Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1874-12-04
OUR 81 WINGS NKS,

Moch has been said and good deal writ
ten about our Savings Banks and the pro-
priety and justice of taxing In some way
the money therein deposited. In the ear
~ years Of these institutions the Idea
that rAis class Of property should be taxed
was not entertained by any one, but on the
contrary IL was thought that the money
therein deposited should be exempt from
taxation for the reason Chen perhaps good
ous) that to large extent this money was
me smsll savings Of those who had but
litle-of widows, orphans, and others, who
needed jus this sort Of institution to help
them keep the little they had /; but the saw
inks banks have grown from small begin
ninge to become depositaries OF large sums
OF money, great proportion OF which
comes from other states. Under our pres
ont law the treasurer OF each savings bank
is required TO return annually to the list
ers of the several towns in this state all
sums of SN5O and over, deposited by citi-
Gems Of the said towns, with the names of
such depositors, to be taxed in their said
localities. This law practically amounts to
but very little, and there are so many ways
in which it can be evaded, and is evad-
ed, that the feeling has become TO large
extent general that some other way should
be devised to reach and tax this money.
By the last general statement made by
our savings banks and trust companies 1t
appears that there was on deposit In these
companies in this state the sum OF 20 AGO.
900. or this sum about 8, lOO, 900 was on
deposit in the four trust companies OF the
state, and the law bearing upon savings
banks before alluded to does not apply TO
trust companies, so that this sum of over
81 ,OOO,O 900 is not reached at all for any tax
IN the state. By the just and evidently
wise law which passed the House OF Rep
resentalives by large majority, at the re-
cent session, after thorough and exhaustive
discussion, ii was proposed to make d.
rect tax of one-half Of ono per cent upon
the total deposits of these companies, the
sum of these deposits 10 be reported twice
annually, and the tax thereon paid to the
State Treasurer. This would amount for
the present year TO the large sum Of S32,-
900, which amount going into our State
Treasury, any one can SEQ would largely
reduce our state tax, and thus directly ben
eft every tar payer in the state. By the
present method, Judging from statistics
which are KNOWN and these statistics
come from over one-half of this large
amount referred to-not over $4,000 land
this is making large allowance in favor
of the cases where statistics have not been
looked up is received in the aggregate for
all taxes as returned and collected in tho
several towns, and in our opinion this sum
would, if the facts were all known, fall be-
low 10000. With these facts before us we
conclude that our Honorable Senators ell
Their carelessly ignored facts, or else from
personal and selfish motives voted direct
Iy against one of the most important acts
which came before them. This result is
mainly and we may say WhoIly, owing 10
the efforts made by the trust companies
and their friends, led and urged by aud
itor Fsrrin, who as paid officer Of the
SIats IbSuld strive 10 fuTthSr the iutSrSFt