Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1880-12-01

of the redemption of those notes, from the cir
culatiOn Of which it receives the entire benefit,
The total amount of national bank notes re-
ceived for redemption by the comptroller of the
currency and at the redemption agencies of the
treasury during the wear 1880 is shown to have
been 60,09S, $40. The number of bank notes
which have been issued since the organization
of the system is 437, 677, 219, valued at $685.
O68. 1856 OF these, SO, 936, 566, valued at $G47,-
005, 534, have been redeemed, and 38,740.653,
valued at $342, 0G3, 451, were still outstanding
on November /, 1880 The amount of national
bank currency destroyed during the year ending
October 81 1880, was $685. $50.
The comptroller says: The total losses
charged off by banks during the current year
were $14.706, 40G, and for four years previous
$35, 345, 069. The total losses charged off
during the last five years are more than % per
cent. of the entire capital of the banks. During
the last five years, the average number of
banks annually passing dividends on account of
losses has been 279. Average amount of capt.
tai upon which no dividends have been paid
during that time, $42, 266, pa. From which it
follows that for continuous period of five
years about one seyenty-second of the whole
number of banks in operation have paid no
dividends, and nearly one-tenth of the total
capital has been unrenunerative.
WASHINGTON, November 25.-The comptroller
of the currency, in his annual report, in refer
ring to the subject of state taxation of national
L
pose whatever tax they choose upon the shares
of banks organized under their own laws, but
they have no right to i'm lose greater valuation
on national bank shares than on any
other monied capital in the hands of
individuals, since thereby the tax becomes
heavier on bank shares than on money capital,
whereas the law rightly construed says it shall
be the same. 1t is respectfully suggested to
congress whether it would not be advisable
in order to avoid the expense and annoy
ance of long continued litigation to pass a law
making maximum amount of taxation which
may be imposed on national banks by state
| authorities"
! In presenting his annual tables. giving as far
| as can be ascertained the amount of taxes i'm
posed upon the banking capital of the country,
| the comptroller repeats Lis previous recon-
mendation for the repeal of the law imposing
! tax upon the capital and deposits, and the two
| cent stamp upon checks.
! The amount collected by the commissioner of
| internal revenue during the whole fiscal year,
with the exception Of S511 ,U96, AGA. is shown to
| have been derived from the tax of spirits, beer
! and tobacco. The comptroller saws in this con-
necton: "WGre the entire tax upon the banks
| and bankers Of the country, including the two
| cent check, the tax upon matches and patent
| medicines removed, the amount of revenue
received by the government from the tax on
spirits, beer and tobacco would alone be sufi-
! Gent to meet its expenses and reduce the pos
sible debt at the rate of hundreds Of millions
annually. The principal reason heretofore
urged against the repeal of these taxes has
been that the amount produced was necessary
for the support of the government; and this
reason, it is stated, has ceaaed to exist.
| The amount of taxes paid by national banks
| to the United States for the year ending July
| i, 1880, was az follows: On capital 1919, 494;
on circulation SO, 153, 315; and on deposits $4,-
| 058,7 ITO. The amount paid by banks other than
national to the commissioner of internal reve-
rue for the fiscal year is shown to have been:
On capital 1911 ,436; on circulation $28, 773; and
| on deposits 50, SO, IT'S.