The interior journal. [volume] (Stanford, Ky.) 1872-1881, 1873-07-11

hil TO pay the ,ax by the 22d day Of
March Of each year, the Auditor shall
certify the fact 10 the proper Assessor.
whose duty II shall be 10 include in the
tax list Of each person. corporation, or
partners, and thereupon each stakeholder
shall pay a TAR cf Eve cents upon the
one hundred dollars more than he would
have paid; had The hank promptly paid
the tax prerious 10 The I'D Of March In
each year.
But 10 assure Mr.. Bobbitt that the
National Banks ofStanford have prompt
y paid the taxes for which they are
hound, we herewith give copies Of re-
ceipts which were executed by the Au-
ditor:
FaAxKroRr, March 10Th, 1873.
Received Of J. n. Owsley, Cashier, BY check,
the Treasurer's receipt for nine hundred dol
lars, for State Tar 1s73, on shares Of stock
Farmers National Bank Of Stanford, under
act llth March, 1857.
(Signed) D. HOWARD SMITH,
Auditor.
FRASKroRr, March 21st, Is7s.
Received Of John J. McRoberts, Cashier, BY
check, the Trrssurcr's receipt for six hundred
and seventy-fve dollars for State Tar 1873,
on shares Of stock National Bank of Stanford,
under act 11th March, 1857.
(signed) ID. HOWARD SMITH,
Auditor.
From the foregoing quotations of the
act Of 1867, and the receipts Of the Au-
ditor. the copies Of which are herewith
given, it is manifest that distinction is
made on the subject Of taxation, in favor
Of the citizen. aud against the National
Banks in this, that the banks are requir.
ed to pay the tar upon shares Of stock in
advance, while the citizen has the privi.
lege Of the fiscal year. But this State
tax Is not the only one to which the
banks are subject, for they are required
to pay as tax q certain per cent. on their
circulation, certain per cent as tax on
their deposits, and II there be an amount
Of capital stock in excess Of the amount
Of the United States bonds which they
have on deposit 10 secure circulation,
they are required TO pay a certain per
cent. rs tax on such excess. To illus
trate: The Farmers National Bank, of
Stanford, pays semi-annually 30 the U.
s. Government one-half Of one per cent.
on the circulation, or fifty cents on the
hundred dollars semtannually; one
fourth of one per cent. scmi-annually on
its deposits, or twenty-five cents
semi-annually on the hundred dol
lars of its deposits; and ene-fourth of one
per cent semi-annually on $50, 900, which
is the excess of its capital stock over the
bonds to secure circulation. In addition
to this rate Of taxation, there Is an assess
ment of about $40 per annum to pay the
expense Of examiners fees, town tax and
other contingencies. Arecapitulation Of
the assessments against this bank shows,
that it pays annually to the United States
and State Governments a tax of 81, 1895.
As matter of course the National Bank
of Stanford Is subjected to the same rate
Of taxation. except that it has United
States bonds enough to secure its circula-
ton, and is therefore not subjected TO any
assessment on the score Of its having
capital stock in excess Of the amount Of
its bonds. Briefly stated, this bank pays
to the two Governments an annual tax
of $4,000. The aggregate taxation,
therefore, of the two banks Of Stanford,
Is s4,98S.16.
II any one should take it upon himself
to doubt this statement, the records OF
the hanks are open to inspection.
These facts present Mr.. Bobbitt either
in the light of demagogue, who wilfully
is guilty of misrepresentation, or Of one
who is too grossly ignorant TO serve the
people in the position to which he as
pires. Being free man, he is at liberty
to choose either horn of the dilemma.