Democratic Sentinel, Volume 2, Number 39, Rensselaer, Jasper County, 8 November 1878 — The Devens Decision. [ARTICLE]

The Devens Decision.

In regard to the recent opinion of Attorney General Devens as to the method of computing the taxable capital of national banks, United States Treasurer Gilfillan says: “ National banks will hereafter be required, in making up their capital stock subject to taxation, to deduct, not the face value nor the market value, but the price paid for United States bonds owned by them, less interest accrued to date of purchase, and, for the purpose of verification, will be required to spe cify said bonds by loans and dates of purchase, in making returns thereof to this office. No application, made in consequence of the opinion in question, for the refunding of any tax upon bank capital heretofore assessed and collected will be entertained by this office.”