Tm.1: xxxv. INTERNAL REVENUE.—Ch. 8. 669 CHAPTER EIGHT BANKS AKD BANKERS. Sec. 5W_ 3407. Definition of words "bank," 3413. Tax on notes of town, city, or mu- "banker." _ nicipal corporations paid out by 3408. Tax on deposits, capital, and circn- banks, &c. lation of banks and bankers. 341-L Banks’ and bankers’ monthlv re- 3409. Taxes, when payable. turns. ' 34lO. Capital of bankg expired or con- 3415. In default of return, oommimioner vcrted mtc national banks. to estimate, &c. 3411. Circulation when exempted from 3416. State banks converted into national tax. banks; retums, how made. 3412. Tax on notes of persons or State 3417. Provisions for bank-tax and returns banks used as circulation, dm. not to apply to national banks. Sm. 3407. Every incorporated or other bank. and every person, firm, Definition of or company having a place of business where credits are opened by the Yf’°“l” ",P“¤k»" ggrosit or collection of money or currency, subject to be paid or remit- wi upon draft. chock, or order. or where money is advanced 01- loaned on 30 J¤g¤¤» IW. ¤- stocks, bonds, bullion, bills of exchange, or promissory notes, or where gl ’·· 'gi "·13·P· stocks, bonds, bullion, bills of exchange, or promissory notes are received July 1866 c for discount or for sale, shall be regarded as a bank or as a`hnnke1·. 184,s.9,v.l4,p.1l5; Selden r. Equitable Trust Co., 94 Y. S., 419; Northup 1·. Shook, 10 Blutch., 243; Clark r. Bailey, 11 Blatch., 156. _ 3408. There shall be levied, collected. and paid. as hereafter pro- Tax on deposits, V1 : —#~————-—— First. A tax of one twenty-fourth of one por contum each month upon u·§0,,`llf;l§’ the average amount of the do sits of money, subject to payment by 2T7T-I ’'l` chock or draft, or represcnte<l)(l>y certificates of deposits or otherwise, 13J¤1y, 1866,c. whether payable on demand or at some future day. with any person, {gb $-9*- 1* PP- Enlliz ussocmtion, company, or corporation, engaged in the business of 'fg Eg; 1872, c n in ; _ -' ` g 8 Feb., 1875, c. 36, n. 19, v. 18, p. 311.—Oult0n r. Savings Instituti0(n,5ll:73lQ\>l5ll§) Savings Bank 1-. L'. S., 19 Wall., 227; San Francisco Savings Bank r. Cary, 2 Saw., 333. Second. A tax of one twenty-fourth of one por centum each month upon Tux on capital the cafnitaf of any bank. association, company, corporation, and on the ‘j“Pl°Y°d· capita employed by any person in the business of banking beyond the 6 June, 1872, .·_ average amount invested in United States bonds: Rvwided, That the 315, s. 37. v. 17, p. words "capital employed " shall not inélude money borrowed or received 625- from day to day, in the usual course of business. from any person not a partner of or interested in the said bank., association. or firm; Third. A tax of one-twelfth of one per ccntum each month upon the _Tux on 0i;·culaaverage amount of circulation issued by any bank, association, corpora- **01*- tion, company, or person, including as circulation all certiiied checks and _ ibid_ all notes and other obligations calculated or intended to circulate or to be used as money, but not including that in the vault of the bank, 01· redeemed and on deposit for said bank; and an additional tax of 0no— sixth of one per contum each month upon the average amount of such circulation, issued as aforesaid.. beyond the amount of ninety por contum of the capital of any such bank, association, corporation. company. or rson. peln the case of banks with branches, the tax herein provided shall be On circulationof assessed upon the circulation of each branch severally, and the amount l’"[*{°l* b¤¤k¤· 0f capital of each brunch shall be considered to be tho amount; allotted Ibid. bo it,. The deposits in associations or companies known as providenl; institu- Exemptions on tions, savings-banks, savings-funds, or savings-institutions, having no dep0sils1nsavings— capital stock and doing no other business than receiving deposits to be lf““l$*’;_ loaned or invested for tho solo benefit of the parties making such deposits. Ibid. without roiit or compensation to the association or company, shall be 1s.hme, 1874, o. exempt gem tux on so much of their deposits as they have invested in 304. lv 18, p. 80. securities of the United States, and 0n all deposits not exceeding two S93? ·{'¥g’» l8i‘g4<‘· thousand dollars made in tho name of any one person.3’ lim,] {gig b_ 127, p. 6, 1-. 18, p. 340.—Cary’, Collector, #·. The Savings Union, 22 Wall., ,38.
