The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1875-12-03
Taxes on National Banks.

WAsHINGTON. NOV. l5.-In a supple
mental report the COMMISSIONS Of Internal
Revenue calls attention 10 the laws regulat-
ing taxes on national banks and on banks
not national. for the purpose Of presenting
f0rcibly the exemptions on deposits in say
ings banks. He says that national banks
pay 10 the Treasurer one-half Of one per
cent. each half year on their deposits, and
the same rate each half year on the amount
Of their capital stock not invested in United
states bonds. These taxes are collected by
the Treasurer. and constitute no part 81 the
internal revenue. The amount realized
during the last fiscal year from this source
was $40. rs. 40. and the amount paid by
the national banks on deposits alone during
the same period aggregated $50 ,516.3l.
Other taxes on banks and bankers not ma
tiOnal are collected under the internal reve-
nue. laws at the rate Of one tweniy-fourth
Of one per cent. each month on the capital
employed beyond the average amount in
vested in United states bonds; Of one
twelfth 81 one per cent. each month upon
the average amount Of circulation Issued by
them. and an additional tax OF one-siNth Of
one per cent. each month upon the average
amount Of such circulation issued beyond
the amount Of ninety per cent. Of the capital
81 the bank. association. company or person.
BY the existing law deposits made in saw
ings banks by any one person are not liable
to tax unless they exceed - ZOO. ndthis "
emption. instead Of being confined 10 savings
banks having no capital stock and doing no
banking business. i, now 10y recent legi>la-
ton extended to classes of institutions Of
Kindred names. having capital stock and
making dividends. The fruits Of this legis-
lation are showni in atahle. which shows that
the average amount Of capital held by the
banks and bankers mot natiOnall. in MAY
1879 was 500. 316. 01s: that the average
amount Of their deposit in the same month
was II $40. OLA, sl3: that the total capital and
deposits in the same month were Il ,54o, Sg.-
oil. while the mount Of the taxable capital
and deposits of these banks and hankerS dur
ing said six months was only $50. 44. 70. or
q little more than three-fourths ~ a million
Of dollars. while the mount 81 actual capital
and deposits Of the same institutions was in
round numbers 81 $40. DoO. 600. IL l. also
shown how uneQually this taxation j. dis
trihuted among the states. Thus upon a
given amount Of capital and deposits the tax
on California. A. compared with Massachu-
sets. l. a. ten TO one,a and Michigan. a. COM
pared with the SAINT state. as sixteen 10
one: on Virginia, A. compared with YER
mont. i've 10 one. The City II New York.
possessing taxable capital and deposits So
600. e0 less than Maine, New Hampshire.
Vermont. Massachusetts, and Connecticut
combined. paws a tax three times A. great a.
these states. while these same Siatc-, having
capital and deposits three times A. great a.
California. pay about one-half the tax there
on that j. paid by California.
The COMMISSIONS thinks THAT il deposits
in these so-called savings institutions are
thought a proper subject for exemption from
taxation, where they are employed with such
profitable results. il were better To return TO
the rule adopted 10y Congress in 1856. where
deposits made by any person in excess OF
500 were subject to taxation