Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-09-26
orTuNwA aANk TAXES.


where X will be abused.
i Eu OTTuMWA BANK TAXES. i
There is quite prevalence among
o great many people to be continually
carping at banks and bankers. A
wonderful prejudice exists with a
Igrcat many people towards these in
lstitutions, and very frequently whole
sale charges are made against them,
with little or no information, upon
the subject by those making such
charges, and consequently in most in
stances tho charges made arc rad
ically false. The prejudice SO preva-
lent in the minds of many people in
moderate circumstances, against men
of wealth, is intensified when directed
Etowards banks and bankers. A raid
upon banks ID favoritc theme for
the demagogue, because of the adap-
ability Of the public to listen and ap-
prove. For anybody to speaks word
in their defense is almost an offense
with some people, and the defender
will usually come in for share of
the .detraction applied to bankers. 1t
has been alleged that banks do not
pay any taxes, or that they pay but
little, or that they pay no fair pro-
portion of taxes. Now we believe
that banks, as well as any other insti-
tutions, should have justice done
them, and that nobody onght to com.
plain il fair and accurate showing
be made in regard to what taxes
banks pay in comparison with the
taxes other property pays. 70 this
end we have examined and taken
some figures from the tax books Of
this county, and from the records of
the two banks Of this city. We will
premise by saying that last year the
capital stock. of the Iowa National
Bank was 100000, and upon this ba-
sis it was taxed last year. This bank
has now surrendered of its circulation
voluntarily, $4,000 of its capital, and
now has only 10000 capital stock, the
same as the First National Bank cap
ital. This surrender Of circulation
was voluntary on its part, and in pur-
suancc of what the bank thought to
be its interest; S960oO,0OO Of bank
capital has been similarly surrender
ed since 1874. The records show that
tho Iowa National Bank paid to our
county Treasurer in taxes, for last
year, $l893.1S, and the First National
Bank $l325.4S, making total of $3,-
2lS.65. They also paid TO the U. S.
Governmentiin taxes as follows: The
Iowa National Bank Sl53O.S7, and the
First National s2o2705, making d to-
tai paid in taxes to the Federal Gov
eminent by these two banks, of So
55SS2, and grand total of taxes paid
by them in single year Of s6,777.4S.
Now for few comparisons. We
will not give names of individuals,
because VIC in no sense want to make
this article offensive to anybody. We
have, however, examined the Tax
books of the county, and picked the
names of say seven men of the county
whom we know arc worth much more
than the capital represented by these
two banks, and in no case have we
found the sum of all the taxes paid
by them equal to the amount paid
by said banks TO our county Treas
urcr. saying nothing about the Fed
eral taxes the banks pay. We in
vitc anybody to make such examine
ton, and see If they don't find our
statement correct. Pick any tax pay
ers that you may please, and any
number of them less or more, and fix
from your own knowledge, a fair es-
innate upon what they are worth, and
then see what taxes they pay, and
compare that sum with what The
banks pay, and our word for il, you
will invariably find that the banks
pay the most taxes into the county
Treasury upon the dollar actually
represented by each side. The reason
Of this is plain, viz: the capital stock
of the bank is fixed, known fact,
easily got at: but not SO with indi-
viduals.
Again, we know farmer in this
county who, last year, owned 1900
Of stock in the Iowa National Bank.
upon which he paid to the county
Treasurer of this county, in taxes,
$l7.12. This farmer owns anice farm
of one hundred and twenty acres
near this city, which is well improved,
and upon which he has lived many
years. He also reports as personally,
moneys and credits, slS74.OO Upon
the farm, and upon all other property
outside of his bank stock, he pays
$3S.Ol in taxes. Allow estimate upon
this farmers property, outside Of his
bank stock, would be 5000. This
shows that he pays Of taxes here at
home into the treasury Of this county
almost one-half as much taxes on the
~, ,OO0 in bank stock, rs he does on
his $1,000 of other property. This
farmer is assessed equally and
fairly with his-neighbors, on his farm
and other property. It should be
borne in mind that if we add to the
home tax OF $l7.l2, paid on this $1,000
in bank stock. the Federal tax also
paid on the same, it will reach about
$32. 90, the sum total of taxes paid on
his bank stock, or within about $500
of all he pays on the balance Of his
other property.
| Again. The total tax levy for last
year in tho township Of keokuk in
this county, was $2,995.54. Take an
other ownship-Dahlonega- and the
total levy was $3,lS6.47; and still an.
other, Highland, township of land
that cannot be beat In the State, com
| prising $4,000 acres Of spendid land
and well settled up, too, dotted over
with fine houses and harms. The ia,
levy for this township was f5,06954
It is fair to estimate that in all these
townships there will be failure IL
collect from five to ten per cent. o
the tax, and thereby reduce the act
tual collections from one to five hun
/ dred dollars in each township. NJ
. lsuch escape in payment, however, fol
the banks. Now let us compare ,
little these data. The two banks pa,
into the county treasury 1928. L mor'
!, taxes than all Keokuk township, i
, the whole levy was collected. B
They also pay $32. 10 more than tn