Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-02-23

in New York, our brokers are without their
usual stock and bond quotations.
BUSINESS here is dull and rates generally
are unchanged.
There is some discussion as to what
effect the decision of the Supreme Court in
the Tenth ward case will have on city
bonds. Many persons argue there will be
a decline, as the city will have to refund
taxes heretofore collected. The city al
thorities we think, anticipated consider
able revenue from the Tenth ward, had the
decision been rendered different.
In local stocks and bonds there Is no
change, unless it is;in the past dtie Teunes-
see coupons, which we notice are now
quoted at So. Brokers say they have no
way of using them.
There is no change in the new issue
Bank of Tennessee.
FHR TAX ON BANKS.
On the 18th inst. Senator Morrill,, of Yer
mont, reported back adversely from the
Senate COMMITTEES on Finance the petitions
signed by great number of the bankers
and merchants of the country for the re-
moval of all taxes on State and National
Banks. Before discussing the questions
involved the committee call attention to q
practice of recent growth calculated,
it is to be feared, to impair the
weight and value Of petitions, which
are or ought to be received as
the sacred prayer and unbiased judgment
of the people. Most of the petitions ap
pear in bulky and imposing form, printed
and Endorsed IN the same type, showing
that an organized method of multiplying
petitions has been resorted to by first manu-
featuring blanks, which upon being set out
give, perhaps, the first notice of grievances
to those whose signatures have been soil
cited and obtained. ALI the petitions in this
case refer to the hardships imposed on the
National Albany Exchange Bank, and in
regard to it the comm tee says:
1T appears by the report of the Comp
troller Of the Currency that the bank has a
capital Of 100000, and that after paying
all dividends as well as taxes, it has sur
plus fund of 100000, and undivided
profits amounting to S45, 224 beyond regu-
lar semi-annual dividends. Here are &C
cumulated profits Of nearly so per cent. on
the original capital. Surely such oppres-
sion may be well borne by the stockholders
with tolersble complAcency." The
committees report discusses the
whole question, and in cosing
paragraph says" The taxes sought 10
be repealed on the capital, deposits and cir
culation of State banks and bankers yelde-
for the fiscal year ending June 80, 1872
81, 1923, 229.14. The estimated decrease on
account of deductions made by act of June
6, 1872, are 1926, 900. There will remain
an estimated yearly income of about 3d.
100000, to which must be added q similar
tax paid by the Nationsl banks directly to
the Treasury" These petitions also refer
to the question of refunding taxes on divi-
dends, interest and profits earned or
added to the surplus Of corporations during
the last five months of the year 1870, but
the Committee refrain from expressing any
opinion further than to say il all the
schemes for refunding taxes levied during
the hard necessities of the recent war were
to be favorably considered, fresh war taxes
would at once have to be again resorted to
as the Treasury would become bankrupt.
The report shows that the banks are max
ing large profits, and the taxes imposed
are not hsrdships.