National Republican., 1873-01-30
BANK TAXATION,

To carry on the Government and pay the
interest on the public debt, 1t 10, as ali know,
necessary to raise a certain amount OF money
annually by taxation. When the revenue
bills are discussed in Congress tho different
interests affected endeavor to secure such
action Us will make the burdens upon each
one OF them as light US possible. The tobacco
manufacturers struggle for a law, duty; and
so with the whisky men and the thousand
other interests that are made to contribute
toward tho. support OF the Government.
Everybody and every interest 10 anxious to
pay as little as possible, and to throw the re-
sponsibillty upon some one or something else.
This, after oil, Is only natural, and we do not
wish TO be understood as complaining Of this
seeming lack OF patriotlsm OF this exhibition
of the selfshness of human nature. Like
Artemus Ward, we are all devoted to our
country, but when there Is any fighting TO be
done, we are anxious to send as many Of our
wives relatives as possible to the war.
When, however, these struggles as to
who shall and who shall not pay portion
of the annual taxation take place, the
neyer-failing and generally successful cry
Of the demagOgue ID to tax capital"
"tax the bonds" We hear him In
Congress and we read him In the
newspapers. Sometimes he turns up ln the
pulpit, with the appeal make the rich men
pay all that they should pay you, poor
people, are doing more than your share ;
put the taxes upon capital" And, through
the cOwardice Of some, the Ignorance Of
others and the demagogsm of another
class, the appeal Is generally successful. We
have no desire whatever TO unite In the In
tcrost Of our banking institutions; we own
no bauk stock but there are some popular
errors on this point which 1t Is the duty Of
the journalist 10 correct as far as he can cor
rect them.
II il undoubtedly true that the banks are
able to pay the taxes now levied upon them
for the reason that their returns show that
they are making money but 1t by no means
follows that the public derive corresponding
advantages from throwing upon them un-
usual and oppressive burdens. The last
report of the Comptroller Of the Currency
shows that the earnings OF the national
banks upon their capital and surplus during
the past year were only n per cent. That is
all that money invested in national bank
stock paid, and yet there is an idea that the
gentlemen who arc fortunate enough to own
stock In them are making enormous fortunes,
and are possessed Of invaluable franchises.
In 1870 the taxes upon these Institutions
amounted to Il per cent upon their capital,
which was then about $4l6,0O0,0OO. The
taxes levied upon them under the Internal
revenue laws arc one per cent. per annum on
clreulatloni half per cent. per annum on de-
IosltS, and half per cent per annum ON capt
tai not Invested in United States bonds. In
1871, according to the report Of the Comp
trollsr, the total amount Of taxes, State aud
national, paid by ihc banks, amounted to
Ell, 500, ,sG7. In one y. the inland cities Ia
New York State the taxes upon one Of it,
national banks amounted during the last year
TO T.l0 per cent, Of It's capital, In New York
city national bank VIZ a capital Of one
million and . half r IeH ysOr In state