The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-03-12

considered. The bank officers had writ
ten to the Commissioners of Internal
Revenue, asking for an official. interprc-
taton of the tax law. Yesterday they
tel"graphed for a reply, and received an
answering telegram stating that a letter
was coming.
Call for Bouds.
WAsulHGrON, March l0.-The Secre-
tary of the Treasury will issue a call for
$30.0O0,000 worth of bonds OH account of
the sinking fund this afternoon after the
close of business hours. The amounts
contemplated are, coupon bonds, S24,-
0G3, $50; registered, s., 936,250
The following is the call for bonds i'll
detail. They are under the act of Feb
ruary 20, 1862. The coupon bonds are
of the fourth series:
Coupon bonds-$5o, No. lOO0l to -,
400, both inclusive; 500, No. 27,jOl to
10000, both inclusive; $500, No 1861
to 10000, both inclusive; $1,000, No. 30
OOl to $4,000, both inclusive Total, $2i,
O63,O Registered bondS-$50, No.
2.OOl to 2,l2j, both inclusive; 500, No.
/ l5,55l to 10, ,743, both inclusive;
300, No S,6jl to 9,l54, both
inclusive; $1,000, No. %, 40l 10 3S,073,
both inclusive; $1,000. To. II ,G0l TO r.
$40, both inclusive; $4,000 No. l5,50l
to 1884, both inclusive; total Sj,93G,-
80; grand total, S300O0,000.
The call natures three months from
to-day, when the interest will cease
The bonds will be paid on presentation
at any time, previous TO the maturity OF
the call, either at the Treasury or by tho
| Assistant Treasurer ut New York, with
interest up to date of payment. II
/ is aScertained that Secretary Bristow has
/ all along considered himself without dis.
/ cretion in the matter of the call, and
| bound by law to call bonds in the order
| of their issue The act of March Sd
/ 1875, which authorizes this call, provides
! that it shall be made in compliance with
/ 1867 Of the revised statutes, and that
| section expressly directs that bonds shal
/ be called in order of their number and
/ issue.
| Decision Regarding Atnmps on
Checks. Notes. &e.
NEW YORK, March ll.-On March
4th, F. D. Taper President of the Gal.
latin National Bank Of this city, address,
eC., on behalf of himself and other bank
crS, letter to the Commissioner Of In.
ternal Revenue. asking his decision OF
the following questions:
First-Arc notes, drafts and accept
ances, when made payable at bank,
subject to stamp tax of two cents, and il
so does the tax apply to notes, drafts
and acceptances drawn or accepted prior
to February Sth, 1875, and which have
maturcd and since been paid?
Second-Does the tax apply to checks
drawn by bank upon itself for the pur-
pose of paying its own dividends and the
dividends, coupons or interest of other
corporations?
Third-Are checks drawn by State,
County or City government on bunk
subject to this tax?
The following is the reply of the Com
missioner:
In reply to your specific questions l
would say:
First-That if there is any understand
ing between the bank and maker of
notes, or the accepter of checks, drafts or
orders payable ut bank, that all such
notes and acccptances shall be paid by
the bank and charged in the account of
of the makers, drawer or acceptor in the
same way ,lS ordinary checks would be.
Such notes and acCeptanccs, are consider
ed liable to the , cent stamp
tax and vouchers for the payment
OF money by the bank. This applies to
notes, drafts, etc, made, drawn or accept
ed prior to February s, l775, when paid
| by bank, on or after that date.
! Sccond-This tax applies to checks
I drawn by bank upon itself for the pur-
/ pose of paying its own dividends. cou-
/ pons or interest Of other corporations. or
for other payment.
Third-Checks drawn by State, county
or city officers in their official capacity
upon public bonds deposited in bank
are exempt if said bonds are kept separ-
ate from any private account, it not
being within the intent of law to tax a
public treasury. | will add with refer
cncc to some otheri questions frequently
proposed TO this Office that orders for diyi-
dends are subject to tax if drawn for a
definite and certain sum, but
not otherwise An ordinary certificate
of deposit, used in AN ordinary manner,
is not liable Interest coupons are con-
sidered exempt. Bills of exchange, for,
cign as we'll as inland when drawn upon
Il bank, broker or II trust company, are
held To he subject to the tax, whether
payable at sight or otherwise. Dupl-
Gates Of bills, orders, etc, are liable to the
same a> originals. Receipts not relating
To- banking business for instance. for
rents are exempt.
Very Respectfully,
j. W. DOUGLASS,