The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-11-18


| St. Albans, to be to kill this bill. He said
| 1t was simply question as to whether we
will tax money that is loaned at profit.
These trust companies borrow money at six
per cent. and loan it at profit of two or three
per cent aad why not tax that money. The
profit goes into the pockets of those who
have money to purchase the stock of these
| companies. and there is no reason why we
shonld not tax 1t. This bill proposes to
make the tax one.half of one per cent,
while the other states tax the deposits three
fourths of one per cent and will not drive
1t back where 1t come from.
Mr.. Dutton, of Norwich, asked II 1t is the
design to make this tax of one-half of one
per cent. in lieu of all other taxes? to which
| Mr.. Lynde replied that it is just that exact
| ly. He was then opposed to the bill, as 1t
would take money out of the grand list of
the towns, and so out of local taxation.
Mr.. Grout, of Barton said that point was
best illustrated by the bank of Brattleboro
which has 81, 100000 deposited, and about
$1,000000 escapes taxation. By this bill
the whole amount will be reached and be
required to pay tax to the state treasury,
and thus be distributed among the towns
of the state by decreasing the aggregate
taxes of the whole.
Mr.. Bailey, of Fairhaven, took substan-
TALLY the same views of the case as Mr..
Grout, and urgently favored the passage of
the bill.
The bill was further briefly discussed by
Mr.. Cook, of Mendon, Mr.. Lynde, of Marl-
boro, and Mr.. Hubbard, of Springfield
Pending the question on the adoption of
the amendments proposed by the commit
| tee.
On motion of Mr.. Woodward, of Wind
ham, adjourned.
| AFTERNOON.
II. 1893 relating to the taxation of savings
banks, was again taken up.
Mr.. Ladd of Aburgh, said he could
almost wish that this bill would pass, as
his property, whatever he had, was in
land. BY this bill, the man who has So
600 deposited in a savings bank pays 1926
taxes, and that covers all the tax we can
levy upon that money. But put that
money into the list as now provided by
law, and the various taxes would amount
to S72.50 for this year. 1t would be for
the benefit of those who have money to
lend. He could see evils in the bill, and il
it passed it must go without his vote, as he
is opposed to it. He moved that the bill
be dismissed.
Mr.. Blodgett of st. Johnsbury, said he
would favor the bill if made to apply to
depositors from without the state. He
had had experience in savings banks, and
thought we should not change the law in
regard to our home depositors, who were
in the main a class of poorer depositors
that should be encouraged and not dis
couraged. to save their earnings Tor de-
posits.
Mr. Lynde of Marlboro, said we have a
decision of the supreme court that will
prevent our doing what the gentleman
from st. Johnsbury proposes-tax non
resident dopositors where we do not tax
resident depositors. In reply to Mr.. Laid
he would say that the deposits are not
taxed now and they would be under this
bill.
Mr.. Davenport of Wilmington, said it is
the aim of almost all of our monied men
to keep their money out of the grand list
and in order to do so they will divide the
money up among his family, letting tc
each member $3.50, and depositing the
same in the several banks in the state, and
thus getting his interest on all the money
he has without any taxation. lie was OPP
posed to this way of cheating the state out
of the taxes upon property. There are
savings banks enough in this state to enable
a very wealthy man to keep his money out
of the list and yet get the benefit of his de-
posits. He preferred the plan as proposed
in this bill to have all depositors pay a tax
directly into the treasury and thereby re-
lieve the general burden of taxation. 1t is
true it does not 60 to the credit of any
particular town or village, but it helps re-
duce the aggregate amount of taxation and
this dlminishes the proposition to be borne
by each town.
| IT,, or NA,tool;nr tlo,, rIt <I,s
members of this house hardly wanted this
bill to pass. 1t is true it sweeps into the
treasury of the state tax of one-half of one
per cent. but at the same time it takes thai
money out of the local taxation of the
towns, villages and counties, which should
not be done. He did not believe the peo
pie of the state wanted any such bill, ant
he hoped 1t would be dismissed.
Mr.. Bailey of Fairhaven, said that tht
provision for local taxation is just tn,
trouble with the present law. 1t is evadeC
in various ways, and the result is that it il
kept out of the local lists and thus escape
taxation. There is q remissness, also, on
the part of the bank officials who do no
want to help the state to secure the take
from depusitors, but will rather help de
positors to escape taxation.
Mr.. Wells of CRANKY, said that this de
bate has developed from the fact that tn
deposits in savings banks escape taxation
now but he did not see how this bill
going to remedy the evil. If we will
amend the bill so as to make its provision
reach class of deposits not now reache
by law, he would favor it. AS it nov
stands, he must vote to dismiss the bill.
Mr.. Grout of Barton, said it appeared t.
him that those who oppose this bill ar
| ..,ra
, examine the facts, we shall find they hav
, an eye on a class of the deposits that is nov
reached for local taxation and while try
. Ing to serve the small amount that gets il
to local taxes. we lose sight of the lare
amount that now escapes all taxes. Tn
, large towns naturally oppose this bill, as
takes something out of the lists of thes
towns but these towns can afford to for,
,. go the small amount they would be ber
Gifted under the present law, for the SAX
of the larger public good and the large
) amount of taxes that will be paid into ii
. state treasury.
: Mr.. Blodgett of st. Johnsbury, said
u appears that the proposition he submittt
: is not practically so he would favor Il
'. next best thing. He thought this bi
u would reach larger amount of deposl
i than is now reached for taxation, and |
should favor Its passage. He hoped Il
9 house would refuse to dismiss.
u Mr.. Tyler of Irasburgh, demanded Il
+ previous question, which was seconded /
i the house, and the question being "Sha
l. the bill be dismissed?"
Mr.. Lynde of Marlboro. dtMlndeI Il
II yeas and nays which were tlNru--nyes Al
: nays 119. So the bill WAS i.ot dismissed
y Mr. Hubbard of Springfield moved
| md 1,xrs t1,nt ig,,t; Il.
: plause new bill, as follows:
.. Sec. |. Every savings bank and tru
D. company incorporate under the laws
> this state, shall on the first day of April
IS each year make return to the clerks of Il
t. several cities and towns in this state whe
t. the depositors in said savings bank
Or trust company reside, of the whole amou
re deposited by and due to every depositor
<. such city or town, and the listers of su,