Evening star. [volume] (Washington, D.C.) 1854-1972, 1883-06-13
BANK TAXES ABOLISHED,
A Faithful Officer.

The adjustment Of long-continued custom
OF well-recOgnzed method Of obtaining reve-
nue., such as the use Of three cent postage and
other stamps, the levying Of certain duties and
the collection of onerous taxes-a termination
which indicates the growing wealth and power
of cOuntry-is worthy of at least passing
notice.
With the approval of the act of March 8. 1888,
to ''reduce internal revenue taxation and for
other purposes" the ''semi-annual duty" hereto
fore assessed against national banks was re-
pealed: The law as 1t stood subjected national
banks to the payment semi-annually OF duty
eio one nan OF one per cent on average circua-
ton, one-quartef OF one per cent on average de-
posts, and one-quarter Of one per cent on aver
age capital beyond the amount invested In
United States bonds. This duty has yielded the
government revenue aggregating nearly one
hundred and twenty-five millions Of dollars.
A remarkable fact 10 this connection is that
this immense sum Of money has been assessed
and collected at an expense Of less Aan one mil
on the dollar. When it is considered that as
high as twenty per cent Of municipal and state
levies Is lost in delinQuencies and expenses Of
collection 1t Is pretty evident that great credit
is due to some one, or to some method, for this
cOmmendable result.
In the first place, the tax has been levied
against associations that have promptly met
their lawful obligations, onerous and burden
IL.
compiled with the rulings and Instructions of
the Treasury department with very little objec-
ton. The tax or duty was one Of the war meas
ures which enabled the government to raise a
vast revenue in time Of need tax which con-
tinued long after other war leyies were much
modified or wholly discontinued. The national
banks are entitled to great credit for the prompt
payment Of this duty, and for the alacrity they
have always shown in complying with the re-
qulrements OF the government, and for their
valuable aid In financial matters pertaining to
the public welfare.
The law was simple in its provisions, and the
regulations promulgated under 1t by Gen. Spin
ner. United States treasurer, as carefully fOrmu-
lated by Mr.. Wyman, present treasurer, have
been In force. with little modification, since
1854 Occasionally question has arisen, some
difficulty has appeared but. with one or two
slight exceptions and disagreements In the past
few years, there has been little or no trouble In
making the assessments and collecting the en-
tire amount, which is principally due to the fact
that the banks have been willing subjects and
loyal to the power that gave them existence
Some OF the banks have paid very large amounts,
in some instances reaching el20, 600 year. and
all have borne liberal share in contributing to
the revenues OF the government and In the pay
ment of local taxes
The process of levying and collecting this duty
has mainly devolved upon one clerk In the
Treasury department. Mr.. N. J. lockwood. In
the division of national banks, Office of the
treasurer of the United States. He has pre-
pared and forwarded blanks, received and cor
rected returns for many years, and no sepi-an-
uual term has gone by leaving duty unpaid, ex-
cept In few instances, and those Of failed
banks. The work has been done with great
Aithfulness, without loss and with little public
notice, and has been attended to so regularly,
promptly and fully that the years addition to
the revenue Of from i've to nine millions of dol
lars has come intc the treasury as quietly as the
flowing Of stream.
Under the law az II now IL the duty on cir
culation remains, and that will yield revenue
OF from three to four millions OF dollars year.
JEROME BURNETT