The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-05-15

Mt GmOuHt for taxation. Sill, 500
Thissort of cipheriDg is what is called
over here appraising bank stock at its
true value in money" The law Of this
State Gays unequivocally that real estate
shall be appraised ut its "true value in
money" and goes on to explain that
"truevalue in money" does not mean what
the property in question may bring at
forced sale. Yet in the very face Of this
explicit declaration Of law the auditors
Of the several counties OF this State, in
their annual instructions TO township and
ward assessors interpret the term "the
true value in money" OF real and Of per-
sonal property, other than bank stock and
money, to mean anything from thirty to
fifty per cent OF its saleable value. The
question the National and State Banks,
over here, are now interested in having
answeredis, why let up thus on one kind
Of property and practically conGscate
piecemeal another kind? The answer 10
the question is epitomized and the gen.
eral line oil argument against the banks
Is teraely put, in n remark said to have
been made by the Hon. Wm. 4. Morrison,
chairman Of the Ways and Means Com.
mittee Of Congress, to gentleman who
approached him in tho interest Of bill
which it was desired TO have introduced
into Congress to relieve the banks to some
extent You are not banker" says Mr.,
Morrison, 81 am not banker; d-n the
banks; let them pay" The remark EN-.
bodies both the reason and rhetoric of
the bank opponents case against
the banks. They are able 10 paw,
therefore tax them. They make
good average profits, therefore
crowd it on. With Just as much
show Of reason should other property
have been relieved OF tax in the prosper
Gus days of the iron business and that in.
tercst encountered with heavy rates and
unjust appraisemeuts. And for the
same reason too should the prosperous
merchants betaxed at heavier rate up.
on the same investment than his less spc.
cessful competitor. The idea is absurd
though. And just rs absurd is the plea
or feeling that National Bank should
pay more taxes than n competitor Of
equal capital and business under the
state or private system. II blythe prudent
observance OF the legitimate functions Of
banking on the part Of its manager, u
bank has succeeded in growing into a
large and profitable business the share.
holders Themselves should enjoy any OK.
cess Of profit resulting, and this exccp.
tional prosperity Of the bank over some
less successful lines Of trade, should NOT
be an invitation to the tax official 10 pitch
In and help himself ad libitum. The
permitting thisi is nothing short Of put.
ting premium on incompetency and un.
success. And yet this thing is done in the
case OF National banks in maj.
Of o2r states and notably in Ohio.
The National banks over here and your
State Banks have both enjoyed fair pros.
perity, perhaps OF about the same degree
and yet one hundred thousand dollH2s ~
National Bank capital in any town Of
Belmont county, where there Is bank
has paid fully three times as much for
taxes in any year, ms the same amount Of
capital under the State system, in the city
Of Wheeling, both banks to be considered
ma carrying the same line Of deposits.
Let the people OF Belmont county who
are interested in the developement Of its
industries and in living rates for money
"put this in their pipes and smoke it,n
for it can DO proved. Belabored as our
banks are, it is plain that they must ask
high rates OF discoun. 10 pay taxes and