, 1874-01-29
THE BANK TAXES.
Collector Oleary Is Determined to
Have the Money.
Tho Banks hro Generally Ready to
Pay 1t.



haB called upon tho banks Of the city several
t,n,aB rocently for tho payment Of the tax upon
tholr porsonnl property, wlchs in greater part,
o tax upon thoir oapitnl stook. The grounds
upon which they hayo hitherto roslstod payment
aro gvon In tho financial column, but tho rroaont
status Of tho mattor is such that tho Collectors
action today 1nay mako tho bauka pay or tight.
In othor words, Collector Cloary las signinea on
intcntion Of alstraining tho furniture, currency,
aud other property of tho banks, unlesa tloy
como to time to-day.
Tho origin OF this energetic action is duo TO a
domnnd lnado Tuesday upon tho Collector by
Mr., droonlcaf, Secretary Of tho Board Of South
taxoe belonging to that board, amounting to
nl,out 1DtG por cont Of tie whole tux. Collector
Clonry botllonght hnlHc1f TINT Nfr. J. Irving
ponrco. prcailont Of tho Third National
Bank, waa Troasuror Of tho South Park
lonf tint thero wna duo, from nfr. ponrce's
bank, tho attnl Of @t.40l. which MAS about tho
anouit to which tho bonra wah entitled ut pros
ont, atd TINT no would TOO Mr. poaroe on tho
to have q consultation with tho other balkors
anJ decide upon whnt they should do. Tho
meeting waa to llayo taken place yesterday, bnt
Ar: Oleary 'yaa called away to atto'ld funeral,
and no decision wan roauod.
Wllio visiting sIr. Pcaroo, Collector oloary mot
BoyorRl other bankers, a1l Of whom entered into
tho conversation. A1r. poarco thought TINT tho
tax was reasonable In amount, md that 1t ought
to DO pad but 10 did not wish to DO tho only
ono obt1gol to do 80.
Collector Cloary was asked wl,at llo should do
II they refuBcd to pay, and no replied that lie
vauita.
One gentleman then warned him that his
bondsnlen would DO held tiablc, should such ac-
tion be found to be illegal. and that ho had bot
tor be careful how ho acted. blr. Clcary said
that ho should act under good d,ico, and
TINT hla bopasrnen were not only good for
htB course. On botnE asked what bank ho
should commence With, be replied TINT ii would
bo as conYenientto start with tho Third National
aB any.
This was the condition Of atrairs yesterday, 1t
being understood tint tho dstraint would bn
n,ado to-day should the banks fail to pay up
Collector oleary a not des'rous Of proceeding. to
any huo!i oxtrenle measures. but tho law and Ills
tho ba1ks must either pay or obtain an lnjunc-
tion restraining tho collection.
In ono bant, tho opinion waH oxpressea that
any attempt to solzo the contonts Of the yaults
bory, It boiug claimed thut the papors and onr~
rency aro tho property Of tho. depoBitors, In
which tho corporation had no right of owner
ahip whRtovor. This course could not bo follow
cd, nor oven seriously thought Of, however, us a
procedcnt has already been established in this
city by Collector Raemor, some yoar ago. Tho
bank, finding it's funds aud furniture
scizcti,, concluded to pny tho taz, US will
probably be tho cnse in this instance
sS was s mao amoas o 'sasa eadng Snnes '
for tho purpose Of ascortaining theic intentions
with reference to tho collection OF tho tax. It
proved TINT no combined action was content
plated, but that each banklwould act for itself,
under tho direction Of itH attorneys. There was
manifested a general willingness to pay tho tax,
which was regarded as more nearly approaching
just and reasonable levy than any tnat had
preceded it. The first Visit was to j. Irving
pearoo, OF tho Th,rd National, who said ho
was waiting to 500 what tile othors
were going to do, bnt he WAS disposed
to pay tho tax Tho only objection he had to
paying it WAS the faot that demand was made
the shares, and it was possible that tho bill
might bo construed 10 as to compel tue payment
twice over. He did not regard tile tax rs unrea.
Honable, and was not inclined to 30 into lnw-
suit to rcaist payment, He secuted tho Idea,
5lr. D. r. Allen, Of tho Cook County National,
tho tax and beloved that ills bank
x B j. gss e s s ss
calso the stock was assosacd ut par, while tho
State and county valuation WAS only about ona-
third. His only hesitation in paying tho State
and county tax arose from tho TACT that tho
/
ment was made. and he thought tho tax ought
to bo paid by those who owned tho shares at tile
time thoy wero asaessesl. Still, he believed tile
Cook County National wonld pay:
hlr. II. T. Eamos, President OF tho CONNER
cial National. had made up lis MUD to pay
the tax, believing. that 1t was just and
right That bank stock should be taxed, tho sarne
as my other. property, and that the mon who
! owned it and enjoyed the profits should not
State County, aud 6ity dovernmonts. The tax *
all around waa much moro reasonable than TINT
for preceding years. 1t Ind been suggested that
the payment Of this tax would prejudice tho
pending suits Of tho lanks which had resisted
tho lovy Of the past two years, as showing d
this Wow of it. Tic othor taxos we're @
fought because they woro unreasonable,
and tho paymont Of this ono would mako no dlf-
ference in the suits now ponding. At tho last
meoting of tho Directors Of tho Commercial
National 1t WAS voted to pay tho tax now duo
and If tho Collector came to-day Ae could have
Mr.. ]. 7. scammon, of tho Marine Company
said llo had always believed in banks paying
taxos, aud had mover resisted his, Ho hnd not
get paid, the Marine Oompany's, State and
county ta1, for the reason that an error
was originally s25, 900, but oyphor somehow
got added to It n making up the tax-books aud
L now stood at $3.50, 900. Ho presumed it'Would
bo reetined. Tho charter Of the MarIno COM
pauY prQFlueu LllAE uO IA1 bAoMlu po loFleu upon
its capital stook. When the Assossor oanlo
| around be asked l1r. Scammon what le thought
tho valuation Of money in bank ought to bo, and
ho told him $25, 900. Ho entered 1t ut that
take. nIr. soammon had no fears of forced
1oyy by the Collector. WHO certainly could Mt find
muol, money on hand; "and, az for INC, !" said
Mr. Scan,mon, faoetiously, he might levy on
mo, but don't think should sell for much.
think ho would hnd mo a sort Of elephant On his
hands,"
PERSONAL.
Con. Pill. Sheridan lost gold watch In AL
bany, tho othor day, at tue lauds of pick
pocket. ~
Tho King Of Portugal has presented his vito
with gold medal, for tho heroic conduct lately
displayed by hor in saving their two children
| from drowning.
o1r1.i .d;yprs - 1cft,k