Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1870-11-03
Legislative Discussions.

TAXATION DEPOSITS IN SAVINGS BANKS
Ia the House on Thursday afternoon,
House bill 20, "An Act to tax deposits in
Savings Banks" was taken up us IA special
order. This Hill provides that al deposits
in savings banks upon which dividends
are declared, shall pay tax Of one halt
Of one per cent per anuum, payable within
30 days after the declaration Of the divi-
dend) The following discussion eusued
on the bill
Mr. B1sbee of Newport moved that b.
70, to tax deposits in savings banks, it be-
ing the special order for the present time,
be rccommitted to the Special Committee
raised ON the subject OF the grand hrt.
Mr. Shade moved to amend 80 that the
amount of tax shall be divided among
the several counties Of the State, accord
Tag to their several populations under the
census of 1870.
Mr.. Hinckley of Chelsea opposed the
bill as giving preference to deposits in
savings banks over the stock in other
banks. Ordinary bank stock pays state,
county and town taxes By this we only
tax deposits in Swings banks one-half OF
one per cent to 90 10 the State. and il liza
Bile to no other tax. He wa opposed to
the discrimination made in favor of saw
ings banks.
Mr.. Slade of Middlehury said the de-
pcsils III savings banks only pay 5 to
per cent, while other banks pay 10, II or
IS per cent. Let this valuable stock.
which is owned by capitalists be taxed,
and let the hard earnings Of the widow
and the orphan be left without the taxa
ton imposed on other bank stock
Mr. Hinckley said that now any sum
in savings banks less than $3.50 Is exempt
from taxation, while by the law the bar
rier is removed and every dollar il taxed.
As to the setting in the grand list of bank
stock at Il less value than it Is worth, he
thought it not applicable to all the towns
aud al the banks, If it might be to others.
1t would lead TO Il cover whereby capital-
lists could secure their deposits from taxa
tion,t TO which he was opposed in al! forme.
Mr.. Slade said that the gentleman from
Chelsea was particularly sensitive about
the widows and orphans; but he would
80 fix their deposits az to subject them
to even more taxation than is provided il
this bill.
Mr.. Jones of Dover briefly opposed the
motion to refer the bill to the special
committee on grand list, and thought 1t
much better to dispose of the whole sub
jeet now.
After brief remarks by Mr.. Kellogg of
Benson, Mr.. MIDGET of Cambridge, and
others, the motion to refer to special COM
mittee on grand list was disagreed to.
The question recurring on the adoption
of the amendment proposed by Mr.. SIade
of Middlebury,
Mr. Circuit of Barton did not particu-
lary object to the amend ment proposed,
but he thought it did not leave the tax on
d. posts in savings banks the same as on
property in other banks. There might
be serious objection to this bill on consti-
tutional grounds. Perhaps savings banks
demand this kind of Legislation, but h.
was not prepared to vote on it to-day, and
moved that the bill be ordered to lie, and
be made the special order for Tuesday at
ternoon next at 24 O'clock
Mr.. Field of Gullford made statement
Of facts, but his remarks were not dis
tinctly understood at the reporters table.
Further remarks were made by Messrs
Field of Spring field, Morgan of Roches-
ter and Grout of Barton, when the motion
of Mr. Circuit was agreed to.