, 1877-03-03
The Abolition of Bank Taxes.

The national tax upon banking capital and depos-
its amounts 20 ten millions per annum The tax was
lad meet the yencies Of war. and Is therefore
strictly war levy The exgencies tha. called the tax
into beng have p<ssed away. and many other burens
Of the ike extraordinary character have been hitel
without tetriment 10 the nation si large IL may
SEEN little extraordinary that the banks bsse pos
tins asked Tor relr~f but there has been cisi
sition the part oi tain class ass the Datlon-
al hanks agencies making great pnrits and when
ought 10 be greatly restricted abolished altogether
be tremendous Lss. suffered during the lat three
years rvIs % have sEuls-i bankers 70 the Necessity
OF claiming the immunity from TAXATION which
has bea granted 10 kindred interests. Bat this effort
ought not ~ be confined To the hanks. Every man
In the cOrnmCnity has very important interest 10
Be subssrved BY the measure Of relief pettioned nor
Though the banks pay taxes into the treasury amount-
ing 70 ten nillicus annually, it has been shown
that these taxes oOst tie people more than MT! '
every yea An lnord nate tax upon hanks anu
bankers works TO Increase The cost Of bank aocou'e
dtions inevitably, just every tax LAID upon pro
ductBOn increases tie cost of the prctuet 70 the COZ
IL Il well reguzei Law of trade that every
tax lAid upon fiscal agencies obstrnetS The snnoth
working Of the appliances OF business, and thus In
the cost 10 thOse who peed and must have the
accommodation This ehOrt 20 secure The repeal OF
DaLIonal taxation on bank capital and De pss, Lo''
therefore, when viewed IN its true hSht stricty an
effort put forth IN behalf Of banks and bankers but
Effort 10 remove the otstructiODs which clog TIE
wheels OF industry and enterprise IL should lie ser
ondei by the great todJ Of business men, by the gie'
OF operatives the diversified fields OF produeS
tIOn, and auslly by the people themselves
For these ten millions derived irom the taxation OF
banking capital and deposits quintupled and lam
upon the productive interest OF the country III
We tax the banks inorfInstely we Increase the Use
demanded for money precisely tax iaii upon
product must be felt by the Of that pro
duct. he rate 81 interest must necessarily RUE
higher here shnf IN those oountrrs where are cofn-
bn- c,ntIslzd capital, and less territorial area
to b- developed. The dem and IN this country must
for a ,ons time exceed the supply, and We must ex-
r,flf-- WIN
ton. But burden Atty millions lifted fr'm pro
ductiye TniustTy must inevitably wCrk r.ileI IN
every department of business just at this time we
are endevoring ~ market our pro ucts abroad ana
nothing can prtveat our successful oompe;ion with
our rivals on their own ground, save cOnunntnce
OF the destructive policy which compels the AIneris1
pIolueer 70 pay twice much Tor the use OF the cap
itsl employed AS his rivals pay. The producer eau
not stand unproestIusy 10y and see capital employ
81 IN banking taxss much higher rate than Other
capital. The bow fails upon the banks, II Is true.
but It also falls upon bm WHO cannot get along with
out ark Recommendations. E-ery blow struck al
kindred ant rest Tecoils upon ever other
The TeyerSes Of 1878, aIii later have entalled tie
enormous loss OF upward Of thirty millions upon the
ti,lSIns institutions OF tEls country. Heavy AS the
losses outside Cf these corporations have been they
have been sal heavier but tor the prompt eN
tension of credits vouchsaei by the national 6anks
Nothing eymplete yIn!lcttes the system as the
conf euce displayed by the general public IN these lu
sttuIions during the eTlsis Had the Old system on
Stat. blnklng betn in yngue instef,d the collapse
y- been utter. Fiscal agents sustain the nTst
shOcl. every emergency. Our true policy lles IN
reuiering them ia the highest degree efficient. We
may be certain that II the hanks go down but Iew in-
yrlgIsss b. lett standing; and 1t l. no less GER
tain that ruin wall course through every avenue OF
industry. 1he petition OF $500 banks, and private
BANKERS, for the repeal OF the national TAX, Is simply
petition TO Congress the OF every citizen
and of every productive interest - PhiId. North
american.