The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1877-01-17

/ y
1870
Balance in fund Nosember 50, is-s.. 12a Sc /
Revenue from two-thiris tax on co.,
porati0n stock. ..-.-..--....... / 432isI s.
Revenue from all other sources 3.iis17s O
| Total eceiptE-.......... 4G70. So =
Estimated receipts Ter hscal year
ending November o. 1877:
Balance In fund Ncrem-
ocr ~, 1915 ..... $40 ,25l 81
Revenue from one<hir,l
tax on eorporoiicartock 6s0,000 %
Revenues from ether
sources -.........l.- 3l0o.0da o. 3sg0.251 s.
Loss to fund for ls.. ..... 1851 2.
Estimaied amount VI reduction in
expenses for 1877 oser iss6....-..-. s5oa.O0o o.
Amoant to he proviiel for ...... $50 saI ;,
All the expenditures of the govern
ment are pay able out of the general
fund except public debt and interes,
thereon, which are payable ont of the
Sinking Fund By act of February
IL, 1876, two-thirds of the tax on
capital stock Of sll corporations ol
his Z mmonweslth were diverted IA
me Sinking Fund, but the set fur,h
er provided that for the wear 1915
two-'hirds of the corporation tax
shall be paid to the general fund and
the remaining ope-,hird into the Sink,
ing Fund 10 1871 The general fund
VIII, therefore, receive only one.tbird
oi this tax. instead of two.tbi-ds MS
in 1876. This loss of onetbird ~
the corporation tax to this fund with
the natural reduction in this and 9th.
ri sources OF revenue nv reason Of
depression Of business will make the
receip1s OF this fund abnut $500 600
less than last year. Expenses will
nave to be cut down materially or
aauitionai revenue provided The
Executive will feel il his duty. shonld
'ne appropriations be in excess of the
probable revenue. to disapprove such
Item, as to him NAV seem the least
urgent 1t may be well to withdraw
toe ala heretofore extended to chari.
table institutions. Making no redue-
tions 10 these appropriations am
confident that 100000 of expenses
., .as' year. attending the Centenni-
a. improvements. Legislature indici
ary, printing and suppressiog riots.
WIZ not be necessary this wear. leav-
Jug d reduction of about $500 600 to
oe provided for. Foreign insurance
companies are resisting the payment
oi state tax IF tbe question ia de-
clded IN favor Of the State. $3.50 900
additional will be received in the
fund The State has also pending
war clslm against the United States.
amounting to ahopt 5000 Goa And
mere ma be smaller claims in suit
Although it is believed that these
amounts will ultimately reach the
Treasury, it will not be safe to antici-
pate them by appropriation. The de-
nciency can probably be supplied
without additional taxation. bv
strengthening the bands of the finan-
ciai officers of the Stsfe and rignr-
ous enforcement of the tax laws.
The present system of assessment
and collection of mercantile and tsv-
ern licenses IL expensive and enefi-
cient Sometimes there are no as
se-sments. and when assessments are
made there are no collections, and
when collections are made the mon
ev is slow in reaching the Treasury.
The whole subject os mercantile aud
tavern licenses, 10 the manner Of as
sessment, collection and publication
ought to be revised. Bv avoiding
unnecessary expense and making the
financial officers of the State respon-
sible for the execution OF the law,
through their own appointed agents,
the returns from this source may BE-
largely increased With this iocreas-
ed revenue, feel satisfied the gener-
eral expenses of the Government can
he met without resorting 10 addition,
al taxation.
The corporation stock tax ia meas
ured nv the dividend declared. aud if
no dividend is declared the stock is
appraised and assessed at fixed rates
When a small dividend is declared
during the year, the tax may be verv
much out of proportion to the value
of the stock. To avoid llis tbe stock
of ell corporations paying less than
six per centum dividend should be
appraised 1t is also a question to
be gravely considered, whether the
ts8 CD railroad corporations, nov
paying only the tax on capital stock.
should not be reduced from mine
teuths of one mill upon its capital
stock for each one per eentum OF
dividend made or declared By such
COMPANY" to sve-tenths of one mill
aud gross receipt tax imposed suf-
cient to produce revenue equal tn
such reduction. Some of tia Wealth
ier railroad enterprises OF the State
are now paying little or no dividends.
and therefore very little tax for the
large amount of property represented
The uon-produetive, as well as the
productive. property of individuals is
equally assessed 10 proportion 10 its
value. While it is not pretended to
apply the same rule strictly to Ts.i.
road property on account OF its great
advantages and benefits TO the public.
Yet | believe the mode Of assessments
should be 90 changed as rot 10 give
unproh able railroad property almost
total exemption from taxation.
BANKS AND sAYIYfs TyNps
At the Lass session OF the legisls-
taFe general act was passed for the
Incorporation and regulation of banks
of deposit and discount. The ps4.
visions Of the aSt aF5 10 harmony
gith the principles set forth 10 the
annual messages of 1874 aud 1875.
The effect Of this Law, Fhsa iAs loose
chs7tiss 80 Fseiy granted ia former
years shall have expired, will be 20
Keep banks in their rsopeF sphere SIS
CLEARING houses for business trsnsac-
tons and for exchanges. s3d the in-
strumenss Tor collecting the temporsri-
ly unemployed capital of business
men and re-1istributing it by lcs1s
aud disc uats according to the wants
of trsde. 1t will create a mutqality
6finterest between the banks and
their patrnos which will t,-even. the