The New York herald., 1868-06-28

AVo2Ab 3Zt9, ]s'o,oof,Voo
Cpecio. ............ SiZ4,S3o IIo3,oOO
Circulation. n............. S4,ll9i2o 34,O4s.72l
OepOstS. I'll 4o4. 5oI 2l4,302, Z07
Legal tenders. ......... 72,567,5SZ 1883, 30S
The banks are complaining OF that portion OF the
new tax bill passed BY the House OF Representatives
yesterday which taxes their capital, deposits and
circulation to the extent described in the following
extract from the act:-
There shall be tax of one-twelfth Of per
centum per month upon the average amount OF the
deposits OF money other than public money OF the
United States subject TO payment by cheek draft
or represented by certificates OF deposit, or other
wise, whether payable on demand or at some future
day, with any person, bank association, company
corporation engaged In the business Of banking and
on the average amount OF all deposits Of public
money Ia their possession to the credit Of the Trea
Burer or any disbursing oicer OF the United States;
and TAX oil OF one per centum each
month upon the capital OF any bank, association,
company or corporation engaged In the business OF
banking and on the capital employed by any person
In the business Of banking, beyond the average
amount invested in United States bonds; and a tax
OF onesixth OF one per centun each month upon the
average amount OF circulation issued by any banking
association corporation, company person. lnclud-
Ing as circulation all certified checks and all notes
and other obligations calculated or intended to
circulate or to be used money, but not including
that IN the vaults OF the bank or redeemed and on
deposit for said bank.
1t Is estimated on good authority that the taxes to
be paid under this act would be about eighteen mil
lions per annum, or four and quarter
per cent upon capital OF four hundred
ana twenty millions, the amount of the capital
Of all the banks In October last 1t is further COM
planned that Congress has by special rendered
bank stocks subject to State taxation the State
taxes On the par value OF the stocks vary from two
TO i've per cent. This taxation would undoubtedly
be onerous and opposed to the banking interests of
the country. While, therefore, we are willing to see
the national banks well taxed, we must avoid king
them out Of existence until we have something
better to substitute for them, and hence less vio-
lont measure than the one IN question Ia desirable
under existing circumstances The probability Ii
Chat the bill will be modified in this respect in in
passage through the Senate.
Tho market for government securities was dull
bat strong oil day, and particularly In the afternoon
when quotations advanced n 4 per cent At the
close on the street the following quotations were
current:-coupon. 1881, 1l7k lis; registered 1884,
lis . llSxi 6-2os, coupon, 1852. llsh q llSx;
S-2o's, registered, 1852 1ooK . 10eX; do, 1854,
LEX . Ill; do, 1895. lllk q nix; do, 1886,
January and July, llsX ia; do, 1861, ll4
AA>S; do, lsoS, 1921 Ito; lo-4o's coupon, Io7x
ao1x; 1oAo'A registered, lOeN lO7; June 7sos,
ao9x Ito; July 1905. 1Osx ITO; August COM
pounds, 1895, llsk; September do, lis; October
DO, n7k.
Tho conversions OF seven-thirty notes into i've.
fwentles ct the SubTreasury on the aforementioned