Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1866-02-03
STATE rasAsuRra,s nnPosrS

mort. the State Treasurer congratulstes the |
people of Pcnnsyivnnia, through iheir re.
representatives. upon the prosperous condition
of the finances of the Commonwealth. 1t
should be a source of pride to every Penn
sylvanian to learn that, notwithstanding
the extraordinary expenditures to which We
have been subjected during the last five
years, in consequence of the rebellion, reach
ing the large amount of "a, 4,02S,027 81, lin
addition to what has been refunded by the
General Government.) we are, on the icrmi- |
nation of the current fiscal year, financially
in better condition. by the sum OF S2,66o,
173 ~. than we were on the 30th day of
November, 1860. !a. .,
By statement hereto appended, 1t will
lie seen that during that time we have re.
duced our public debt $402, 938 e8, while
our assets have increased 81 ,067 ,235 o6.
These facts demonstrates the immense re-
sources of the State, and cannot fail to give
increased confidence 10 the holders OF her
obligations. During the last Eve years, at
least three hundred thousand of her citizens
have been called away from the peaceful
pursuits oi life. Millions of her treasure
have been contributed, publicly and private.
ly, to sustain her gallant sons while battling
| for the great cause of freedom. and yet she
stands to day with an ovcrhowing treasury,
and with every just demand upon her paid.
The receipts of the last year exceed those
| of iS64 by 81, ,4s6,616 65 the larger portion
| of which has been derived from taxes on
! corporation stock, tonnage, real estate loans,
income, collateral inheritance, foreign in
| surance companies and charters. The only
sources showing decline 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, $685.
OIL 80; ir tax on capital stock, $75, ,507 05,
making in all $2sl, ,4Sl a., and has now
almost entirely ceased. This diminution
has been caused by the banks having ceased
to operate as State institutions, and accept.
! ing charters under the national banking
system. AS these corporations are still
! located in our. midst, and derive all their
profits from their business relations with
our people, it will be admitted by all that
they should be required to bear their
proportion of the public burdens There is
no valid reason why business which is
always profitable, when properly conducted,
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 q year ago. Of
our right to impose this tax have no: q
single doubt but even if it were an open
question, l feel conf lent 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 it had terminated ad.
versely, would have left them with little or
no capital to tax. Ga iEquiring of the
Controller of the Currency, learn that the
National banks of Pennsylvania have a cap-
tai OF SIG, ,043, 1870. A tax of one per cent
on this amount would, no doubt, be cheer
fully paid by them, provided they were ex-
empt by laws from local taxation. r.. .
!, There is no foundation for the cry that
these institutions are already too heavily
taxed by the General Government, for, in
fact, these State banks, by placing them
selves under the National banking laws,
have escaped the larger portion of the in
creased taxation that all ether trades and
occupations have been subjected to on ac-
count of the war An exhibit of the rela-
tive amount of taxes paid under each sys-
) tenn, is herewith appended, from which it
will be seen that the taxes of these institu-
tions are in reality, less now than they were
before the war. .. r..
respectfully call your attention to the
very small amount of revenue realized from
value, in 1865, almost Ss.o .epn ooa IN ~
whole income from them in 1865 was $685.
562 10, or about one fourth of one per cent
on their value. In this the tax on tonnage
is not included, for it is difficult to deter
mine whether this was intended as tax on
the corporation or on production If it was
designed for the former, it should be forth
with amended or repealed because of the
inability of the Auditor General to ascertain
what amount of tax is due the State, and
on account Of the unequal manner in which
it operated on the different companies was
intended to reach. For example:
The Pennsylvania Railroud Company,
, with an income which, in 1864 amounted to
nearly Sl5.OO0,00o, pays for 1865 a tax of
sol 1865 ID while the Reading Railroad
|, Company, with an income of $9,250, 900
during the same period, pays, $s9,232 n.
The Lackawanna and Bloomsbury Railroad
Company, with an income of STOO, 900. pays
Sl6,3S3 03.-The Erie Northeast, with an
income of only $500,O00, pay $I4.754 43;
and the Atlantic and Great Western, with
its immense capital and traffic, paid the in
) significant sun. of $6,031 27.
1t cannot be asccrtained at present, what
the gross receipts of the different railroad
and transportation companies will amount
to for the past year, but they will most pro
badly reach the sum of S60000O00 A tax
ol 1nree-1ourths of one per cent, on these
gross receipts would yield as much income,
and wonld be far more equal in its operation
than what is now known as the tonnage tax
This change in the manner of assessment
would double the taxes of some OF our large
corporations, but it would proportonateiy
reduce the amount now paid by others, who
are unfairly dealt with by the present sys-
TEN.
BY Jaw approved Apnl 30 1864, the
treasurer of corporations are required to de.
duct the three mill tax when paying the
interest on their bonds, and pay tile same
over to the State Treasurer This law thus
lar operates very advan.ageously, yielding
IN 1865 an excess $4,000 over the preyi,
Gus year. But it is still imperfect, and
ought to be amended tax of three mills
on The principal of a six per cent. bond is
tho same as tax of five per cent, on the in.
recommend that the law be SO amended
as 10 require tax of five per cent, TO be
Paid on the interest acquiring on all bonds
This viii make five, six or seven per cent
bond bear equal burdens The corporation