Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1866-01-17
ATE TREAsURER's REPORT.
lew OF OUR FINANCES AK ON
NATIONAL BANKS, RAIL
ROADS. &c.

ROADS, &c.
I X ke Senate and House Of Represen-
I;fipes of tie Commonwealth Of Penn
xNlrGnlu.
GENTLEMEN In presenting this an
1nal report, the State Treasurer con-
r1&tulates the people of Pennsylvania,
|kfough their representatives, upon
|hc prosperous condition OF the finan-
~ of the Commonwealth. 1t should
" q source of pride to every Penn
to learn that, notwithstand-
6c the extraordinary expenditures
(which we have been subjected du-
8ng the last five years, in consequence
"a the rebellion, reaching the large
mount of s4,02S,627.21 On addition
what has been refunded by the Gen
'ral Government, we are, on the ter
6ination of the current fiscal year,
0bancially IN a better condition, by
3 sum of 81, $50, ,173.72, thanwe were
the 30th day of November, 1860.
BY statement hereto appended, it
ill be seen that during that time we
I've reduced our public debt 1892
BS. .66, while our assets have incrcas-
M 2.O67, ,235.06. These facts demon
rtrate the immense resources OF the
hate, and cannot fail to give increased
6cnidence to the holders of her obli-
tations. During the last five years,
"a least three hundred thousand OF hea'
Htizens have been called away from
be peaceful pursuits of life. Millions
n her treasure have been contributed,
5ublicly and privately, to sustain her
tallant sons while battling for the
treat cause of freedom; and yet she
Stands to-day with an overhowing
treasury, and with every just demand
8pon her paid. .it
4 The receipts of the last year exceed
nose Of 1864 by 81, 1,4s6,676.65, the
Erger portion of which has been de-
lived from taxes on corporation stock
|pnnage. real estate, loans, income,
<ollateral inheritance, foreign insu-
nncc companies and charters. The
Snly sources showing doeliacare the
brocceds from patenting lands and the
&ax on banks.
The income from the latter source
fell off during the year, in tax on
dividends, s205,9l1.39 in tax on cap
ttal stock, s75,507 O5 i; making in al
s2Sl ,4S1. "A, and has now 2aaGst EN-
|tircly ceased. This diminution hat
been caused by the banks having
|ccascd to operate as State institutions
hnd accepting charters under the ma
tional banking system. As these cor
borations are still located in our midst
And derive all their profits from thei
Business relations with our people, /
&vill'be admitted by all that they shoul'
be required to bear their proportion
bf the public burdens. There is N
Valid reason why a business which !
plways profitable, when properly con
klucted, should be exempted from th
taxation which is imposed upon ever.
bther pursuixof life.
recommend, therefore, the passa G
bf an act taxing the capital stock {
lational banks, TO be collected earl
N the year, as the only method b
(which we can now get what We faiie
10 demand a year ago. OF our righ
No impose this tax have not singl
&loubt; but even if it were an ope
&uestion, | feel confident that there
patriotism enough among tho owner
|Of thcse institutions to induce ther
<readily to bear their just proportio
of the expenses of a contest which,
Do had terminated adversely, woul
pave left them with little or no capiti
Ito tax. On inquiring ofthe comptrol
pr Of the currency, learn that the nj
|tional banks of Pennsylvania have
capital of $40, O43,l90 A tax of on
4 per cent. on this amount would, q
doubt, ,bccheerfully paid by them,prov
Ided they were exempt by law frol
local taxation.
There is no foundation for the CT
THAT these institutions are already 10
heavily taxed by the General Cover
nent, for in fact, these State bank
by placing themselves under the q
tional banking laws, have escaped u
larger portion of the isereased tax
lion that all other trades and occ
pations have been subjected to on a
count of the war. An exhibit of Il
relative amount of taxes paid pnd
each system is herewith appende
from which it will be seen that Il
taxes of these institutions are in re:
ity less now than they were befo
che war.
Respectfully csii your attenti2s
the very small amount of revenue y
alized from tax on railroads and ca
ais, representing in value, ia lS6
almost $3.50, 100000. The whole ]
come from them in 1865 was s63'