New-York tribune., 1878-01-10

Du1I IcpCIta INgIeIatNIt
provisions Of the law have been carried out so far as
asdvonIoge Of the companies and certainly would be
more satisfactory To the depart itrnent, Ia inc ucahs "I
nrnt 5onr banks and 10 nrint ihe reports and thereby
give publicity ty the facts respecting these conpan.s;
In 1875 law was passed chap. 561) rednlng Dulid-
ing mutual loan and accumuating fund ?ssoclatios 10
report annually 10 the Superintendent o INC banng
penartnent Ipwards Cf 200 Of these associations re
ported in 1876 law d3 not authorize the super.
inicnden the associations Tor tie repyheh,
of expenses incurred theraccUuni IL was not uee1s
right or proper PRINT blanks for Their Tenors ne
repCrts are various form and show muc uifcisy III
h unti,ods and transact IONS or the associations. sey.
cral months ago two gentlemen Wef; ,cH'i ",
each TO examine all associations in his respective
0calty have not yet received full report oi HIS
work from either one Oi the examiners
am informed that The associations 0os WIN ueeo.n ~
disavor in some cases upon examination, and refuse 10
permit II to be made. And, cannot. after repeated m
auiry. ascertain Eat any sound reason exists WY -
associations should bc under the supervision OF the
Bank Department or that any goodI purpose pose is u
row defcctivc. incomplete and insufficient. Whatever
need may exist for tnG 81 If ne To
body than by me particularly by sncl repirsrnn @
as have their constituencies numerous i n,es d
or such as,pciations can accomplish no io" III
the Aci OF 1873 ith my present hlioimaioh' dna
should he found FOR maintaining ihis law u hees 80 y" 10
supplemented by amendment in order W give II e"''en
cy and 10 reach any nseui ana pficueai res"iS
TAXATION OF THE BANKS
Jbovc briefly adyerted TO the suggestions TO Which the
of the banks for tie qrar'ers
of tic last two years. nearest the close OF the years
nniurIv gives rise ANY intimately c"nyersant WIN
bc nsnpss OF hanks and the difficulties which thfy are
now contending against VIII promptly cUEcnr IN the
Judgment that they should no relieved from certain
lurdcnS which now oppLeas them. , o,, ,h,,
They are lnduy taxed: they arc taxed upon whdtt
they have and upon What they have not Ihcy are taxed
National during struggle for own exist
encc imposed taxes under tie pressure Of II sore neras
which were ~ Lev aS they were oherous' n> war
| they were accepted aud borne win snlaIi cohpdnt
Bat the tax continues to be imposed on ,he BANKS
to-day after nigh twelve years OF peace Inc taN on
deposits banks is not Oh The popry oi Tue Dah Du'
While the State banks pay this tax TO the National
Government, they deprived by that Government OF
the profit which they once re1HHd rtm ciiCuaiIng
Doie> FOR ihrccluartcrs OF century an0st ~. il2hI
70 incorporate banks with The ?owet 10 issue NOTES for
While the right ol states 10 clpoi.'e ''nh. hls "p
yet been CHALLENGED the rover ~ state banks
tax. which is tautanonnt to positive rroni
mlion. Thus. the National Government on on
uand takes n ON the state banks portion Of the profit
when they received prior to the and on TIE Other
lcyics tax upon portion Of the debts h'c the banks
owe Between the tvU, grieIous burden Is laii upon
tie state banks aud Is adequate reason for IT,
The war long ago ceased the efforts o the uat!on 10 de-
rsnd s iGs .,GIG Gcrc. no o th. doGS Hxaon ttd
cripple Institutions which most intimately connco ted
with the business rDar- and material lucrcsts OF the
people, the taxes should be rrInIycd
IA to hear with n,qultahc and oppressive force
banks The argument or thc banhs has been 80 oiten
and 81 1oc.H5 niide '' ne;, l n.' rrt,at IL . ~
has hrcn invaded in this state III another way MhCh
the hgr,cn 81 taxation became heavy, men in banks
sought ways AVOID H. In the Ynr,u ~ relief many
a.sncatios Invested themselves OF the rights and ohli
CATIONS To s,nc!Jons and g. rpOratious. They
retired fium corporate ORGANIZATIONS AMI became
nriyate BANKERS" - least in ever, hing except name
with sense OF the advantage thai they could realize
from maintaining houorcd titlc hose credit C
tahli.htd hy doing business State biuEtng "seocla
tons, they siudiOu-y kept the corporate namc wi!c
they lI aside every other attribute of corporate cXl.
ruce md functo These pryat" bankers. upder Tie
eusc 0f corporate associate banks, became the COM
penr- for bu.luc>. oi the state aud national banks
And the private banks of this Kind subject only o
small portion 0f the obigI gItin- and but lew oi tie buf
dcnS Wt,H the genuine corporate Institutions are.
Iuc National Government Ats complete "I carefully
constructed system Of legislation designed To- support TIE
Natonal banks. The state Of NCw-iork could, In r0mo
directions p,raps, copy The state, through lis day
aupuinr oicefs keeps considerable sums Of money on
deposit IN banks. see 10 reason why the State
should not whenever II j. prIcc"hic give pr'rcG''
10 it, own banking institutions the Lepo-oiles oi iis
uon'v. 49,
tniak the thorough revision, amendment apd codit-
;iou ol The stat. Banking Laws necessary. Tor thirty
ylar- tie url iuai General Bank Act b,rn thc sul
ir,t q: f.ru4rut amendment. A. consequence, the
Law. are now nuurroI- and not easy TO understand ~
every Gnsr. hid hoped thai could pre- NJ. Tor your
con .Irr,itiou. dram Of new Cudlncaiiou ~
the foundation for an amended law w..cn might nid
Nnur honorable body IN the revision - the laws. Bl
the pr, work the department has prevented
my undertaking thi- amcudiu mt, The need q" winch l
cauuut too ,,ron-ly emphasize. ~ such REVISION ana
coli ion w1Id embrace every ting whlra comes
WITHIN the scope II thr banking law, do not icci now
ike making sIrcr recommendation !UE legislation IN
/, spcct TO such banking laHs.