The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-08-15
THE NATIONAL BANKS.
Letter from United States Treasurer Spinner
In Relation to Deposits and the Manner of
Making Returns.

Letter from United States Treasurer Spinner
In Relation to Deposits and the Manner OF
Making Returns.
WASHINGTON, August IA, 1868.
The following letter was written by General Spin.
ner Treasurer of the United States the cashier of
a Pennsylvania national bank
WAsHIN6roN, August II, 1858.
SRYour two letters OF the 18th utmo and Of the 9Th In
In answer Z. both have to say that formerly
the ike, required under head OF e-
& @ as S m. was casad aa
new forms were sent 70 the banks in conformity with this
after change, the face Of which appeared any Of
s s thew wes
for correction and the amount estimated such items
Secretary treasury the com Ts
OF the Currency and myself such amount previously
paid and had been covered into the Treasury have
officers Of several banks which have preferred such
na a.. '%a s%s % nS s state
yet be done with bank, such statements made
at hs
ike each che 9n
which have heretofore omitted include In your
This brings the main point Of discussion and pre-
e S ss
return sent TO you and Intended to include all the balances
vidua hr corporation and the duty the aggregate
q All such balances must be estimated and paid without
whatever Colecons when passed 10 the credit
party always been directed be Included In the
average amount OF deposit eturned and which duty
be paid.
On In behalf Of the New York city banks
by committee Of bank presidents who came here the
In regard their collection through Clearing House
marked in red ink, No. In the blank report here
with enclosed You will notice that these collections
the credit OF anybody and Of
to draft So the stands has always STOOD
the stated You will further notice in the
same blank, No. underscored, that collecons made
account OF other banks specially included.
The national bank in New York, Of which speak,
the exemption OF day without credit through the
Clearing House. Or may be that does credit its
Tor left with II for collection until
notice from ts corresponding bank Of It's II the
bank spoken Of does credit s customers for such collection
paper, then does In not reporting the
deposits subject TO duty The bank will be written
the subject Your suggestion that duty may be paid such
bly, In some be true. But should this be
cannot be helped Any other rule would open the door wide
10 frauds and little duty could be collected from that
source The government would In that be unable
test the correctness OF return made TO the Office by the
books Of the bank making the return Everybody
although II may be mortgagsd for its full value,
taxed again taxed for s full face value This question Of
including collections In the Of duty of do
poss has been heretofore fully discussed and finally settled
that they must be returned and that the duty must be paid
thereon other rule would constitute every bank the
judge, each for ITSELF OF what did did not constitute
posh subject 70 duty and would give dishonest bankers
advantage such had conscience and the
government WELL The rule therefore stand
Ing before. Very respectfully yours
y. r. SPINNER, Treasurer United States.