The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-08-07
NEW YORK.

SARATOGA, Aug. 7.-Proceedings at
the bankers convention to-day began by
John j. Knox, comptroller OF currency,
reading paper on banks and the banking
system. Comptroller Knox introduced
bis paper by giving number of banks
and bankers and the amount of their capi-
tai, and deposits as follows; New England
states, number OF banks 555, capital SILL
ll6,605; deposits, 1922, S57, 1926; middle
states, number of banks 1896, capital,
$77, ,088,8IS; deposits $544, ,075, ,533; south
ern states, number of banks $50, capital.
S35, $50, 029; deposits S47, 754, ,074: western
states, plumber of banks, 1882, capital,
SAT. .470, ,286; deposits $l26, 284, 766; pacific
states and territories number of banks,
|217, capital, $34, l48, ,094; deposits $IOl,-
S02, ,804; United States number of banks
l4,4OO, capital, $2O5, 3S2, 852; deposits,
$242, ,794, 903.
Speaking of the taxation Of banks and
bankers, the comptroller said one of the
evil results of the system has been to
largely increase the rates of interest in
the rural districts, and thus to place its
| burden upon the people who OF all others
are least able to bear it. The bank taxes
| 10 the states and nation have been most
arbitrary and unjust III many cases, result
| iug 10 a collection OF twice or three times
the amount imposed upon other capital,
while the law provides it shall be
exactly the saue, It's evil ef.
fects are seen in the rapid reduction oi
the banking capital, which has takeu
place. The tax upon deposits should lOng
ago have been repealed and if carefully
prepared tables and sound arguments il
favor of such repeal, which have been Sc
freqaeutly presented by this association
had received favorable consideration from
congress, to which it is believed they arr
entitled, il would have long since beef
accomplished, Why then has not the de
served Legislation been obtained? Th'
second and only reasons are the following
First-The income from the tax has beel
needed by the government. Second-Al
unreasonable prejudice bas existed agaius
the banks. The first named reason ha
abundant answer in the $4,000, 900 save,
by the government the last two years
though largely at the expense of tn
] banks, who were large holders of Z.
bonds. Prejudice against the banks i
this country has undoubtedly partly arise
from losses sustained by people in forme
institutions, but the present generation {
J young men have not experienced sue
losses, and the reasons for this preiudiC
must be looked for elsewhere The RI
J., fusal to loan money except upon the bel
security, may account largely for the pre-
judlce against banks and bankers as
class, but when good times come an
people generally are prosperoI
a this prejudice ceases to largo exten
er Holders of bonds bearing four per cen
interest can hardly be called ''bIosted go
- bugs, and those who loan money at fro
two to four per cent. per annum, cam
we'll be termed money sharks" lOC
S for change of opinion among people
reference to banks and bankers who ha'
4 survived the evil times through which y,
N all have passed. 1t people change the
v minds, the minds of the mem bers of co
gress will also change so that feel qui
certoin tax upon deposits will be repeal
by the next congress. The comptroli
then spoke OF resumption as proved q
umph of honesty.