Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1879-11-15

was made to the reduction of the tax on manu-
factured tobacco, yet to-day the government is
getting more revenue from tobacco at the reduc- |
ed rate than it got ut the higher rate. The abo-
lition of the tax on deposits will work the same
results by causing new banks to start up, and
enabling all banks to use larger capitals and pay
the taxes on them. With increased prosperity
there will be increased consumption of dutiable
articles and in these ways the loss OF revenue
from taxes on deposits would be compensated
for many times over. The relief that the people
of our stnte and of every other state In the union
would experience would be that the increased
production and increased value OF taxable prop
erty would allow of reduced rate Of taxation
on the dollar for state, county anu city purpo-
ses. The principle is much the same as that by
W hich a. .fal mer can easier pay two bushels out
of his crop after harvest than one bushel out of
his seed wheat before planting.
Prejudlccs against banks have been raised to
| some extent lately, MS all must acknowledge.
chiefly from bank failures. some Of these fail
| ures were from the common mlsfortunes OF the
country and others were merely the unmasking
| Of confidence games carried on under the name
| of king. Losses to the community from
| bank failures are proportiOnately less than by
any other line of business; and the fact that con-
fdence men are allowed to carry on their games
in the name OF banking is more regretted by the
legitimate bankers than by any other persons.
But we cite the reasonable and unprejudiced to
the fact that the people OF the United States buy
bank Exchange annually to amount more than
double the public debt. and the banks custo-
dams of the funds of lhe people In the shape oi
deposits IN Il sum greater than the public debt
Every candid man will admit that these vas
figures prove high degree of ability and trust
worthiness in the banking fraternity of the Uni
ted States.
Believing, we do, that organization is
necessary step to progress, that it is part o
those laws Of nature by which alone society car
best advance in civilization. We not only share
no prejudice against the organization known H
grangers, but sincerely desire that its energ;e
may be directed to the good of society and Its OK
istence perpetuated The object of our ow or
, anizaton, as the preamble to our constitution
states, is "to promote the welfare Of banks AM
banking institutions and increase their useful
ness TO all who do business with them" 1t ia II
order to increase their usefulness to others no
! less than to promote their own welfare that you
2 cooperation is sought in asking congress to re
| peal the unjust. unbusinessiike and lnjuriou
+ law liking deposits in banks.
, JOSEPH L. STEPHENS,
President Missouri bAQkeT6' AebOClhlOu
1 GEO. WILSON, JR., Sec Me. Bankers ASS n
The executive council Missouri Bankers Ae
a sociatien, by B. I. GENTRY, ,Chm'n.
D LEXINGTON, Mo-. October 25, 1879.
+ EDITOR INTELLIGENCER:-It would be strane
n il the congress- in 1861 -2-3-4. In the hurry an
e confusion incident to that period, had not mad
8 some serious mistakes in Ievying taxes on a
e most everything as it did. five had then aske
Il a congressman who proposed to lay tax on d.
: posits, ''deposits of what?" he never wou
j. have answered "deposts Of money" But Il
d deposits in all the banks in the U. s. to-day a
d grcga,e about two thousand millions. 1t is ev
l. dent that deposits are not all money. What a
III they? They are drafts and bills of ladii
II against the raw produce of the south and WEI
at Speaking in bounds, the products Of these Sc
at tions. that have already been taxed unduly, a
l. again taxed-nve hundred million dollars wol
r OF them at least, it may be more. The doul
lie taxation of money deposits probably makes
o. the balance. GEO. WILSON, Jn