The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1830-11-11

10 let the dividends continue 10 go tow
ardsthe capital Ifthe general Assem-
bly, now require the Treasurer to col
lect the tax on S94 700, it will he all it
ought tn do.
Mr.. Rhodes enquired how long the
100000 had been in the Bankl
Mr.. Bull replied that two or three
semi-annual dividends had been made
on that amount.
Mr., Ciuch.-Then we ought to
have the tax back to the time the divi-
depds commenced on that amount.
Mr. Bull without rising) / guess
you can't get any back, we have got
receipt from the General Treasurer.
Mr.. P0tter-We will collect that .
when we get back this interest from
the Providence and Pawtuckct turn
pike company.
Mr. Hazard, of Newport.-This is
certainly as respectable bank, rs any
in the state, except in this particular.
/ don't agree with my Colleague that
the Bank has acted correctly or accOr-
ding to law. The actual capital of
that Bank has been 100000 for some
time, and they ought to have paid
the tax on that amount. The gen.
ueman says they take care of them
selves and leave the state 10 take care
of itself. l suggested six months ago
10 the gentleman, that they ought to
pay this tax, and hoped sir, that the
Bank would have done it, without leny-
ing it to a committee of this House, 10
find it out. The Capital of that
Bank is 100000 dollars, and the Treas
urer will collect the tax on that amount.
The gentleman says there ought to be
an allowance for the 5000 dollars stolen.
He has forgotten sir, that at the last
session ! in':0duced resolution to r.
linquish part Of the TAX on another
Bank in Newport, which had sunk
10000 in the failure of the Farmer,
aud Mechanics Bank nt Pawtuckct
and he would not consent TO it, have
not forgotten it if the gentleman has
The gentleman says we cant go back
To collect the tax, and if so, ifthe Banl
paws Il tax on this 5000 which is lost
il will take long time for Us TO gc
back the half of The tax which has bee,
withheld on the actual capital. If the
gentleman will make good the par
that has reea withheld, we will ther
think ofthis 5000 dollars.
Nr. Potter. The gentleman ha
enndidly told us, that he is willing tc
pay the tax on 100000. Now wha
do you want more than tlisl If yor
were to appoint committee to go I
the Bank, las had been suggested,)
L., M .,l
the information we want. What Ia TIA
name of common sense do you wau
more, than that they should pay Ia
on 100000! They have worked b
their wits, and considering their losst
by forgery and theft, tits u wonder the
have kept up their capital as they hav
! do think that what the gcntlemt
himself consents TO. is all we have
right To nsk of them.
M. Bull find am on one ST,
and all the House on the other, and
ought to have pretty liberal privileg
in talking. My colleague was mista
en- about the $40, 900, which he want,
10 get one Of the Newport Banks +
leased from paying tax on. lie c
icred his motion TO give mp the tax, II,
merely inquired what the stock in Il
Bank where this sac, 200 were inves
ed, was worth: ! meant to scale
down, aud give them n fair reductio
but lie flew off and Withdrew his III
ton.
The Speaker. The Bank, in its r
turns, ought to have exhibited i00,0t
instead of $4,000 for its capital.
Mr.. Potter moved that the stock
the Merchants Bank be considered
amounting to Sl00,O00, and that Il
tax be collected for that amount; whit
passed unanimously.