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

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900, this Bank had due to it Z I02, doe
He should like to have it explained,
there was any way to balance the &c
coiint fairly.
Mr.. BuA. suppose / must explaii
Mr.. Speaker. The actual stock OF th,
Bank, 1 suppose. is $4,000. Tb,
Bank was robbed the other day oI
$4,000, which reduced our capital from
100000 to 81, 200 dollars. The geb;
ileman from Johnston, in making up
the account, has put down the debts due
the bank 1000 MS part Of its cap'
ital. Take o,it the money we had stos
len, and the capital will amount to
$94, 200.
Mr. Smmons. Inever knew Bank
to be allowesi 10 represent its losses and
bad d~lss ms reduction from the capi-
tai stock on which the State is to receive
a tax. The gentleman confesses that
l am correct in my statement of tho
account.
Mr. BuM We have one rule, In
in making out our returns. We take
care of our side, and let others take
care Of theirs,
Mr.. Simmons. Then, sir, think it
is high time we took care OF our side.
if that is the principle this Bank goes
upon.
Mr.. Chwch.-The return is wholly
incorrect as to the capital stock ofihat
Bank. The profits were to be added
to the capital stock, and we 0nght
10 have had the tax upon the whole
capital long ago. We have nothing
% do with the losses Of the Bank.
The stun stolen is in the nature of a
,ad debt, and we never remit the tax,
Unless i'm extraordinary cases, where
he capital is actually sunk or lost and
! special act passes allowing bank to
educe its capital stock, as in the case
If the Bristol Banks.
Mr.. l.. II. ArnoH.--The return Civ
m by this bank is n manifest evasion
# the law. One half of It's real capi-
al is kept out of sight, and we have
'een receiving IA tax on $4,000 capi-
al when by the terms of the Charter,
We ought to have received a tax on
100000 capital.
Mr.. iSimm0ns--They do not report
his 81, 900 as profits on hand, and the
rror would not be detected on tho
ace Of the return, Unless you state q
alance in tho accounts. They have
esignedly kept out Of the report, al
hese profits on hand, md represented
sefp as . part OF the debts dine Ia the
ank. He wns led to this cxamintion
y percciying that a bank OF csc, 600
nd so large an amount ofdcbts due To
. The excess ofcapital was not even
Mt down as deposits, and in this woy
10 design Of conccaling tho actual
apital of the bank, is what has bro't
ont.
Mr.. BuH-Why, Mr.. Speaker, tho
ank has been cheated n great deal
ore than it has cheated others. We
'st $4,000 by forgeries, soon after
went into operation, and now we
ave had $4,000 more stolen from us.
Ve had got our capital up to 100000,
II we met with this last loss, which
,duccd it to $4,000. That is just
hat the capital is worth. AS to the
irness Of the report, i don't see any
ing unfair about il. We have COM
led with the law, andgiven the amount
the capital originally paid in, on
Iich the law required us to pay n tax.
e were under no obligations to put
e profits in the returns as q part Of
g capital, unless we ~ere requested
do so. If tie General Assembly
nsider We ought TO pay tax on o.
o, l don't suppose we shall squirm
ich, if they put it on to us now. We
We complied with the law as IT stands,
,ugb admit the capital now is S94,-
o, and suppose we must pay tax
that sum. j explained this to the
from South Kingstown, some
nc ago. 1t was considered that tho
)Gts on hand, of this bank, were not
large ns those Of one bank in Proyi-
nee, which reposfs capital OfS lOO,-
D, AMI has loans to- the amount Of
90, 900, by which means it is in fact
Grating capital Of 100000 and
US tax for but 100000. Mr.. Pot
and I thought that some net ought
be passed TO prevent banks from G.
ling the law by operating in this
y, a larger capital than they were
ed for. IL other banks paid tax
their whole capital, We should be
ling to; bat Thought IL paS the bus-
ss Of he othsr side 10 find ii out, and
eems hty hare.
The !Speakr.--hll that seems now
cssary IL to authorize the Treasurer
,ollcct the tax from this Bank, Oh