New-York tribune., 1879-01-16

n.e-lenr,. in a.-.t. Of l,o eoIaeo-lc. so2.tc a.


-p,e.,,,-,e. in as-,ts Of $50 companies sC2Sic a.
4Dtt..-scy 20 assets of on, c.up iF. 500. -" bJ.
IN TIE department dnjn- t' las Nctr there were Pee
ctiycd eud cGlnrd $3.50 81. S.atc bank bills O: tI.-e
S9si were tne notes OF bau,Ip associations ans $500
we've bi> O. incorporated banks, The total ar.uut of
Circulating notes u both AIucs cancelled dIu-ta sea-"
by burning or by reason of the tL.e .or rcI Atton
having expired, i, S127O91.
The standing a--T"c tr cf circulating notes O. i'c
state h,uA, v.~ S535 931 30 September 80 1eT~ At
he close Of The preyiogs wear it v, -Gi2@@ 80 The
'educfion duuug the ycgr was -l21f9l. Q ia" i",a
.eduoti0u So i3 unsecured notes issued hf i'll
.orporated banks. aud S4i24~ secured Loics oi
associations formed under The ucrd. banking law 1h"
circulation outstanding and secured on September 30,
1878 was SOL ,j75 Al the same GATE the unsecured
circulation was S43l, ,21G 30.
The securities held by the superb teudont IL trust
September 81. 1873 Amounted e. lllGaG97 -j. Gy
,re composed of mortgages S23.9oo cash ta5.9i. 3d.
and stooss S1Oa9sj0. 7 Tc net decrease in securities
during nae year was $l71iU0 %.
During the year four incoIpo-red banks advertised
ihe dnai redemption of their notes pursuant 10 i!lc law
MISE OF forty-two incor or.cd banks who's. ci c-
fation arcoUnts omen when tie Act oi 1873 Was
ihenscvs Of t4c provision, of t law that roytes
easy way 20 finally clos tne'r 90 Il .lrS.
THE TAXATION OF BANKS.
The retirement state banks from rusirs
The rcGuc;io OF capital ~ Others ard Inc Its.n. o.
divd-ros some al cyprr>slOn> OF ;ie dirH l.-
which surround the baIbiHg hu'Ipcss. The expect lon
OF those who tabliSh bank i,, that L, t >arous
will b. retnuneratiyc; money is invested and loaned
with sur. risk the business ought 80 W ll fair profit.
There are two reasons Why at the PRESENT iim,, tAc
profit Of banking is reduced 20 the W.uluum, j. aUr
is made: and II is matter q fc, NH- !" .
great laauy Of the banks both state and National, none,
or very sal profit, has been made during Tie last year
One cause of this condition the ,ncIous and urqG'
able taxation which is imposed upon IN taAAs. There
is nothing novel in this statement; I i> rather
tute. Bat in order TO show Just how De > tuI~
demand OF the taX-ga;hcIer enters the income,
the p'inGpal, perhaps, Of the banks, ! have
obtained by direct inquiry the amount % taxes pId by
each Of the state banks from January 1873. to Jan
uary /, ls7e period OF five years. winch 10 oprcs'ntcd
in a tahuar form in table number XIV The stat mont
embraces the paid the United States he state II
New-York. including local taxes, for county city Gown,
etc The capital taxed 10 S2l $4,000. Tho taxes paid
during br five years aggregate Si,113,S0G: that e IN
Ave years. SUN between oue-Gh and fourtL of the
cayitai Of tue state bauss has been taken from hem
in taxes alone In five years, the total tax upon copla
Is .2l7S per cent; the annual average is .013J
per cent capital. The tax is oppross 1t is prob
en- whether any other KIND ot business co~ld bear it,
It is unjust II banks have an income, the AK j. upon
ncomc; then 1t is pad to the United States Govern
ment Ye; tax is collected OF TO other capi-
tast. II the tax is paid upon capital. II Is not
assessed by the United Sid'v> upon Gthci cap-
tall-t.: therefore, Il not uniform and cqu'tdbc.
Che National Government might iind some 30 suh tot
Incy creatures winch 1t has created; It grants
profitable franchises and privileges TO tutm, bnt 1t
1or Dohlug OF the kind for toe state banks n has
rather diyesed them OF such franchises and privileges
GInch they had long enjoyed.
The state too dlscriinnates either in law In The
administration Of the tax laws AGAINST the banks ~
sonared with the Hdvdua's capitalists ana othrr cor,
1or4'i0u~ No one Will c-lm maj me a't'aI 'is"ha,
property Any city or village l. tuf Gs-cts'd ana taxed
heavily ~ The bank stocG ls. Il Is frequently the
case that he persons OF large means PAY sual taK"c
wnilc TIC bank shareholders pay i@lTe ones up2n
Their investment. And IL CIn be SAID. Win
pcrrc truth that the bSuE stockholders, ~ class are
not the rre>t and strongest capitalists IL Is TaiErr
rtc are o. bank sock. l. IT ihcse "no are ~
tact The great body Of taNyers When he bduk stoCR
A.. aN,r-srd and made 10 pay excessive taxes Inc bukh
Al, suUs', cTipcdUy Losses resulting from he failure
Of debtors once solvent While The bank stockhOldcr
aid hIm in business the 7'Alt r usfs 10 u'te my CoS
z8pcr rl the consequent shiHASr ui The bank Cstde
and rca; yalGe OF II ~ leV!hS taxes 5I"le is sun
share much less 1t ieifcsehts OF actual Naue
now tndu 10 dd yeerS ago. Ihe TAX cOIitct"I GUS
slice from side Oi II just rs OF od; Tue dtDIor
carye7 dceply Oh the other sllc IEe GlsiIcSsFu anu nc
rrted prays for just relief VIII The Legs
feturc turn q deaf ear 70 him any longer - .
n s.etuad 10 me tn Al the reports which the state
tuk had been required for long time 10 make To the
-upcIintendeBt were lDsuilclcn aho unsatisfactory
therefore caused ne" form i"r reports TO Or lnade III
t1r adyautAge Of them. While am not aware tat any
barty has come 10 any bank whlcb IS s0hpd
aud properly managed. on account Vi Iepolts
made to the superintendent III INC ndhICT
now required, much good has been accomplished
IL WAS proposed ut the last session OF the LeSlealuic 10
pass a DIL providing Tor he periodical eAiunlhat.uh
oi the ban Ks Tue bill finally failed, ebcounterlng Or
position from several banks, some oI Nhich VIII u'
resist such legislation again IL b@hk idiIs' " poim "
that the tact depends npOn another tbtt ls has th
supervising officer adequate power 10 prevent such q
Tesutl II The bank officers swear 10 "a condition UI
solVeucy and no information comes 10 the Superi-
eIIeni any source showing the lncorfectheSs o
sxam!u alton Of the institution. II nay iai aud prove