New-York tribune., 1899-11-08
TAX ron CALL LOANS TO BE LEVIED
COLLECTOR TREAT WILL PROChhp ~ "''
FORCE THE LAW. As HE HAS ia"
NO INSTRUCTIONS TO WAIT.

Collector Treat when scen by A Tribune reporter
nj his homo No 902 West SeNcntN-lor'"-Ss' -
terdav said that he had received no "o'"
Washington directing him 70 await 'u'",'' -
structions before proceeding 10 collect '"e ''N
call loans and unless he found 'h'ih ~ Jul" 49,.
,hts ,ror,f,r he should Immediately soma ou'
notices to tho various banks calling for sta''h'e
Of loans made since July l. iSeS. for the puipos' ~
taxation under the recent decision ..,, ,
In reply to question as TO "h''ner "'''
be any difficulty in obtaining 4 reSI'o's'' "'
presume whom We can ,Ss1 nnon they he viii demur
ami anpeal from the asseSsinenl iHiI' ul. 49,. T. .
M au' p@s, "'u vim fhe Attorney General where
hv an agreed statement OF facts can pv - r',,v a
case on hand IN puts and calls which was Se
moved from the NewYork state sSoutbb rV Dis
I|nited States District Court for the ie inos
,-in !, which II is contended that the law nees
not contemplate the taxation OF pu's @' lao, does
II Is argued that the true spirit OF tiic , law ,hon
~ lconn1nniate IL n greater tax on call loan man
time loan Ihe '9N aye o cents on 500 and that
upon ordinary promissory notes o" '""e - WV
cents on 500
poa.-a,ry tho method Of collecting the tax IN
case II IS decided that the borrower y ''e -,
80 amy the stamp. he said that statement oi
tho loans made 10 different individuals or nrms
could he required from the banks ana inc ''N
collected from the borrowers -,
II-ho, asked whether transactions OF this chaf-
acter between banks and individuals anu ''"I7
rern IN danger OF disclosure III cH0' "a '''N
r,a,o enforcement Of the decision Collector treat
said:
Tho business OF the banks with our olnCe 20 no n
airave Haen of an exclusive character, and no H.
formation given the GoFernment ~ "dH1,uleed
oai~e is I'm any real danger OF heliS u'N S's, -
Ranks and bankers pay taxes on capltti an" AM, S1 u
rlue hut there has been no compare n 10
formation has leaked from the Once. an ~ ,o,e
rortr4rv have had numerous com llS'l'' g..
<ron fhe hankers I'm regard 20 the H'"''''' go
which have protected the business.
IN regard 10 Henry Clcwss letter. puh1shen j"
vesterdav's Tribune. suggesting that the assess
men, Of the call loan tax would have tendency 10
restrict circulation by locking funds up ID 'A"N
vaults Mr. Treat said
While I have tho most profound rec pect for me
oninion of Mr. Clows. ] think that ms SNatet
arprehensous Will prove unfounaed. H. - ~. ..rt
~. % nc Government NOT to cripple pnf u" "a,
ds,.isod whereby the business Interests W4n lioe W
embarrassed or any shock given 10 nhaii%,iat W. ~
Adonce There has never yet 'een .,sfo~e ror
was practically prch!hlve IN ks plvr,' ~or,sd,,
which there was not found some a4eqU''' ''
Collector Treat does not believe that the law con-
templated the taxation Of call loans two ana o"e
ha,e times as much as time loans on pro".lSS,ly
rofes This error. he thought. cTcPi ~ 10 ~
- no haste required in framing the VII ll,...s ll,
.ends 70 recommend that the next uHbl 80 ,.,e
10 War Revenue law so that tlle -aN v. ~
Sir I'm "a M 10 cents on B 0'0 This Will pfoNlde
conslderable additional revenue ana s""S's ''0
bankers.