The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-02-26

ne ABOVE SHOWS a 1allnS OH IN aggregate
receipts of 81, 1886, or nearly fifty pei
sent.
The National Banks.
The Controller of the Currency has con-
s'rued the new currency law as directing the
immediate Inauguration of the withdrawal of
legal tenders as additional bank circulation
shall be issued, without reference to the
volume outstanding. The question had been
raised whether the Treasury Department is
enjoined to commence retiring legal tenders
before the volume of bank circulation shall
't,ave exceeded the amount outstanding at the
date Of THE recent enactment-a question
which has a practical interest in connection
with the fact that the amount of such issues
has been reduced bv voluntary surrenders.
1t appears that the common-sense view is
adopted that the volume of bank notes out
standing at any particular time will have no
bearing upon the Withdrawal of legal tenders,
amounting to so per cent Of the bank circula-
ton hereafter applied Tor, until the legal
tender circulation shall be reduced to the
minimum limit Of $500, OO00, 900.
The following statistics are obtained from
the Washington correspondence of the New
York Bulletin.
The total number of applications receiv we'd
by the Controller Of the Currency for the Or
ganization of new national banks since the
passage OF the act OF January IA, 1875 is
plications for increased capital stock from
existing organizations, SO, 100, 200. For cir
culation on capital already paid up, $780,
so. Total amount Of circulation required
to supply the banks proposed to be organized
and upon proposed increased capital stock,
SO, 800, 900. Total amount of circulation
ISSUED since the passage of the act of jan
GARY IA to new organizations and upon in,
creased capital stock, S1,OSO, 700. Total
amount Of legal tender notes deposited under
section of the act Of January 90 1874,
ST., ,974. Total amount deposited under
the same provision since the passage of the
act of January IA, 1875, S3,52S, OPS. The
Controller will report to the Secretary Of tie
Treasury on the LIST of March and of each
succeeding month the amount Of additional
circulation issued, when so per cent of that
amount of legal tender notes will be re-
deemed.
The New Tax ON Cigars.
WHAT THE MANUFACTURERS SAY ABOUT III.
The amendment to the Revenue bill now
pending before the House of Representatives,
increases the tax on both domestic and i'm
ported cigars OF all descriptions one dollar
per thousand making the entire tax So per
thousand instead of SIS per thousand as here
tofore. The tax on manufactured tobacco is
also increased four cents per pound, which
will make the tax twenty-four cents per pound
instead Oh twenty Genus per pouuu. IL IoASi'
euce to this increased taxation bulletin re-
porter on Saturday called upon a number Of
Che leading cigar manufacturers in order to
obtain their views.
He ascertained that as yet the requirements |
OF the proposed law were but indefinitely I'M
<ierstood, but it was not regarded as objection
sible. A manufacturer said that he did not
suppose there would be any objection made
to the new tax or any effort on the part Of the
manufs s,turers to oppose. He thought Con-
sress had decided to raise whatever extra re-
senue was needed upon liquors and tobacco,
and that, therefore. opposition would be Of
40 avail. The additional tax, however, he
said, was so small that it could be readily
borne, but the right to impose one dollar per
thousand extra, implied the right to impose
twenty dollars per thousand extra, and 50
there was no guarantee where the tax should
end Tobacco and cigars, he said, already
paid the government q handsome revenue,
and they should now be let alone.
Another manufacturer thought the proposed |
Increased tax Was so small that it would make