Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-03-12
NEW YORK.
Unstamped Bank Checks-Excitement
Among Bankers-Tbe Failure OF
Whestley, Williams & Co.
The Port au Prince Fire-Tbe stamp
Ta1-Letter to the Commissioner
Of InterSal ReTenue-LOu-
isiana COmmIttee, Etc.
UNsTAMPED BANK-CHECKs.

NEW YORK, March ll.-banklDS
men are very much excited over the sc-
ton of the internal revenue department
at Washington to establish an inquislto-
rial system OF Investigation into tie
manner of transacting the business OF
banks, with view TO learning whether
any checks which were not properly
stamped have been paid. The banks are
called upon to furnish evidence OF any
careIessness or omission on their part in
this respect, the object being to collect
the penalty OF fifty dollars for any check
discovered to have been filed without
a stamp. At an informal conference
yesterday between Williams, president
of the Metropolitan bank; Happen, pres
ident Of the Gallatin bank, and Yer
miIye, president Of the Merchants ma
tional bank, the subject Of the stamp tax
on checks was considered. The bank
officers had written to the commissioner
of the internal revenue department. some
time before, asking for the official ruling
or Interpretation Of the tax law. Yes
terday they telegraphed for q reply, and
received in answer a telegram stating
that the answer was coming.
WHEATLEY, WILLIAMS & co.
wheatley, Williams & Co., sugar re-
met their creditors and talked with
them on the subject of their indebted
ness. The liabilities Of the firm were
stated at S677, 900. The assets were vsri-
ously estimated at from $3.50, 600 to
1856 600. The outstanding notes Of the
firm made up total OF $623, 900. The
cash assets were stated to be S44 600.
The refinery was valued by the firm at
S3l7, 900, but at auction the probable
price now would be from 800 600 to
$3.50, 00O The firm had refined "A, ,000,-
900 pounds of sugar in 1874; all of it at
an average loss OF fifteen cents per one
hundred pounds. The firm thought OF
paying fifty cents on the dollar in this
Way-tWenty cents at the end Of one
year, fifteen cents at the end of two
years, and fifteen cents at the end of
three years.
THE PORT AU PRINCE FIRE,
According to accounts from Port au
Prince received yesterday, the fire which
occurred at that place February 11th was
still more disastrous than the telegraph
announced. The entire northern portion
OF the city was swept away by the flames.
Four hundred houses were consumed,
and the loss to property is estimated at
two million dollars. The property was
chiefly owned by foreign residents, COM
posed of Englishmen, HOllanders, Ger
mans, Frencbmen, and few Ameri-
cans, and was insured in companies in
European cities, mostly in Amsterdam,
where the loss falls very heavily. No
American companies lost anything by
the fire. The combustible nature Of the
structures and the high winds caused
the flames to spread with great rapidity.
At one time dozen separate fires Oc-
CURED. In seven hours from the time
of the breaking out Of the fire a space
of about one-half Of q mile square had
been covered with the flames. By blow
ing up buildings and leaving nothing
for the fire to feed upon it was finally
stopped. ]. B. Hepburn, sn American
merchant, lost his life. He had rescued
his wife and children, and went back in
his bszar to endeavor to save some of
his goods. While there he was surround
ed by the flames and was unable to es-
cape. His dead body was found after
the fire in we'll in rear Of his store.
THE STAMP TAX.
On March 4th F. D. Tappan, president
OF the Gallatin national bank of this city,
addressed, in behalf of himself and other
bankers, 8 letter to the commissioner OF
the following questions: First, Are notes,
drafts and acceptances, when made pay
able at q bank, subject to q stamp tax of
two cents; and, if so, does the tax apply
10 notes, drafts and acceptances drawn
or accepted prior to February 8, 1875,
and which have matured and since been
paid? Second, Does the tax apply to
checks drawn by bank upon itself for
the purpose of paying its own dividends
and the dividends, coupons or interest Of
other corporations? Third, Are checks
drawn by a State, county or city gov
ernment on a bank subject to this tax?
The following is the reply from the COM
missioner:
I reply to your specific questions
First, That II there Is any understand
ing between the bank and the maker Of
notes, or acceptor Of checks, drafts or
orders payable at the bank, that all such
notes and acceptances shall be paid by
the bank and charged on account Of
maker, drawer or acceptor in the same
manner as ordinary checks would be,
| such notes and acceptances are cOnsid-
| cred liable to two cents stamp tax as
| vouchers for the payment Of money by
the bank. This applies to notes, drafts,
ETC., made, drawn or accepted, to Feb
ruary s, 1875, when paid by the bank on
or after that time. Second, This tax ap-
| plies to checks drawn by bank upon
| Itself for the purpose Of paying its own
| dividends, coupons or interest Of other
| corporations, or for other payments.
/ Third, Checks drawn by State, county
! or city officers In their official capacity
upon pubic bonds deposited In bank
| are exempt il said bonds are kept sepe-
rate from any private account, it not
being within the intent OF the law
to tax the public treasury. 1 will add,
| with reference to some other questions
frequently proposed to me, that orders
for dividends are subject to tax, if drawn
for definite and certain sum, but not
/ otherwise. An ordinary certificate OF
deposit, made in the ordinary way, is
| not liable to interest. Coupons are con.
sidered exempt bills Of exchange, for
| eign as well as inland, and when drawn
on banks, bankers or trust companies
are held to be subject to the tax. Where
| payable at sight or otherwise, duplicates
| of bills, orders, ETC., are liable the same
as original receipts not relating to the
banking business. For instance, for
rents are exempt. Very respectfully,
]. W. DOUGLASS, Commissioner.
THE LOUISIANA COMMITTEE IN SESSION.
The Louisiana investigation commit
tee appointed by congress to examine
into the political complications Of Lou
isiana, met to-day at the office Of Hon.
Walter Phelps. In consequence Of the