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Show Banking Tax. Washington, 23, The following explains itself: To Ilo'iorabic B. Haiclty, Acting Secretary Sec-retary of tht Treasury. , Sir: In compliance with your re-1 re-1 quest I have comnared tho second item of section 3.40S Hsvised Statutes impoeiug a tax upon the c;ipitul employed em-ployed in the business of bunking beyond the average amount invested in United States bonds with Revised Statutes section 5,214 which requires every association named in that chapter entitled "national banks" I to pay duty semi-annually on the 1 average amount ot ita capita stock beyond tho amouut invested in ' United Statea bonds, with a view to " determine whether the amount bo I invested is to be ascertained bv taking the price paid on tbo market value of ; these bonds as is done by the . commissioner of internal revenue under the first cited seclion or by looking only at their face value, tbo method adopted by tht treasurer of lha Unittd Staled- Under ( the last named section the certainty and uniformity particularly' durable in fixiug a basis for taxation as well as the common usage of speaking of tho amount invested in any enter- priao according to par value of the shares owned, disregarding brokerage, paid and accrued interest or earn iogs, indicate that it i-s only the ' principal sums payable at the malu- rily of the bonds which are the proper ones to enter into compulsion of the - amounts invented in tliem uuder th : section of Revised Statutes to which yon have reit?rrcd me. 1 (Signed,) Cuas. Devest, Attorney Genera'.. |