The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-12
: 2
TAXING CITY BANKS.


PROTEST AGAINST THE UNJUST PLAN OF AS
sEssINa THE PROPERTY OF NEW YORK NONE
TARY NEUTRALITY-SUSPICIOUS. OF BANK
CAPITAL.
ALBANY, April IL, 1871
Nr. Elliot G. Cowdin made a long and interesting
speech the Assembly to-day when he called up his
resolution directing tho Committee Ways and
Means 10 inquire into the subject OF tho reduction OF
bank capital and the unjust taxation imposed tho
banks OF New York city. After referring 10 the man.
ner in which the banks forward during the last
war to relieve the Treasury Of United States to the
extent OF sl5o,Ooooo their own destruction In
many instances, he saudi
In this State more than of total amount Of
the personal property assessed Is national bank stock
alton. that 1t has In It single element Of justice ono
amour, Of the capital Of banks is easily acerains as
also the market value Of the shares and in the chief cities
time shall lay open pn9lie INSPECTION all their
thing il o"s Therefore that ali thai the
have TO do TO look NJ these figures But in all
S'nss eso s sasA s
The Of New York. their annual report
Of 1874, say that they satisfied that fifteen
rs way 10 the assessment rolls at ali and Of bond. and
All banks that measure. shall be taken to
place all personal property the rolls that
portion TO the thereof that no aiscrmins
n n 10 az. ad sf"n their 01a " :,
its actual vaue the like rule be applied TO tho
Is j, wise drive GU. Of the state by unu. rate. OF tax
rsS1 70 Mns
oresn capita. ,ha. pays no tax at NIL and In nowse
da,Iria Interests rnIs BY q iinstr.,or tho
Of .s "1 n e"s The S01 'n nsa
q Pa x sS ."S rss @.S . xosss
day yea. The NATIONAL
Nsw 1 1Sf rs s,ps" Pa II last
Ga.,opoli,sn S:,i"ns Bank, New York with capital
to ssdsiS7 30 Or $3.50 per day Tie smaller bank. Ssas
.n 81 %s ssi s.a i
.%n TO :o% nS Hssa ii. To- as
90 a." 20 On n e. to ply rs %
least q the banks in the city OF Yor. dia
BY the poverty aud porunity tho shareholders pay
but drew the deficiency from Their reserves.
properly Of wh.,sysr kind sh. a.. 70 assessed
property in the locality is assessed in proportion
2 il should BIO tho duty tho local assesors and
especially OF tho State to that this provision
carried INTO effect and they should DO clothed with ample
8. Tina. in making assessments Of bank property tho
bank shall be deducted the OF the
sase with the judicial opinion Of Mr. Chase as
Chief Justice o the United states. who when at
that should iss. re-
which hsy are pr"hib,sa from using :" '"a
s. That tho Shareholder Of bank capits shall be allowed
To deduct, with other personal property. from
Of his shares the amount Of his actual Indebted
g. That the state asscssors shall devise and
for carrying all these provisions into effect.
That coutts be empowered to bring and
rolls before them by with
thorty 10 rcctfy inequalities in tho rolls ny these Just
aud simple oxpedicnts our banks may be preserved.
THE sUBJECT
Mr.. Purdy took the ground that The banks wero not
overtaxed. Ho said they made good dividends and
their stocks stood above par.
lie pointed out that while those bank people GER.
tain OF them could send up pitcous moan TO be
cmpted from tho burden OF taxation they prop
erly made TO boar, they could afford to part
with $3.50, 000 when Calender was Bank Examin nr, TO
them from exposure. Mr.. Cowdin talked Of tho
widows and orphans holding bank stock and the cru
city OF taxing their investments, but seemed
that there other widows orphans also who
were dcpositora
Mr. Spinola expressed a similar WOW, saying that
there was no necessity Tor tho action proposed and
moved TO lay the subject the table. Carried.