Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1888-02-24
CANADIAN BILLS MUST GO.
REMARKABLE RULING BY COLLECTOR
OF INTERNAL REVENUE PAGE.
Banks Must Pay p Tax of 10 Per Cent on
Canadian Money Handled by Them
Burlington Banks Establish n Dis
count of 25 Per Cent-The
Issue In Doubt.

count of rs Per Cept-The
Issue In Doubt.
The banks of this city received notice
short time since from Calvin Page of
Portsmouth, n. H., collector of internal
revenue for this district, to the effect that
under sections 3412 ana 34l3 of the re
vsed statutes of the United States and
sections 10 and 20 of the act of February
9, 1875, they were liable to pay tax of 10
per ceutum upon the amount of Canadian
! and other bank notes, other than notes Of
national banks, paid out by them, and
that That they were required to make, IN
| der oath, returns of the monthly amount
of such notes paid ont on June and De-
cember | for the previous SIX months,
accoI ding to which the commissioner ut
| internal revenue is required to make the
assessments. The circular proceeds as
| follows con account VI the lapse OF time
| the commissioner can now only make
assessments against you for the six
months ending December /, 1856, June
and December !, 1857, unless You choose to
waive the statute OF limitations in this re-
gard. Without such waiver the amount
.
! 1870 can only be collected by suit together
with such fines and penalties as
You have i"currod by neglect 10
make the returns required by law.
! You are therefore requested to forth
with make the returnSleQuired for the
! semi-aunual periods above named IT nm
able to make your returns with entire &C
Curacy you should approximate them a.
nearly "a possible and modify the form OF
oath on the returns accordingly. As a
! neglect TO make these returns subj cts
| you to severe penalties and rs without
| them / am compelled ny section 3l16, Il
! >, to make list or return tor YOU from
! such iuiVIm ttlOH a. | can obtain, upon
! which The cuDmiss ouer viii make assess
! ment az sinst YOU with such dOOmagc and
! penalties a. tue law provides it il very
/ important that the returns be made before
/ March mex" The letter also states Il
/ copy Oftuese returns must he sent to the
/ tumml-> luuer Of internal revenue. The
| prIuty 10y he - tulp ; 500 TOR each refu-
J sal ur ne eject 10 make returns beside the
! liability {. turl-ltuieut charter.
/ Ga +. ccI pt of tnis notice The banks wrote
+ to Collector Page to H-C'T tuu whether or
not Canada money forwarded to toe %
mlulOu for redtmpi on was exempt under
/ this law, a, some of ,he banks DO not pay
/ uUt Canada money here but rec i've il and
| send 1t TO their Canadian CORE spOudeuts
! to be redeemed. Collector Pages reply
J has Just been received, N which he takes
: tho SrIuud ibnt M -, If tor 1,h.ra + M. C.,r
, sdi1I ,a,,.,i j. n,d '',,t rs cirrni.,i, ~,
| American h,,,kt reudnr. fhetn Ii.hla for
tha ,ar t fn ~ aI'
ram ie,,.l on,,io,, ~, H., sn,,i"nt VII,
<, Va" IVA ~ ,ia ",,i"n tbt t,. nv
oontd nat he ,oiiond nn o'I "a" az
ybIch tvsre sinnIIy racai,J od fnr,,..,,
ed to Canadian correspondents for re-
oni,,"n ~ Rnharts =. srt. ThS ne
cpante hank has ca'Iad f"r Sepat nv III II
mmrdS - nnini"n ~, tha lnc, no,1ad rdint
and aI.o VIZ rafnre,ca +" tba ~
itmit itions wbiIa ne uowarI hsni, III h y. :
! comnnnir5tad Win CoIlector y u SmaI
comparatIvtly small amount of CANADIAN