The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-05
COMMERCIAL AND FINANCIAL.

Taxes in Wheeling are high, but they do
not gob6le up the IIvelihoods of the people,
as yet, quite equal TO al least one other place,
if the following item is reliable:
The Lake Ontario National Bank. at Os-
We2o, y Il, declared a dividend amounting
10 SIS, on which the bank paid q tax OF siT 81
10 the county, and on an additional tag OF
81 80 70 the city, leaving q balance of 81 20
dividend check.
The Washington, Pa, Reporter corrects our
remarks, made a few days ago, in regard to
the tax levied upon the Washington county
coupons, and makes the following state
ment:
The ISTELLIGESCER is laboring under a
mistake Our county never laid any tax upon
her bonds whatever The State taxes then TO
the extent OF i've per cent upon the Interest
coupons, and Ike amount is laid upon
them by the General Government, both OF
which taxes our county treasurer is required
by the respective laws, to retain out OF the
ana Sational Treasures. This Is the true
state OF the case, aud II is doing the county
Sts5At injustice to represent her as having
levied a lax upon her bonds with q view or
deprecianng them, as seems to be insinuated
by the lSTELLIGESCER- We know that the
effort made by some of our people a few wears
ago, to resist the payment OF the interest or,
these bonds, had a damaging effect upou the
credit OF the county abroad, but still It is uu-
Just 10 charge her with reSoTttng to this
species of Reputation when such is not the
fact May We not ask the ISTELLIGESCER
The following remarks on the proposed
action OF Congress, looking to the redemp-
ton OF compound notes, were handed TO US
10 read. In order that the public may see a
concise argument on that side, we print the
document:
II expansion is desired, then the proposed
redemption OF compounds by the issue of
plain green b cks is a good Ching. If contrac-
ton Is desired, then the issue OF interest bear
ing certificates is proper.
The amount OF compounds, and interest on
them due in 1901, Is about sO millions
or which the banks hold, princi-
pal ana interest, about--.-......-.- 81
And held by Others, about. y
Which . millions, IL paid in grecnbacks,
expands the currency the day OF its issue 10
Theorists write upon the superstition that
the remaining 81 millions, when paid on in
plain greenbacks. will be idle in the banks as
a reserve Vow for the actual thing that a
bank will do legally. The bank law REQUIRES
the banks of seventeen principal cities 10
hold = per cent reserve in greenbackS. or in
stead thereof l2la in greenbacks and l2LS on
deposit in any National Bank in New York
The law requires all banks out of those sew
enteen cities 10 hold a greenback reserve of Is
per cent, or in lieu thereof per cent In
green backs and per cent. on post In any
National Bank In any of the seventeen cities
named II certificates are issued TO the
hanks, then their reserve deposit in New
. York and other cities will be low. II plain
green backs are issued, then every bank in the
United states, except in New York city. Will
/ greenb3ck reserve, and in lieu OF II carry a
deposit In any one of the seventeen cities
bearing per cent. interest
In this way, OF the 81 millions to be pafd 10
the banks from June TO December, 1867, there
would probably at once 90 into Circulation
I from 40 10 80 millions. This added 10 the 2
millions before named, would expand the
j currency from 90 TO 40 millions in a period o
[ about SIX months,