, 1873-02-19
mics agroo to frlrniah d like sum for support Of
tho proposed now limo.

1ANK TAxEB.
o a o s2 o@ @ ssRssa r"sacs Sssa aIsrssy Sa
tit!ona signed pg great number Of tue bankora
Of all taxes on, stato. ind National Danks.
1eso thss'''ta ths cSmmso thS a9s0na a nopan in
to praoticnn Of recent growth. calculated, 1t ig
to 10 foaroa, to inlpalr tho weight and valuo Of
petitions, Which arc, or ought to bo, received aB
to seres Pfaor S unbiased Judgment of tho
mud imposing, form. printed and fndoraed in the
same typo, showing That an organized method
Of multiplying petitions hag bcen resortod
to BY hln first maaaufacturing nama blanks which,
first notice OF grievances to tloao, whose sigma
turea hayo boon solicited and obtained. All tho
petitions in THIS case refor to the harshipa i'm
poae,d q on the National 2 Albany Exchange Danlt,
pears by tho export Of tho Comptroller Of tho
Currency, that tho banlt hns a capital OF
$500 900, and that aftcr ,paypg al1 diyidends as
Il e1oo'oo I, and undivided I profits S amounting to
546, ,222, Homt-annua1 dividend. Hero aro accu-
mulated profits Of near]y 60 per cent on tho orig.
inal capital. Surely such oppression may vol
aeeaoy @ " rho % 1sp roport eonuues %s 'G TIo peon
orr aak, ,as merchants, to hare ali tho State and
National Banks reloaaod from taxation
9no.,. On thofr capital circulation .'l 95,a and
DO dono without any dotrimont to the necessary
wants Of tho Government but this representa-
tion is at onco refuted by tho latter monthly
statements Of tho Secretary Of tho Treasury,
s0T ID S o of e S9p @
duction in taxes made by CongroaH in tho
act Of 1879, and therefore It'll not true that it
can DO done now without lotrimont to tho nec-
Ing that this tax is n Just and proper ono from
which to dorivo National royenue, tho Committee
consider In turn tho three taxea now imposed On
banas' % They say tho annual Tux On capital ia
tso dosr 4he of would iin s. sS on ns bank OF q
81, 100000 Or $500 on q bunk Of 100000
capital. Ii tint much? On tho contrary, It is
moderate, and especially It is moderate SO long
with the Treasurer Of tho United States as
security remains OF tho oarly class, and
yield to tho banks intorost at
tho semi- annual rate Of per cont, instead Of
cent on circulation, tho Committee nsk If it is
circulation nor On tho samo tosms5 viii I'll tho o OK
caption Of tho required rosorye, amount
elsewhere, all Of thoar cIrculation msy M be used used
in tho ss1ne mannor, and witA tho sumo profit as
90 much actual capital. Il three-quartcrs Of
this ooula9n a9 shond be ls@ leaned At cent
whole circulation, from which, doduoting
tho tax Of por cont thereon, q e1oer
RFSoat t.a.+ Of 81 Per cent m%s y bo reeized
bank have Increased with tho last year over
e290, o00, 900, while their resourcos arc less in
United States bonds by tho aum Of 100000;
sad ssi s a a%fq u spge y {he the sum sum Ct Ct
This diHcloses the painful fact that tho National
Banking |. institutions havo y, entire conf
resumption OF specie payment, from which wo
arc so apparently annually and steadily reccd-
ing. Even when tho bank circulation shall DO,
II over, regularly redeemed in coin, Or ita equiv
cont will not DO too much, md while it is
not redeemed, the banks reaping all the benefits,
but recoiying no othor equivalent, this tax may
b fairly reckoned as disproportionate1y small.
lest in tho sorioa,. is t. be cor:
sasred and IT, this is added at half
poaita. Sound banks rarefy pay any interest On
deposits, and usually ind it safo to loan ut least
two-thf1ds Of the average amount go held, and
often retain less margin, when call loans can be
inseres, and loaniag It wi Ss p}erssst E'!Hl The
sound credit Of banks, based upon thoir fran
chiee, their capital, and upon tho national bonds
!, given for tho ultimato security Of tho bill
Prom e4e' TSo amoan snfn roceysa
and held on deposit by tho banks exceeds
ap Or NOR han tho
;. TINT tho beat part Of their profits accrue, and
= their depostors by the issue Of their individual
: checks, which arc received, wherever known,
yupon m entire equality with tho cur
amount than That authorized in tho form Of bank
notes. Tho Committee therefore conclude that
thore does not appear any good reason why tho
tho National Government should abandon such
n tax. Tho following arc aomo Of tho closing
paragraphs Of to report;
It is not evo1, pretended that banks
ppos fro tasr bssnes sna it taahs has
had been, tho returns by tho Comptroller Of tho
>Curronoy. showing dividends averaging frac-
ton over 10 per cont for several yours past, with
s'nssax t5s t55ss'a9g sa' i, "ssa
lolear, willis tho National Banks can loan
Iall their capital twothirls Of their deposits and
>all Of their circulation, except their reserve that
s ssv 9 rss aous on ho
spo s baaEs dp0' sna san1erg ':da yis1ded for
The oaa asSa a;a yeaS ended June 80 1872
., 1879, arc So, ,250 900. There viii reain IN o.
timeted yearly income Of about 80, o0o, 600
Eaia by r tho National Da',n3ks, ',3 directly to
The hsretors aF'''ssss ss IL will to '0 assas sssn
which It il asscd to hayo surrendered is 90, ,800,-
600, or nearly $40 000O000 This may not appear
a large sum to the banks and bankers, but 1t ia
j much larger than now be woll spared
for any purpose from tho Treasury. Tic
petitioners also refer to tho question OF refund
ing ta1es on dividends, interest," and profits,
earned or added to tho surplus Of the corpora
tions during tho last four months Of the
year 1870, hut tho Committee rofrain
!, from expressing any opinion, further
than to say if all the schemes for rofunding
taxes. levied during the hard necossitieB Of tho
recent war, wero TO be fayorably considered,
fresh war taken would at onco have to bo again
rosortod to or the Treasury would hocomo bunk
rupt.
ANOTHER STUNNING NOV.
The lust romaining prop which supported tho
falling reputation Of Vico President Colfax was
To-day knocked out, and the damaged maas was
prooipltated to the ground. Tho story Of tho
Yico President, ralatad with Bnch nnnnrant air.