Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1876-09-13
Let Taxes BE Equal.


hassrs. Editors DO the farmers understand
that the banks Of our state are not tared2 Their
capital stock has been accumnlatng until it now
reaches the enormous sum Of more Than toeirc
millions Of dolldrs-that is never assessed for taxa
ton. Are the farmers, the manufacturers, the
merchants, and the laboring men Of Vermont 70
pay all the taxes and let the banks 20 free . II
there is any why this state Of things should
continue, let us know it but II not, then let the
legislature see to it that the banks no longer get
rid OF paying taxes
The agricultural department at Washington putt
the annual increase Of property in our land at only
three and one-fith per cent, and according to Mr.
Saunders, the superintendent OF that department.
who by the way is the originator OF the grange
movement, farmers do well who make three and
one-flth per cent, upon the capital invested
Probably the farmers do not average that amount
three and one-ffth per cent-while the banks
are making nearly or quite twenty per cent The
farms Of Vermont making only three and one-ffth
per cent. are taxed hcice orer, while the hanks
making twenty per cent are not taged at aH
And the business men, the farmers, the hard
working laborers through whose industry all
property is created, are they willing to bear the
heavy burdens Of taxation and let the banks with
their immense wealth go free ?
1t is true that the act Of 1865 makes feeble
show OF taxing shdres in the hands Of individuals
but that law does not reach the vast capital owned
by the banks. The Supreme Court Of the United
States has decided that the property is owned by
the bank In its corporate capacity. and is NOT
owned by the shareholders. Therefore the proper
way to reach such property is to tax the capital
stock in the hands Of the bank An easy way. A
quick way, and sure way. In fact, it is the onI,
way to reach the property. Taxing s,ares does
not reach the property. share would be set at
no greater sum than one hundred dollars-whereas
II might be worth two hundred to three hundred
dollars Probably there is not a bank in Vermont
whose shares dom each represent much greater
sum than one hundred dollars Of the capital stool,
So that taxing the shares will not reach the i'm
mense wealth held by the banks, even sunnosing
you could get at and tax the shares nm ,,o,,
can't catch tie shares. They are scattered from
Dan to Beersheba. You might as well try IN col.
lect tax on the Aurora Borealis. or flock NJ villa
geese ON their way TO Canada as 10 find the ga.
cret drawers where bank shares are laid away
The KIND OF men who hold bank shares alwavs
get nd oil paying taxes one way or another II
you could track bank share to their door tbev
would eoolly tell you that they had "oieot,, of
debts TO OFFSET So that, in one way and another
this taxing Of shares amounts 10 NOTHING. and the
millions upon millions owned by the banks of yer.
mont escape the burdens OF taxation. The net n,
1865 amounts to little or nothing The only wav
to reach this property is To tax the banks then,
selves, as 1t Is done in other states The farms Of
Vermont are taxed twice over Nine ont of TON
at least, have mortgages upon them and the
amount oil the mortgage is taxed twice First Tho
land Is taxed, without reference to the lncnm-
branee, and then the mortgage notes arc taxed
And while the greater share Of farm property that
earns only three and one-dith per cent. Is toyed
teiee, the capital stock OF banks, amounting 10
Millions and paying nearly or quite twenty per
cent profit Isl not tared at ol Let the leyIsla,nre
Gro