New-York tribune., 1875-11-16
SWINGS RANK DEPOSITS.
SHALL uEY BIZ TAxEDf-A RECOMMENDATIONS TO
CONGRESS TO THAT EFFECT

SHALL uEY BIZ TAXEDf-A RECOMMENDATIONS TO
CONGRESS TO THAT EFFECT.
WASHINGTON, Nov. IA report, supple
mental to the internal Revenue report, has been made
upon the taxation on capital. deposits and circulation
Of banks. II is in substance ~ follows:
National banks pay taxes In January and July OF
haf of cent upon their deposits, ind upon the
average amount their capital beyond the amount
by the Treasurer and constitute no part Oi me inter dl
revenue. Since the organization OF National banks the
amount realized from these sources has been 6f9S9,
376 46 The amount realized during the last hscal year
was 81 ,27O75S 40. The amount paid by the National
banks on deposits alone during the period OF ther
existence MP to June 90, 1879, was S3o,0ls02s IL :;
while the anOdnt paid during The Last hseal year was
National, collected under the Internal Revenue
laws They levied ON every Incorporated
OF other hank ,Sa Snd m business syGy %her cris @
opened, where money If advanced or loaned ON stocks
received for discount or for sale Ihese taxes
consist OF onetweny fourth OF one per cent each month
United States bonds; OF One-tWefth Oi one per cent
each month upon the average amount OF clreuation
and All additional tax OF Onealhth 0i one per cent each
month upon the average amount ol sucn citSul,loh
Issued beyond the amount o ninety per cent "i tle cap-
tai Particular attention Is called 10 trse taxes Tor the
purpose Of showing more forciby the exemptions on
deposits IN savings banks.
provdent institutions, savings banks, savings funds, or
savings institutions, having no capital stock ana DONG
other busincs than receiving deposits TO DC loaned or
invest sole benefit Of parties depostng with
out profit compensation to the association or company
shall be EXEMPT much of their deposits "a
they have invested in securities Of the United STATES and
all deposits not exceeding 5000 made III the name OF
any one person. Congress, after having alternately
raised and lowered the amount of the exemption, hnay
by the Act oi June Il, lS7i extended the exemption
from taxation deposits in such institutions as were
then i'm existence doing business only savings banks
and recognized such by the laws OF their respective
states or by Congress. ~
Tne average amount OF capital held by these banks
ana brokers mot NatiOna in May, 1870 was s2D3l6,
OS: the average Of their deposits IN tie same
month"; 81 346Ol4,sls, and the total capital and dep0--
it, in the same month"; 81 ,5iG, ,33O,91l while the amount
OF the taxable capital and deposits Of those banks aud
bankers during said six months was only S1s049l 10
or little more than treefourts Of million OF dollars,
while the of capital and deposits OF these
same institutions round numbers Sl,5fO,OOo.Oco
This taxation Ii uneqaly distributed among the Stats
Thus, upon n gwen amount of capital AMI depoalts,
the tax on California compared with Massachusetts IN
A. 10 To aud Michigan, compared with The sa'ue
State IA 10 to l. On Virginia, as compared win Yer
mont IL II 10 l. The City OF NcwYork possessing tax
allie capits and deposits 900 less than Maine,
New Hampshire, Vermont, Massachusetts, and CoDnec-