The New York herald., 1877-01-12
BANK TAXATION.
THE CHAMBER OF COMMERCE TAXING PART IN

THE CHAMBER OF COMMERCE TAXING PART IN
THE MOVEMENT TO REDUCE BANK TAXES.
The Chamber OF Commerce held special meeting
yesterday afternoon to consider the subject Of ex-
cessve taxation levied by the State and iederal gov
ernnients banking corporations throughout the
United States IL understood that the meeting
came together In response 10 request made by the
Executive Committee OF the American Bankers Asso-
cation. The President Of the Chamber, Mr.. Samuel
D. Babcock was In the chair and among the prom
inent members present were:-James NJ Brown.
Henry y. Spaulding, Gustave Schwab, Nathan Chand-
Ter, T.. W. Coriies, James p. Wallace, James 3. T.
stranahan. r. L. sooman. James Haselhurst, Ambrose
Snow. William H. Gaion, Benjamin Is. Sherman, Fred
erck D. Tappan, George s. ,oe, Henry r. Ball, James
f. Ruggles, Jacob Wendell and John Patton
After the chairman haa stated the object OF the
meeting Mr. Gustave Schwab obtained the floor TO
speak favor of two pctitions-one Of them addressed
TO Congress the other the Legislature Of this
State--which the members called upon to con-
slder. Mr.. Schwab contended that any tax on the
capital and deposits the benefit OF the United States
must necessarily be more ielt In this financial centre
than anywhere else. on the other hand the taxation
In the State OF New York has been brought TO bear
with far greater stringency banks than other
Statcs thus placing these banks very unfavorable
position compared with those OF the neighboring
States For number years past the taxation borne
by the banks OF this city has averaged over Ave per
cent tho amount OF taer capital Many OF the dis
asers experienced by banks within the past lew years
must ascribed to their inability to earn dividends
without taking undue risks The crisis IN our national
credit which was brought about BY the
having passed away an appeal 10 Congress
for relief IRON the whole war tax may now be justly
made. The same principle applies also TO the State
taxation on corporate and banking capital IN com-
parison with the capital OF foreign bankers. While
business hourished banks could afford 10 stand the
strain, but with the general depression o trade a
change for the has come over our interests Ex
cessve taxation has within short time past. reduced
the accumulated surplus earnings OF our banks by up
S. 0o0 and this reduction may within the
present year reach $12 500 O0O about twelve per
cent the Incorporated bank capital Of this Statc
and fifteen per OF the same kind OF property in
the city Mr.. Schwab. step IN the right direction
to remedy the evils now complained OF, offered the
following resolutous:-
Resolved That this Chamber cordially indorses and
the h o @ se @ the u
cessve taxation ON banking capital and that COMMITTEES
sgnaures the petitions and OF their presentation AZ
Resolved That the Secretary Of the Chamber hereby
authorized and instructed to with the various
ream sting them to co with us in this By
Immediately sending 10 Congress petitions similar to the
adopted by this Chamber.
Mr. GeorgeT. Hope supported the resolutions, which
The Secretary, Mr. Wilson, read the two petitions
alluded above Both these documents set forth the
disadvantages under which II claimed banking nst
tutons have been lab0ring Tor years past with
respect TO generous and discriminating taxatOn' 1t
therefore moved that the chairman should be en-
powered to u committee Of ton to advocate the
propositions therein set forth. Mr.. Spaulding sec.
onded the motion, which was carried and the char
appointed the following named gentlemen to con-
stitute such committee: George S. Hope, Gustave
schwab. r. G. Arnold, H.. b. CIafn, Martin Bates.
James Haselhurst, Arson Phelps Stokes, James ~
Constable, William B Kendall A. $. Barnes
The committee empowered 10 canvass the city
and vicinity for signatures to the petition and take
such other steps may be found useful in furthering
tho movement