The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-09-15
WHEELING w. VA. SATURDAY MORNING, SEPTEMBER 10. 1877
American Bauker's Association.


Bankers Convention resumed its session
this morning. The. resolution pledglng
banking interests to aid the government
in lis efforts TO restore specie WAS referred
to the Executive Council as was also an
other giving it rs the opinion OF the con-
ventIon that 1t was advisable for the
Federal government TO exercise surveil-
lance over the Savir gs Banks, Loan and
Trust Companies Fire and Marine and
Life Insurance Companies.
Charming p. Williams, OF Albany,
read paper on Taxation and Banks,
holding that tax was entirely illegal and
was collected without authority OF law
Hon. B. d. Thurman, OF Troy, n. Y,
read remarkably clear, concise and able
paper on Bank Taxation, commanding
the closest attention Of bankers and pub
licIsts present. Mr.. Thurman took his
own city Tor illustration, and showed
that real estate is assessed at one-thlrd It's
actual value and that banks are assessed
at more than two.thirds OF their market
value, or in addition to the State and
local taxation, the United States levles u
tax OF one.hslt Of one per cent on de-
posits, one-half OF one per cent on capital
not invested in L. 5. bonds, and one per
cent on circulation. All real estate and
other personal estate are exempt from
United States taxation. The tax on de-
posits is especially unjust. A man comes
In u bank in the morning and deposits
one thousand dollars, and before noon
the next day has checked it all out.
Fifty men call and do the same thing,
and the bank is then taxed by the United
States for doing q business from which 1t
receives not one cent profit.
A paper WAS then offered by q dele
gate from Philadelphia, prepared by Mr..
Edward L. Lewis, of Philadelphia, show
ing that prior to 1866, the State tax on
bank shares was only three mills on the
dollar, but in 1866 the State legislature
enacted law imposing tax D. one per
cent al National bank stock. The Clear
ing House took the case before Judge
Agnew, (since Chief Justice) and he gave
it as his opinion that the State act WAS in
conflict with the second section OF article
sixth of the Constitution OF the United
States, and granted al injunction. Dur
ing 1859 the legislature again passed M
act to tax National banks one per cent
on bank stock, but the Clearing House
again carried the case TO court before
Cniet Justice Thompson, who decided
the act unauthorized, and granted al
Injunction. Afterwards the act was
repealed. The paper then showed
that Philadelphia was totally opposed
to State taxation.
The Executive Committee then re-
ported the following resolution, which
was unanimously adopted:
ResoLUed, That in the opinion OF this
convention silver money as subsidiary
currency is desired by thepcoPIe, and that
its ire, but not enforced use will greatly
aid in restoring the value Of our paper
money
In supporting this resolution Mr.
Hayes, OF Detroit, quoted and read the
2OLh verse OF chapter 9 of the second
Book Of Chronicles, ana said that it was
the action of wise man in those days
He thought that some men had deterloated
since then.
The following resolution was also
the embodiment of several referred to
that body, and was unanimously adopted
Resotued, As the sense OF this Conven-
ton, that the business of the country de-
mands that the banking interests OF the
United States be relieved from all taxa
ton BY the General Government, except
An annual tax on their circulation to
cover the expenses OF the currency bu
reau, and tnat the taxation of bank
shares by the States be levied in the
same manner only and to the same eX-
tent, and subject to the same privileges
snd immunitles as other personal prop
ertv.
The Executive Council reported the
names OF twelve new members OF that
body, all of whom were unanimously
elected, rs follows: VIM. q. Deshlcr,
President National Exchange bank Co
lumbus, o.; +. b. .Judson, President First
National bank, Syracuse, n. Y; Hon.
Samuel Merrill, President Citizens Ma
tional bank OF Des Moines, NJ hOPprel,
President National bank OF Galveston,
Texas; Charles Parsons, President State
Savings Bank, st. Louis. Mo; II. ii,
Camp, Cashier of the First National.
Bank OF Milwaukee; Mr.. Christensen,
Gas hler OF the Bank OF Nevada, San
Francisco; o. l.. Baldwin, Cashier OF the
Mechanics National Bank, Newark, n.
j.; L. c. Murray, OF Louisville }. Z.
New, President of the First National
Bank of indianapolis; j b. Muller,
Cashier of the Mobile Savings Bank
Mobile, Ala; II. ID. Moss, OF the First
National Bank of Ssndusky, o.
James Buell. read paper on MuniCi.
pal Bonds, and a short debate arose, All
the speakers supporting the ideas pre-
sented in the paper. After the passage
of several routine and complimentary
resolutions, and short address from the
President, the convention adjourned