. 10000 last year. Upon
this statement OF fact the Post says:
4 at Is not true, then. that we are in
danger from decrease OF taxation.
The fact is that our present taxsystem,
internal and external, is 80 oppressive
with It's 1900 different items, which
4 cause IL, 600 different leaks, 16, 600 differ