The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-05-03
WASHINGTON NEWS.
s,yinsx Banks Their liability 10
YIN ON ttcsr Ursdistributets Sur
WING Profits - ncctsion Of Acting
,.,rs,.!.c:o,cr Douglass.
OFFICE or INTERNAL REVENUE, I

yr,> az, tuc,r GrsdiSfribufets Sur
,,,cs Profits - ncctaion OF Acting
commissioner Douglass.
Orr,cr OF ISTEESAL REvEHuE,2
AsulNGroS. april Is, 1870.
s;---Sours O! the 18th instant, relative
IN liability cg the savings banks ana savings
institutions in your district TO TAX on their
l,pGistributcd surplus prohts, Is received.
, rcDly that all savings banks ana savings
institutions which fall within the profiso OF
lection ITO, act June ~, 1864 as aihe'laeu-
fl>t is. have no capital stock and do no
c. her business than receive deposllS, 10 pe
i~,Iir3 or invested Cor the sole benefit OF the
,a.,oSitorS, without profit OF compensation
e., ,h, bank or inStltutinn-arc exempt from
i.5'irty 70 dividend tax provided in section
On l%.r thc ruling expressed on page W,
,-,lmo\n Internal Rcrcnae Rcc0rG.) You
MI ,.Irg,r conform your official action to
T.. ,.rsyj,iaa> in determining the liability of
rry Swings tank OF The description above
';r,, which NAV he fcund within your dis
.;r,. An savings banks other IMAM those
..l,.,.. described are subject 10 lax the same
- An ordinary bank. both unoer the proSi-
,..r> o! sections 10 ana l.N.
yhrth?r OF not Il saving bank which has
,..',.,.;f'I, stock does business solely as de-
,,.,;i,dG IN the proSiso 10 section 10: and
,,,r,l,rr Whether its accommodations OF sur
,,I'. mn, IA lie eventually distributed TO Inc
&,,,,-:,ors alone. are questions when, from
ne nature Of the case, the assessor mus.
nr,.v determine upon his own judgment
and responsibility. ...a
=, Irit,3 STATES securities arc dcductlblc
,'.n,thn ,axaDlr deposits of 300 and up
,..,r.: in the name Of any one person, or
ok. .urb - are made from such taxable
i.t,a.i,S. stating that he practice has been
90 deduct the amount invested Ill Unitcd
=. les securities from >uch taxable aepOsils
,yftfou, reference 10 the character OF the
t.,osilS from which these investments are
made.
r,,y I,rrs,n.cI ~ nv attention for the first
,Igr. and am Of the opinion that this Ill
Iced practice Oh The part Of The savings
LINKS in lnur district l. correct and IN
..n..,~d,plrr with law. The proFiso To Sec
nan ;lrtxcmpt~ from tax Of one twenty
E,ntiI # one per cent. first, all deposits Of
>,-,-,r. loss in the name Of any one person
OF. r3.ro>itnr. and. sccoud,a! deposits which
.g. invested in securities of the tnl.cd
states. SmDpO.c q savings bank has, Tor H.
>,gurn. 100000 in deposits OF inc character
above described, which We will call low de-
,..-it-; S20n, 600 in deposits Of more than
w.
which we will designate ~ high deposits;
and :stUt. 600 II: deposits invested IN tnltcd
s,.,rf- securities. II has then S3ce,e IN
;,..u.;ts. Slnn.0uD Of which Is invested
a- :ihayc. What shall nc the exemption TO
The banks. $50. $50. ;2UJ.0GO, or some sum
..tHrcn the amounts: In my OPINION,
500. geo should be held exempt, and the
h.DN required to pay tax on Sloo,O0e. III Is
i..l.,.yru tha; = fair construction ana The
evident intention Of the proElso to section
10 warrants this conclusion. Any Otncf
,,rr..i4u taan the above would, ii seems 10
III. hr ilHplgtticab!r, even II the pfoTlSo
,.rinrI !" warrant ii; for bank would
most likely claim and with entire honesty
/. i. presumed. that twas impossible to say
WHETHER lis Investments in United states Sc
cl.ii:irs represented high o. low deposits,
aIl ,lrrD,it> received by al institution OF
hi character being merged, rs Is under
stood. in one common fund.
l.i.; even ii ii were practicable TO distin-
.H,i.h between deposits. 80 as to determine
MINT i.oGlirn OF an investment represents
Ai, Il and y hat low deposits, it is evidently
III" Intention Of the proviSO that two
..uri.u,- >!lail l." exempt from tax under
section 10, when the providont savings
l.iIk, come 10 estimate their liabilities to
lax on d.pos;tS-iil>t, the amount Of low
deposits. and. S"coEi, on amount equal to
the Grpasil< of the bank which are invested
~ it IN uij"i state. securities. As WAS
stated in tn" first part ot this letter. the
Question whether Il lauk falls within the de-
ti,inu expressed Oh PAGE 60, volume ., OF the
L,cgrd i one upon which the assessor
should exercise "a careful Judgment. and re-
port the facts Ia this Office, in any ease
Wherein h" feels Il doubt III his own mind.
Very respectfully,
! -,
Pierre e. Van WICK, Esq, Assessor
Fourth District, New York city.
Es.--n the United States
Senate Friday MIR. Johnston presented the
petitions OF Il. i. Giyin, Edward Stewart,
ra,N Y. EuriMan, Adam Stephenson,
William ilcvcncr, and Andrew j. Jones,
al i:!.hiaud county: Charles licrrdOn, OF
Richmond; William Stoakcs ard Baldwin
Fa.';r. cf Mathews: James y. Goalder,
vt kiIr and Queen: Jacob J.. Gilbert, OF
itpcEiugham; Thomas :. Gibson, Of Lee
't"ul.c Washington Kyle, OF buckingham;
Newton Nccnc, Of Loudoun; Wiley ;.
Young, Of Gl.yaon; William l.. Spencer,
81 jane City county; :. Grcar and Robert
N@U- n. 81. Griyst,n: and Of II. ID. Walden,
Of New E"nt county. Virginia, praying the
removal 81 their political disabilities; which
were referred t. the Select Committee on
tie Removal Of Political Disabilities.
GnR TREASURY GOLD SALEs.-The Score
taly Of the Treasury has directed the assist
an, treasurer at New York to scll one mil
Euu g.! gold on each Wednesday OF the
month Of May, commencing May Ath-the
iii-t and Third sale OH account Of the sink.
iHg fund. and the second and fourth on
account ol the special fund, or four millions
IN AL also, 10 purchase one million bonds
each On Thursday the 18th, and Thursday
the 25ih. Tor the sinking fund, and two mil.
!toM- each on Thursday the 9Th and Thurs
dag III" l4th. OH account Of the special fund
ur s.N millions i'll all.
4 MOUNTAIN OB 0ATHs.-1t has been
:l.rrrl.su.,d that not less than 800, 900 ain
un-tv uati!S were taken under the prOcla.
nations respectively of Presidents Lincoln
sad Johnson. They arc OF record III the
>t&lc department.
VIRGINIA NEWS.
For the Dispatch.
Murder In Accoymnc.
DEuHAoNpT0wN, April =, 1870.
) horrible murder took place yesterday
Hear ASA vonan. 4 married moman named
Ellen Bunting killed man named William
tu!cv. GGllctl Bunting, the husband OF
Lien Blmting, keeps small groggcry near