Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1866-01-17
STATE TREAsURER's REPORT.
. VIEW OF OUR FRANCISCAN on
NATIONAL BANKS, RAIL
ROADS, &c.


"a VIEW OF OUR RFINANCES-1AXO ON
Il NATIONAL BANKS, RAIL
ROADS. &c.
10 the Senate and House Of RepreSen-
tatipeS Of the Commonwealth Of Penn
SylrGnia.
GENTLEMEN In presenting this an
nual report, the State Treasurer con-
:gratulates the people of Pennsylvania,
Through their representatives, upon
tho prosperous condition Of the finan-
ees of the Commonwealth. 1t should
be source of pride to every Penn
sylvanian to learn that, notwithstand-
Xing the extraordinary expenditures
10 which we have been subjected du-
bring the last five years, in consequence
of the rebellion, reaching the large
amount of s4,02S,627.21 On addition
Ito what has been refunded by the Gen
eral Government, we are, on the ter
Il mination of the current fiscal year,
q financially IN a better condition, by
the sum Of 81, $50, ,173.72, thanwe were
on the Both day of November, 1859.
By statement hereto appended, it
viii be seen that during that time we
nave reduced our public debt 1892,
93S.66, while cur assets have inereas-
cd 81, ,067 ,235. 06. These facts demon
strate the immense resources OF the
State, and cannot fail to give increased
confidence TO the holders of her obi
cations During the last five years,
at least three hundred thousand Of fber
citizens have been called away from
the peaceful pursuits of life. Millions
of her treasure have been contributed,
publicly and privately, to sustain her
gallant sons while battling for the
great cause of freedom; and yet she
stands to-day with an overlooking
treasury, and with every just demand
upon her paid. ~
The receipts of the last year exceed
those of 1864 by 81, ,4s6,676.65, the
larger portion of which has been de-
rived from taxes on corporation stock,
tonnage. real estate, loans, income,
collateral inheritance, foreign insu-
rance companies and charters. The
only sources showing a dceliac are the
proceeds from patenting lands and the
tax on banks.
The income from the latter source
fell off during the year, in tax on
dividends, s265,9ll.39; in tax on cap
ital stock, s75,507 05; making in all
s2Sl ,4Sl.44, and has now aa9st en-
tirely ceased. This diminution has
been caused by the banks having
ceased to operate as State institutions,
and accepting charters under the ma
tional banking system. As these cor
porations are still located in our midst,
and derive all their profits from their
business relations with our people, it
will'bc admitted by all that they should
he required to bear their proportion
of the public burdens. There is no
valid reason why business which is
always profitable, when properly con-
'ducted, should be exempted from the
taxation which is imposed upon every
other pursuit. of life.
recommend, therefore, the passage
of an act taxing the capital stock of
national banks, to be collected early
in The year, as the only method by
which we can now get what we failed
to demand year ago. OF our right
10 impose this tax have not single
doubt; but even if it were an open
question, feel confident that there is
patriotism enough among the owners
of these institutions to induce them
readily to bear their just proportion
of the expenses of a contest which, if
1t had terminated adversely, would
have left them with little or no capital
to tax. On inquiring ofthe comptroll-
er OF the currency, learn that the ma
ai0nal banks of Pennsylvania have a
capital of $40, ,043, 100. A tax of one
per cent. on this amount would, ao
doubt, ,becheerfully paid by them, ,provi-
ded they were exempt by law from
local taxation.
There is no foundation for the cry
that these institutions are already TOO
heavily taxed by the General Govern
znent, for in fact, these State banks,
by placing themselves under the ma
tional banking laws, have escaped the
larger portion Of the isereased taxa
lion that all other trades and occu-
Pations have been subjected to on ae-
count of the war. An exhibit of the
relative amount of taxes paid under
each system is herewith appended,
from which it will be seen that the
taxes of these institutions are in real
ity less now than they we're before
the war
respectfully esh your attenties to
the very small amount of revenue re-
alized from tax on railroads and can
ais, representing in value, ia 1864, !
almost S250,000,000. Tho whole in
come from them in 1865 was $685.