Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-05-21
FINANCE AND TRADE.
OFFICE OF TEE DALE APPEAL,
MEMPHIS, May 20, 1870.
FINANCE.

by stating that they buy from = TO Z dis
count, and sell at & tok premium.
Money is Easy in spots, but as a rule Ii
is a little close, though as far as we can
learn regular customers in good standing
are accommodated at the usual rates.
It was stated to US yesterday that a
Government Official is now in our city,
investigating into the condition Of our
National Banks.
stocks and Bonds, City Scrip, County
Warrants and Tennessee money are nom
inally unchanged.
Gold ONES in slowly, snd dealers buy
to ship. They take all offered at about lc
under New York rates.
The efforts of numerous individuals, in
and out Of the Government service, 10
add somewhat to their Incomes by OBJ
tanning for a trihing consideration the
gency OF national banks, has raised such
q swarm of bank attorneys as materially
to interfere with the satisfactory transac'
ton of business in the Currency Bureau
that the Comptroller has been impelied
TO issue a circular requesting national
banks to confer agency appointments
only upon those who make this business
a specially. Many persons have dis
tributed their circulars profiering "a
serve as attorneys for the paltry sum OF
i've dollars per annum and there seems
to be not a few banking institutions
which are ready to employ the cheapest
agencies, some Of which will probably
prove dear enough, should the hint OF
Commissioner Hulburd no be needed.
The managers of the Western UFto'
Telegraph Office have, we learn, inaugu-
rated q system for the transmission OF
money, in many respects Ike the post
Office money-order system. 1 person
wishing 10 make a quick payment to an
other person in another place, has only
90 step into the telegraph Office, deposit
the amount OF money he desires to pay
send a message to the payee that he has
deposited a certain amount 70 his credit
naming the telegraph Office at which it il
payable, and almost before be leaves the
Office the payment viii be made, though
hundreds of miles separate the parties to
the transaction. The office receiving tho
money authorizes the office from which il
is to be paid to pay the amount so depOs'
tied. and charge the amount against the
ONCE giving such authorization. The fee
is merely nominal. Orders ranging
among the thousands may be obtained,
and the amounts are only governed by
the ability of the offices to which theg
are sent TO pay. The system has been in
operation but 4 few days, but its need
has been so much felt that it is safe TO be-
ueve it viii be popular.
Schenek's bill to reduce internsi taxes
and for other purposes, as reported by
him on the 10th inst., contains forty-six
sections under the class Of special taxes.
The following is a synopsis of the clause
CeiGzrinG to incomes:
That there shall be levied and collected
annually a tax of 3 per centum upon the
gains. prOhta and income OF every person
residing in the United States, and of
every citizen of the United States resid-
ing abroad, derived from any source
whatever, whether within or without the
United States, except as hereafter pro-
Eided; and a like tax annually upon the
gains. prohts and incomes derived from
any business, trade or profession carried
on IN the United States by any person re-
siding without the United States, and not
a citizen thereof from rents OF real estate
within the United States owned by any
person residing without tbs United
States, and not a citizen thereof.
In estimating the gains, prObts aad in
come OF any person, there shall be in
cluded all income derived from any kind
of property, FeRts, interest received or
accrued upon all notes, bonds and mort
cages, or other forms of Indebtedness,
bearing interest, whether paid or not, if
good aud cOllscUabie, interest upon notes,
bonds or other securities of the United
states, and the mount Of all premium
on gold and coupons, the gains, profits
and income Of any business, profession,
trade. employment, Office or vocation, in
Guiding any amount received as salary
or paw for service in the civil, military,
naval or other seFYics Of the United
States. or as Senator, Representative or
Delegate in Congress. The share OF any
person Of the gains and profits, whether
aiVided or not, Of all companies or part
neFships, but nOt including the amount re-
eeiyed from any corporations whose Ot1-
GERS are authorized by law TO withhold
and pay Is taxes a per centum of the divl-
bends made aRG Of interest Of coupons
paid BY such corporations; profits real
led IN the year from sales Of real estate
purchased within two years previous to
tbs wear Tor which the income is esti-
mated; tbs amount of sales of 1--we stock,
sugar. wool, butter, cheese, pork,
beef. mutton, CT other meats; hay,
grain. fruits, vegetables or other
PRODUCTIONS, being the growth or produce
Of The estate Of such person, but rot in
Guiding n part thereof consumed d.
rectly BY the family; and all other gains,
profits aud income derived from any
sourea whatever. but not including the
rental Of the hons stsad occupied by any
person or bV his family. The military or
naval pensions to any person gnd6F Ihe
laws Of the United States, and the sum OF
one thousand i've hundred dollars of the
gains. profits and incomes of any person
shall be exempt from said income tax.
one such deduction shall be made
from he aggregate income OF All members
of anv family composed OF n or both
osrents and one or more minor children,
- Of husband and wife; but when a wife
nas by law a separate income, and II nv
ing ssDarate and apart from him, such a
deduction shall then be made from his in
come. RainR and profits; and guardians
and trustees shall be allowed TO make the
deductions IN favor Of each ward or n
edciaEy, except that ia case Of
LHO or AAOtU HaA4o ~ 11AIA@Aaf ANAH
COMPRISED ia one family, having joint
property interest, only GnR deduction
shall be made in their favor. For the puT-
pose Of allowing said deduction from the
Income Of any religious or social com
munity holding al their property, and
the income thersfncm, jointly and in
common, each ten Of the persons com
posing such society, and any remaining
fractional uumber OF such persons not
9 - E-Dwar uuueh rroHr ~ "a tan
shsI be held to constitute a family, and q
dedua!On Of $500 shall be allowed for
each Of said families. Any taxes on the
incomes. gains and pronts OF such sQcie-
ties nov due and unpaid shall be assessed
and collected according 70 this provision,
In addition to the exemptions there shall
be deducted all National, State aDd NUM-
cipal taxes, etc. The usual machinery
for collecting is stated, and lines Imposed
for violations Of the law as al present
There il q proyiso that no As
Eistant Assessor shall permit TO be
published, In any manner, such
income returns, or any part thereof,
except under such rules and regulations
As the Commissioner OF Internal Revenue
shall prescribe. There shall be levied
and collected a tax Of i've per ceDtum on
the amount Of all interest or coupons paid
in bonds or other evidences Of debt issued
and payable after more than two years
from date, and on the amount Of divi-
bends or earnings, incomes or gains here
after declared by any Incorporated banks,
trust companies, savings institution, IN
surance company, railroad company.
4teamboat or steamship company, turn
nike canal navigation com
Danv. slackwater company, manufaetuF-
ing company, mining company, gas som,
pany and bridge company, whenever and
wherever the same shall be payable, snd
20 whatever person the same may be due,
5ucluding nop-Tesidepts, whether citizens
or aliens, and on undivided profits OF any
sach corporation, which haTs acerueo
and been earned and added TO sly sur
plus, contingent or other fund.