The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1876-06-26

BANKERS IAxEs.-A Convention OF
Bankers has just been held at Washing
ton City, and was presided over by Hon.
q. v. DORSEY, of Ohio, OF late our State
Treasurer. The main purpose of the
convention seems to have been to con-
cert measures for relief from "unbeara-
BILE" taxation Of the banks. preamble
to corresponding resolutions was pre-
sented by h. W. Hughes, Esq, OF this
city, which recites as follows:
, "Whereas, The general stagnation of
trade and commerce, together with the
depressed industries Of the country, are
making the present bank taxes abso-
autely unbearable, and which, II not
promptly repealed, must end In the dis
solution of large number OF banking
tpstrut1ons and the withdrawal of bank
ing capital as an investment throughout
the land"
In conformity with this preamble, res
olutions were adopted for laying the
subject before the appropriate commit
tees Of Congress, in view OF securing
suitable legislation for the required re-
lief.
1t would be, perhaps, somewhat diff
cult to perceive the logical connection
between the premises and the conclusion
in the above recital. 1t certainly is not
very perspicuous why the general stag
nation Of trade and depressed industries
should make "the present bank taxes
absolutely unbearable." 1t is probably
inferable that these circumstances may
likewise stagnate and depress the busi-
ness of banking; but the preamble does
not say so.
But, even If such be the fact and the
Inference be correct, does that consti-
tute legitimate ground for demanding
reduction OF the bank tax? Other
lines of business, besides banking, are
suffering in like manner; but is any
voice lifted up in their behalf demanding
reduction OF their taxesp Under these
conditions OF stagnation and depression
are the taxes on other 'industries" de-
clared to absolutely unbearablep Is
there any conventional representation
made by them that, unless their taxes
ere "promptly repealed" it must end In
their dissolution, and in the withdrawal
of capital as an Investment thereinp
The intimation contained in the above
preamble that banking capital will be
withdrawn from investment in thai
branch of business "throughout the
land" may not appear to all minds as
very formidable argument in ia
yor of the repeal of the law
governing bank taxes. The same
argument would be just as forcible If al
legged in behalf of investments in any
other line of business. The business O.
banking has no special prerogatiye upon
which to found such q claim. Indeee
there are muititudes OF sober-mindet
and sound thinking people in this coun'
try who would not deem it calamity il
Investments in banking were with
drawn 'throughout the land.' Es
pecially is this true Of public opinion III
relation to the National Banks of the
country.
In saying this we must not be under
stood as implying that legislative injus.
tiee should be inflicted upon banks, be.
cause they are banks; nor that they
should be made the victims Of unjust OF
oppressive taxation. But we mean Il
signify unmistakably, that capital in
vested in banking business can claim nj
lmmunities from taxation because Of the
nature of the Investment. 1t is al
strictly a matter of private enterprise
md OF individual undertaking as is man
niacturing or trade. And we hold the
proposition as untenable, that taxes
npOn banks shall be graduated by any
scale of activity or stagnation In busi
ness, that may not likewise be applica
BILE to other branches Of business under
Nike circumstances. In the sense Of be
Ing created by law, they are public in
Ititutions; but no more so than any
pther joint stock corporation. The capi
lal is absolutely private property. Ant
ls property it should bear its due pro
portion OF the public burden of taxes
That business is dull anu the profits o
banking curtailed, is no more cause fol
repeating the tax law that governs them
ihan it would be an excuse for relic
from taxation il claimed by an indiyid
BAL In his private business affairs.
The banks Of this country have hat
great and unusual privileges accorded
10 them under the laws OF their creation
they have been unusually prosperous
Depressed as all business Is, we still
hear OF no bank stock selling below par
and much OF IL above. This Is true 0
almost no other business investments
Why then should the banks be clamorou
before Congress for the prompt repea
vtheir tax laws. whss - sueh elam0