Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1875-09-02
Do National Banks Pay Taxes?

no taxes, and great many people be-
lieve that they tell the truth euen'
however is not the case. The Natloh-
al banks are required to deposlte
100000 of Government bonds, Tor
that amount of stock, and are allowed
70 ;ssue but $4,000 of their own
hank notes for the 100000 thus de-
Dosited. Now while it is true they do
not pay taxes directly on these Bonds,
they do so indirectly-they pay taxes
on their bank stock, which is based on |
these government bonds, and their
bills are subjected to assessment and
taxation by our proper county and
State officers, while the Greenback cir
culation does not pay cent of taxes.
As for instances the proprietors of the
Cincinnati Enquirer may have in their
possession on the day when all proper
ty subjected to taxation becomes liza
bic to assessment, $4,000 in Green
backs, but not cent of taxes can be
collected from them for this amount of
property; but if any person holds
$4,000 or any other sum in National
Bank notes, they are subjected to be
taxed the same as other property. So
you see the rich man who has $50, 900
in Greenbacks escapes taxation; but
the farmer who owns q hundred acres
of land and little stock on it, has to
pay On every cent he owns. 1t is all
visible and cannot escape the vigi-
lance of the assessor and tax collec-
tors.
Now, as to the taxes paid by the Ma
tional Banks:
The Comptroller Of the Currency
says in his last report that National
Banks pay the following taxes to the
Treasurer of the United States: One
per cent, annually, on circulation out
standing, one half of one per cent,
annually, on deposits, and one-half of
one per cent, annually, on capital not
invested in United States bonds
These taxes are payable semi annual
ly.
The report gives the amount of tax
es paid by these banks for ten years,
to-wit: From 1864 to July L, 1874, as
follows: on circulation, 827, $50, ,531.-
So, on deposits, $26,59O, ,42I.81; on
capital, 50, ,574, 1892. Total amount
paid in ten years, S57, 6,O6.-
These are the official figures. The
amount collected by the commission
er of Internal Revenue from State
banks, Savings banks and bankers
during the fiscal year ending June 80,
1874, was on deposits, $2,O67, ,118.77 +;
on deposits of savings banks having
no capital, $386,42 on capital, $780,
878.16, on circulation, SIG, 1896, and
upon this amount of circulation, ST.
3O6,77 was derived from the tax of 10
per cent upon unauthorized circula
ton. These are the official figures
and they completely overturn the spa
cious falsehoods that are circulated by
Democrats for the purpose of making
political capital for party that cares
not half 80 much for the best interests
OF the country as they do for the sue
cess of the party at the polls. And
many honest men of the party, and it
may be some of the Republicans hon
estly believe that these National banks
step through like the Greenback cur
+ rency, scot free of all taxation. The
= Cincinnati Enquirer, when it tries to
make its readers believe this lie, knows
that the Greenback currency pays nc
q taxes, for the proprietors of that faith
, full organ of the Ohio Democracy
r who affect to have so much sympathy
e for the poor tax-ridden people of th'
country, refused to pay taxes on $50,
). 900 of Greenbaeks, with which th'
il Enquirer folks had been assessed b.
" the assessor of Hamilton county; sui
lr had been commenced against them
d and the decision of the court was tina
1t Greenbacks being government note
Y or government Indebtedness, are no
l. subject to taxation. So the Enquirer
ID folks escaped paying taxes on thei
i pile of Greenbacks, while the farme
r who had all his means in a little farn
and limited amount of stock on il
all of which was visible to the assess
or, had to pay taxes On every dolla
9k he owned; and he had to pay q high
r er rate of taxation because the En-
quirer and these who could command
large amounts Of Greenbacks pal
l" nothing on this description of thei
IS wealth, and may it not he possibl
ir that this accounts in a great degre
at for the Enquirer's conviction to AM
80 advocacy of an exclusively Greenbac
paper currency.
nc The statements we have made
ly reference to the taxes paid by the M
d. tional bank are true, and it would /
n well for the people before they belieV
- the statements of unS crupul Gus demi
80 gogues, to examine the subject and il
" form themselves upon these question
IN It is not our design to discredit tt
1n Greenback issue; it is good and u
No. know of no man who is not anXioI
to secure az much of it as he can
ue Nobody that we know of wants to Sc
contraction of the currency, and NJ
body, unless it be some old Democri
ce of Tom Benton school of polite
n. wants to see purely metallic currel
cy. We do not, but we want to see
US system of finances that will not |
on subject to the whims of political Gu
lg rency- -tinkers at every annual election
nd That in our view of the question wi
a. be the easiest and most certain way I
Wv better times and to specie payment
as Just as long as every thing of fna1