New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-08-15

all seannual reports received after the change the
face Of which appeared that any OF these items weIS
severay the banks from which they received lot
items as duty on deposits were returned to such banks
respectively. 80 too under law passed by Congress
the joint statement Of the Secretary of the Treasury
the Controller OF the Currency and myself such amounts
as were previously so PAID and bad been covered iS
the Treasury have since been on the sworn statements OF
the facts by the proper officers of the banks which
have preferred lc claims that such items were SO no
ed in forner Statements I'm like manner refunded to such
banks The same may yet be done with your bank on
such statements made separately FOR each semlannua
payment Of such duty on deposits aforesaid But, at
the same time il will DO required make return OF the
whole amount OF collections stating IN ike manner each
semiannual separately which you have heretofore
omitted TO include in your statements OF "average
amount Of deposit" This brings me 10 the FIRST part OF
Sur IS S n rna m regard TO- deposits Il
fully set out IN the blank form OF semi animal returns
standing on your books to the credit OF anybody,
be 1t an individual, firm, or a corporation; and
must be estimated and paid. without any discount or
abatement therefom on any account or lor any reason
whatever Collections when pasSeu 10 'Ho GISu! oi
any party have always been directed to be included IN
the average amount Of deposits Returned anu on wSn
duty must be paid On representation III pch , vi tne
New-YOrk City banks by committee Vi p.bh PIesl-
dents who came on mere lo added I'm regard to their
bore hard upon tlen IL was lhouneu - ~. 49, ~
collections through the Clearing House III me manner as
closed 10 Won. You will notice that these COLLECTIONS
were not 10 the credit OF anybody and, OF course NOT
has always stood, with the modification as stated.
You will further notice to the same DAhk, NO i.
other banks are specially included. The National Bank
i'm New York, of which you speak may mean ;he e1ep
tiou of one day without credit, through tie gearing
House OR IL may that 1t does not credit its customers
for paper left with it for collection until IL receives NOTICE
from lis corresponding bank of It's payment II the pahh
spoken OF credit its customers Tor Such coeco pa
per- it does wrong in not reporting the amounts 70
me as deposits subject to duty The hank VIII DC written
10 on the subject Your suggestion that uuly
NAV be paid on such deposits by more IMAM
one bank ON the same items may possibly I'D some
cases he true But should tins he true II cannot oe
helped Any other rule would open the door VIM 10
frauds and little OF duty could be collected rom hl
sourcc the Government would that case be unable 10
test the correctness of return made TO TINS ohcc ny inc
hooks OF the bank making the return everybody hnoNs
that under Stae laws land is taxed although IL may DC
mOrgagcd for its full value. and yet the moltsgC lnt
rests o te very same land taXedis again taxed Tor us
full face value This question Of III e
return of duty ON account OF deposits has been hereto
fore fully discussed, and finally settled tnal ,Vy mus
be SO returned and that the duty must lac ld thereon
Anv other rule would constitute every bank the judge,
each for ITSELF of what did or did not constitute u ne
post subject to duty and would give dishonest bankers
great advantage over such "a had cofsclehce' anu
over the Government we'll The rule must therefore
remain standing as before Very respectfully yours, .
"F. T. SPINNER, Treasurer United STATES