New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-12-03

not the market value or intrinsic value but value
and the practice heretofore has been In accordance WIN
law On the supposiion that without any qualifying WORD
par was understood the tax has been laid accordingly
missoners has been practical violation Of the United
law. which the capital OF banks SHAH NOT DC
property. whereas the city mot the country has taxed
the shares at 500 each II that were the par while e1he
every 500 bank for instance OF S2oo3ov cspa. S
be taxed on $4,000 This Is unjust oppressive, ana
ought to he illegal: ,,. uno.
such right explicitly granted by tho United States law
States supreme Court in The recent decision Gaze No
5O2, the Farmers aud Mechanics National Bank of Buff
that case under the third head the Court says Tho
National banks were brought into existence by the
eminent has exclusively control over them No state
has any against the national will In regard 70 the
creation States have power by taxation or otner,
wise 10 retard impeOe burden or in any manner control
THE Two-CENT CHECK STAMPS.
The Controller urgently recommends the repeal OF the
two-cent stamp tax on bank checks. The officers OF
internal revenue have considered their duty 10 impose
penalty for any neglect in stamping bank checks the
amount OF the penalty being dependent upon the
number Of checks found unstanlped, and ranging
from S25 TO $1,000. No penalty can be col
lected under the law unless the intent to dofraud
the Government shall be made apparent The National
Banks Of Baltimore, and associations In many olher
localities insisted that there was no Intention 10 aelfau
result either of inadyertence or Of the poor
sticking quality of the stamps They haSe'
however paid under protest the penalties 90
manded preferrinC this course rather than TO DC
forced INTO litigation witbthe Government or the whole
number OF banks examined BY the Bank Examiners not
than FIVE have Leen reported a. guilty OF Intentional
fraud The derived i'll the fiscal ycaI ending
June 80 1874 from the sale OF twocent stamps affixed
10 SIGHT drafts and checks was ~ .5O2 549 The total
amount OF stamps manufactured during the fiscal year
ending June 80. 1878 9l 944l66. The amount OF
income arising from the actual use OF these
stamps during any fiscal year cannot be ac,
cuiatey determined Tue annoyance to banks aud
this office, growing out OF tho strict enforcement OF te
provisions of the Jaw, has been greater Than iha OF All
other restrictions OF tie National Banking laws COM
bned The Controller, believing that the amount de
rived does not counterDtlance
the evils arising from the surveillance to when
all banks and bankers necessarily subjected,
and being satisfied that In almost every instance the
failure comply strictly with this requirement Ia chag
able the carcessness OF transient depOSoIs or 10 the
iusunceucy OF the mucilage on Government stamps,
urgently recommends the repeal VI the twocent stamp
act.
rabies given showing the ratio Of dividends to cap
ital and TO capital and surplus from which II appears
that throughout the country the ratio or dividends 10
capital i'll 1875 $50 and to capital and surplus ISL
III the STATE OF Newly Ok the ratios were 80 and 1Oo
in Pensy lvaia 90 aud u.s. and In Massachusetts 100
and :.