CIRCULAR

TO BANKS, ASSOCIATIONS, CORPORATIONS, COMPANIES, AND INDIVIDUALS ENGAGED IN THE BUSINESS OF BANKING.

TREASURY DEPARTMENT,
OFFICE OF INTERNAL REVENUE,

WASHINGTON, July 1, 1864.

turns by banks and

bankers.

The 110th section of the Internal Revenue act, approved June Concerning re30, 1864, requires all parties engaged in the business of banking (except associations organized under the National Currency act, which are elsewhere taxed) to pay a duty of one twenty-fourth (24) of one per centum each month on the average amount of deposits held by them.

It is further provided in the act that all deposits subject to payment on check or draft, or represented by certificates of deposit, or otherwise, whether payable on demand or at a future day, shall be taxable.

There is also imposed by this act a duty of one twenty-fourth (24) of one per centum each month on the average amount of capital employed beyond the amount invested in United States bonds.

A further duty of one twelfth (12) of one per centum each month is levied upon the average amount of circulation outstanding for the month, including all certified checks and all notes or other obligations calculated or intended to circulate

used as money.

or to be

Where the amount of such circulation exceeds ninety (90) per cent. of the capital, an additional tax of one-sixth (1) of one per centum each month is imposed upon such excess; and should the circulation at any time during the month exceed the average circulation for the six months prior to July 1, 1864, (which amount must be clearly stated on each return,) a further duty of one-sixth (†) of one per centum must be paid on such excess. And on the first Monday of August next, and of each month thereafter, a true and accurate return of the amount of circulation, deposits, and capital as aforesaid for the previous month, is to be made and rendered in duplicate to the assessor or assistant assessor, and the company will transmit the duplicate of said return to the Commissioner of Internal Revenue, at Washington, and pay to the said Commissioner the duties.

The return and payment should, in all cases, be forwarded at the same time. In the case of banks with branches, the duty is imposed upon the circulation of each branch severally, and the amount of capital of each branch is to be considered as the amount allotted thereto.

For any refusal or neglect to make and render the return and

payment as aforesaid, the party in default will be subject to a penalty of two hundred dollars, besides the additions, penalties, and forfeitures provided in this act; and the amount of circulation, deposits, and capital aforesaid will be estimated by the assessor or assistant assessor upon the best information he can obtain.

These returns will be made upon Form No. 67, which will be forwarded to the assessor as soon as they can be prepared.

JOSEPH J. LEWIS, Commissioner.

(SECTION 110.)

ACCOUNT of the average amount of Capital, Circulation, and Deposits of the

._of.

and in the

Collection District of the State of.

in the

Average amount of circulation in excess of 90 per cent. of capital

Total

(Signed)

NOTE. This Statement is to be prepared in accordance with Circular issued by the Commissioner of Internal Revenue.

RETURN BY BANKS, &c., OF SEMI-ANNUAL PROFITS.

provide internal revenue to support the Government, to pay interest on the public debt, and for other purposes," approved June 30, 1864, viz.:

contains, to the best of my knowledge and belief, a true and faithful statement of all the gains of the said --, together with the amount

of taxes which have accrued thereon, or should accrue, and not accounted for, during the time and

SWORN and subscribed before me, this

day of

(Signed)

186

Assistant Assessor.

SALES OF REVENUE STAMPS. RETURNS BY COLLECTORS. MONTHLY RETURN of Internal Revenue Stamps sold during the month of

186 and amount remaining on hand at its close, by

Collectors are entitled to receive stamps equal to three-fourths of the penal sum designated in their bonds, subject to the following regulations, which have been approved by the Secretary of the Treasury.

"1st. Each Collector shall be allowed a commission of five per cent. on all remittances made by him.

"2d. Each Collector shall deposit stamps, in suitable quantities, with his deputies, and allow to such deputies the commission provided in the regulations of this office, issued under date of January 12, 1863.

"3d. Each Collector, on or before the 15th day of each month, shall make return to this office of the amount of stamps sold during the preceding month, and, at the time of rendering such return, shall make payment therefor."

By balance of stamps on hand from last month's ac

count.

"stamps received on order No.

Dr.

Cr.