The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-05-22
FROM OUR REGULAR CORRESPONDENT.

WASHINGTON, May 81 1874
THE FINANCIAL QUESTION DEF ORE THE COM
MIrrEE ON WAYS AND MEANs-INEQUALITY
OF THE OPERATION OF THE INTERNAL REvE-
NUE. TAX ON SAVINGS BANKS IN CALIFORNIA
COMPARED WITH THE BALANCE OF THE
COUNTRY.
The Ways and Means Committee OF the House are
busily engaged in preparing bill to cover the whole
financial question, and have been engaged in the
sderaton lattcry OF what affects tho national banks
and savings institutions IN the matter OF tax
circulation and deposits. representative of tho
California savings banks has appeared before them and
presented rather surprising statements, accom-
panied with Statistics regards the inequality Of the
operation OF the internal tax upon deposits
in savings banks Of that State compared
with other portions OF the United States 1t
appears that the banks Of that State OF
this character. having capital stock,
pay . little one-sevenlh OF tho entire
tax derived from all the States and Territories
To those banks OF savings that have capital stock
under conditions deposits Of So 900 and under
are exempt the in savings banks having no
capital Ono OF these conditions is that interest not
less than the rate Of four and half per DO
paid to dcpostos and eight per cent Interest may be
paid to capital The California banks claim that this
limit Of eight per cent to capital operates unfairly
toward them for capital be obtained that low
rate and inasmuch there paid depositors there
more than double that paid dcpositors here that
tho same rule should be applied TO them and they
should be permitted to havc the benefit Of
tho exemptions by allowing proportionatc
amount OF interest to DO paid to capital, because
so much greater interest paid TO the dcpostors 1t
was shown ,ha. the derived from these bankswas
almost exclusively obtained from California the
savn rs banks OF Of tho country being able
come within the terms OF the law. II shown also
that OF $7A 800 annually collected from banks of this
kind all the States and Territories SOL $50 OF
collected from the savings banks Of California
THE JURISDICTION QUEsTIoN--AcTIoN OF THE
HOUSE TO FOLLOW AN AFFIRMATIVE DE-
DEMONSTRATION MORTON ON THE PROBABLE
RESULT.
Tho long debate in the Senate the question Of
Jurisdiction in the Bclknap indicates the political
importance attributed to II here II is pretty
dcrstood that the House Of Representatives. press.
ing the claim oil jurisdiction, looking beyond Bel
knap II the senate shall decide that official miscon-
duct Is Improbable alter the officer is out OF Office
then Is said that Williams Dclano Sawyer Richard
son. Douglass and many others Will be investigated
In this event the work OF investigation will be pushed
afrcsh in all directions.
senator Morton says tonight that he thinks the de-
Iberatcns Of the Senate, sitting a high court in
regard TO tho holding or jurisdiction in tho Bclknap
ease, win be brought TO close oy Wednesday next.
when decision will DO reached but from the present
condition OF the agitation impossible TO say what
IL will be- He has NOT yet made any speech upon
a. bu, IL is thought he Is to jurisdiction. lie
states that several OF tho opinions delivered by Sen
atofs will be printed for circulation
ciusion Is reached by the senate.
THE HOPES or THE SOFT MONEY DEMOCRATS
SPLIT N THE ST. LOUIS CONVENTION
THREATENED.
Tho soft money democrats make the boast tonight
quite confidently that tho House Will during the com
ing week, pass joint resolution repeating the Rcsump
ton ack Their hopes and predictions in the matter
are The immediate effect OF the signal victory OF the
soft money at the OHIO State Convention the
other day They say the House must pass this resou-
ton or see . serious disturbance sDit In the