The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-30

pay out that money. The man considers
that as an order, and the In expectation of
the clause pertaining to stamps on checks
erybody else. The clause reads:
not drawing interest Or order for the pay pay.
issued By banE n ra sompsny upon pc a1y
| person or persons, companies, or corporations
at sight or on demand, two cents
er yhs5 J very broad and seems to cover ev
Q. In the case of a person who stores his
wheat for period, say of sixty days. He
receives a storage ticket for his wheat. Now,
wnen ne presents that at his bank Is he re-
quired to put two-cent stamp upon it? He
simply leaves his wheat ticket which he has
received from another dealer with his bank
to act as money. Now, will he be required
to stamp that ticket?
FARMERS WHEAT RECEIPTS.
A. think there might be some question as
to that.
Q. If farmer takes his wheat to an ele-
vator and sells 1t and the purchaser gives
prietor of which is himself the wheat buyer
and where the elevator company makes its
deposits; and the farmer goes to the bank and
gets his money on 1t, would such tickets re-
quire to be stamped?
A. l thing they would l think that is an
order. l think the cashier would consider it
an Oruer upon MIN TO pay the money.
Q. If a man takes load of wheat, any
thing, to an elevator, and the elevator man
issues his own check for it and his cashier
| cashes it, does 1t require to be stamped?
A. Well he cashes, in that case his own
; ticket He makes memorandum and cashes
it himself. l do not think in that case he
would be required to stamp the check.
q. Suppose the man assigns the check and
banker or merchant caShes it; would that
require stamp to be placed On the check.
A. That makes different transaction.
hn rnft no xytnof fho a. a tnr
man, has the money and pays his own
ticket he does not have to stamp the tick It.
But If the ticket is taken to any other place,
and is cashed, it will require stamp?
A. That would be my impression.
Mr.. Benfeld. of Austin, said: '.Mr. Chair
nan 1 fail to see any. dis inction or dif-
ference between a grain buyer's order,
whether it is on himself or anybody else,
for the payment of any specific sum of money.
these cashiers upon their own banks, pay
able to anybody else. Now this cashiers
check is given to some one person 1t has
He may cash it in his own sore or Office.
We cash our tickets in our own Office. l
believe the wheat ticket has get to have
stamp on it just as a cashiers check upon
his own bank
Q. Do duplicate deposit slips, which are
given at banks at time of making d posts,
when the bank book is not present, require
to be stamped?
A. That is a question l do not care to ar
swer.
TAX ON COOPERATIVE CONCERNS.
@. Do certificates presented by members
of cooperative creameries to banks require
stamps?
A. l find nothing that exempts co-opera-
tive societies from stamping their checks.
@. If farmers cooperative creamery
ISOLATION issues an order, PAY. to -
or order s2.4O for twenty pounds of butter
at y cents per pound" and issu's i. signei
A 1 should rule that that required a
stamp. That is an order to pay more.
O., A depositor in bank wants, himself
tc draw his own money out of the ba k
Is it contemplated by the law that he must
be taxed in order to accomplish this?
A. When he deposits money it is to his
own credit. The only way to get it out IS
to check it out and that requires stamp.
He must give some authority to the bank in
order mt to enable tsa them to pay ane mGR een
whether he uses it himself OF draws it to
some other person.
Mr. Brill, of Cannon Falls, here remarked:
slip as a voucher 1t is simply a memo
randum that you have paid out $40 or $780,
$40 you take no voucher from him except you
enter it in his pass book. 1t is equivalent to
a receipt. That was covered un.e- the old
revenue law, and not subject to cent
stamp. The teller would rot make a raoo:d.
He would make slip-not take receipt
the entry in the pass book would answer as
@. A private bank has a raid u2 capital
Of $4,000 and only $4,000 is use1 in the
business. Does this difference of $500 have
A. l DO not know what the additional S.
600 represents. 1t may be profits the bu:i-
ness and 1t is subject to Use in c3sa of
up capital. The minimum tax is So o.
capital not exceeding the of $25,000-ard
for every additional thousand dollars in excess
of $4,000 the tax is at the rate CT 81 for every
thousand. l think the department would rule
that the paid up capital of the bank together
with the surplus of the bank would be the
taxable amount.
PRIOR TO JULY l.
@. Do checks drawn prior to July 1 and
be taxed?
A. 1 should hold that check drawn prior
to July and not paid until subsequently -es
not require stamp.
Q. In the of demand not maturing
and not being paid by certain time is ex-
tended for a certain length of time would
that require to be stamped?
A. If it is considered as an extension or
renewal of tte note it would require to be
stamped. The law says for renewals.
AT the conclusion of Mr.. Voss' statements
he received a unanimous vote of thanks.
AT the conclusion of Mr. Vars talk
the association by rising vote thank
ed him for his kindness in appearing
before it and explaining SO many prob
lens that have perpleXed it's MEMBERS
, and President D. A. Monfoft, who had
assumed the chair, introduced George
w. Burton, cashier of the La Crosse
National bank, of La Crosse, Wis.
Mr.. Burton's paper was entitled 'The
Evolution of Banking" and though a
dry subject, it was treated In a humor-
Gus vein which added much to its in
tereSt.
MIR. BURROWS PAPER.