The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-09-15
Convention Of American bankers
Money anu Taxation aud ice.
sumption Fully Discussed.

Convention Of american bankers
Money ana Taxation aud Ke.
sumption Fully Discussed.
NEw YoRK, September l5.-The Con.
yention ol Bankers resumed its sessions
this morning. ... ...|
A resolution, pledging the interests Of
banksto aid the Rovernmentin its efforts
to restore specie, was referred 10 the Ex /.
ecutlye Council; as was also another, Civ
ing 1t rs the opinion Of the Convention,
that II was advisable for the Federal Gov
ernment 10 exercise 4 surveillance over
Fire Marine 4 Lille Insurance Companies,
Loan & Trust Companies and Savings
Banks.
c, P. Williams, Of Albany, read pa
per on "taxatlon Of banks" holding that
the tax was illegal, and was collected
without any authority Of law.
Hon. r, Fl. Thurman, Of Troy, New
York, read u remarkably clear concise
and able paper on "bank taxation" COM
manding the closest attention Of the bank
ers present. Mr.. Thurman took his own
city for m illustration, and showed that
real estate Is assessed at one.third Of its
actual value, and that banks are assessed
at more than two.thirda Of their market
value, or, in addition to State and local
taxation, the United States leyies a tax
Of one.halt OF one per cent on deposits,
one'halt Of one per cent on capital not in
vested In United States bonds, and one
per cent on circulation. All real estate
and all other personal estate are exempt
from United States taxation. The tax
on deposits Is especially unjust. A man
comes in bank in the morning and de.
poSits $1,000, and before noon the next
day has checked it all out. Fifty men
may call and do the same. The bank Ia
then taxed by the United States for doing
u business from which it receives not
cent profit.
A paper was then offered by delegate
from Philadelphia, prepared by Mr.. Ed
ward L, Lewis, OF Philadelphia, showing
that prior 10 1866 the State tax on bank
shares was only three mills on the dollar
but in 1866 the State Legislature enacted
a law i'm mPosing tax Of one per cent on
national bank stock. The Clearing House
took the case before Judge Agnew, since
Chief Justice, and he gave il as his
opinion that the State law was in conflict
with the second section Of article sixth
OF the Constitution Of the United States,
and granted an injunction. During 1869
the Legislature again passed an act to
tax national banks one per cent on bank
stock, but the Clearing House again car
ried the case to court before Justice
Thompson, who decided the act unauthor.
lied and granted an injunction. The act
was afterwards repealed. The paper then
showed that Philadelphia was totally on.
posed to such State taxation.
The Executive Council then reported
the following resolution, which was un-
animously adopted:
RcSoleed, In the opinion OF this Conyen.
tion silver money as a subsidiary cur
rency is desired by the people, and that
its free but not enforced use will greatly
aid in restoring the value of our paper
money.
In supporting this resolution Mr.,
Hayes, Of Detroit, quoted and read the
Goth verse Of chaper 0 Of the 2l Book Of
Chronicles, and said that it was the action
OF wise man in those days. He thought
some men had detetiorated since then.
The following resolution was reported
BY the Executive Committee as the EN-.
bodiment Of several referred TO that
body and was unanimously adopted:
ResOlred, as the sense Of this Conven-
ton, that the business Of the country
demands that the banking interests Of
the United States be relieved from all
taxation by the General Government
except an annual tax on their circulation
TO cover the expenses OF the Currency
Bureau, and that taxation OF bank shares
by States be levied in the same manner
only and to the same extent and subject
to the same pri vileges and immunities
as other personal property.
The Executive Council reported the
names Of u members OF that body, all OF
whom were unanimously elected as fol.
lows:
VIM. g. Deshler, President OF National
Exchange Bank, Columbus, O.; L. B.
Judson, President First National BANK
Syracuse, n. Y; Hon. Samuel Merrill
President Of Citizens National Bank Of
Des Moines, Iowa; NJ. KoppreIl, President
OF National Bank OF Galveston, Texas:
Charles Parsons, President Of the State
Savings Bank Of 81. Louis, Missouri;l
q. H. Camp, Cashier Of First National
Bank, Milwaukee; Mr.. Christensen, Cash.
ier Bank Of Nevada, San Francisco; o. L.
Baldwin, Cashier Mechanics National
Bank, Newark, N. J.; L. C. Murray Lou.
isville; J. 9. New, President First Ma.
tional Bank, indianapolis; ]. B. MulIan,
Cashier Mobile Savings Bank, Mobile,
Ala; II. D. Moss, First National Bank,
sanduSky, o.
James Buell. read paper on munici.
pal bonds, and short debate arose, all
the speakers supporting the ideas pre-.
scented in the paper.
After the passage OF several routine
and complimentary resolutions and
short address from the President, the
Convention adjourned sine die.