Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-01-19

The corn exchange met at the council
chamber last evening and quickly settled
down to business. The first in order was
the reading of the following report:
TO the Committee of Thirty-five.
GENrLEMEN: Although very far from hav-
inc completed our labors, your subcommittee
on taxation are enabled TO make the following
supplemental report, to be followed from time
to time by others. In our former report the
figures given were on valuations as equalized
by the State board in this we take the figures
from the original returns as being the best for the
purpose desired, showing, as they do the valu-
atons as made by the assessors. That mistakes
may occur III our figures, as we'll as typograph-
lcal errors in the newspaper reports, we 40 not
question--as heretofore stated, the Official
records are full of them.
PERSONAL ASSESSMENTS
In each personal property assessment book
delivered to assessors is a circular containing
'directions to assessors,' mainly made up of
extracts from the general tax law relating to
their duties These provisions plainly
stated that it is difficult to see how they could
have been so generally misunderstood by as
sessors-that they would deliberately peri ure
themselves is not to be presumed. We append
a few quotations and comment thereon as the
spirit moves-endeavOring at all times to be as
concise as possible, and in mentioning names
doing so without without claiming the parties
to be exceptional cases. In the language of an
other they all do it, after they have learned
the modus Operandi.
Section of the general tax law reads as fol-
lows
Personal property shall for the purpose of
taxation be construed to include all goods,
chattels, moneys, credit and effects wherever
they may be. all ships, boats vessels, all
moneys at interest either within or without
the State due the person to be taxed, more
than he pays interest for, and ali other debts
due such person more than their Indebtedness
all public stocks and securities, all railroad
stock in turnpikes, railroads, canals and other
corporations Except national banks) ont of the
State owned by inhabitants of this State; all
personal estate of moneyed corporations,
whether the owner thereof resides in or out of
the State, and the income of any an
nuity; all shares of stock in any
bank organized or that may be
organized under any law of the United States
or of this State: and all Improvements made by
persons upon lands held by them under the
laws Of the United States" ETC., etc.
1t will be seen that the section literally in
terpreted allows few loop-holes for escape; also
that men who have moneys or credits al
lowed to deduct their debts therefrom, while
poorer men, who have their little all invested
IN blacksmith shops, carpenter outfits, etc.,
can make no such deductions. All moneys at
interest, including mortgages (of which more
hereafterl should be taxed, but in reality a
very small per centage is included in the re-
turns; how SO many men hitherto supposed to
be wealthy, and who do work, manage to
live without moneys or credit we do not at
tempt to solve. 1t is worthy of note that this
great city has only $lOl, 1929 invested in manu-
tacturers' tools, machinery, ETC., including en-
g mes and boilers.
Section provides that the term moneys"
shall be held to mean gold and silver coin
treasury notes, bank books and every deposit
which the person owning the same or holding
in trust is entitled to withdraw in money on
demand. The term '.credits' shall include
every claim and demand for money or other
valuable thing; and every annuity or sum re-
ce1ved at stated periods, due Or to become DUE
and all claims and demands secured
by deed mortgage. = The term
true and full value shall mean the usual SELL
ing price, being the price which could be OBJ
tanned at private sale and not at forced or auc-
ton sale.
1t is startling fact that all the moneys in
the whole county, including those of banks,
brokers and stock jobbers aggregates should
be credited to the township; also that the total
'credlts" barely exceed half a million, or to
be exact 1924, SOL. statement published
some months since by authority of the board
OF trade showed the number of wholesale
houses and manufacturing concerns to be $751;
and deducting twenty-five per cent. for
sanguine temperament and there would be still
left 42O, showing the average amount of money
at the disposal OF our business houses (sayinp
nothing of retail dealers and loose change in
the pockets of exempts) to be 1896 SO, and
their average credits ST. 49.52. As matter of
fact many corner grocery can make better
showing.
Section requires the listing of all property,
be the amount large small, from the total of
which the county auditor is authorized to de-
duct $l0O in each and every case, except firms
and corporation. That ''all property is not
listed may be inferred from the fact that mill
powers and privileges have no value, and that
all the gold and silver plate and plated ware
In the county fOots up 81, S73; that diamonds
and jewelry foot up but SIS, 4O5, of
which Il. Z. Laugdon returns nearly one-third ::
that franchise, annuities, royalties, etc. amount
ed to Sl.474, to which the county auditor after
wards added $4,000 for drive well purposes;
that goods and merchandise foot up less than
one million, although one firm claims mot for
tax purposes: however, to have half million
invested; that elevators, warehouses, etc. on
lands owned by railroads, are worth but 1925
only 1928 being within city limits; that pianos
are worth from $1S to $3.50 in the townships,
and from $50 to $500 in the city; that leading
firms and reputcd wealthy men are not assessed
as much as are some BARRIERS and dressmakers.
Section ~ requires the officers of any COM
pany or association, whether Incorporated or
not Except railroads, insurance and telegraph
ana banking corporations, whose taxation is
otherwise provided for), to make out sworn
statement of its capital stock, authorized and
paid up, its value, real and personal propertv
which shall be listed and assessed the same a.
other personal property.
Ihat this section is not complied with by the
officers OF companies may be inferred from the
fact that such property is rarely listed and as
sessed For instance, we find no mill company
stock, no paper binder stock, no newspaper
stock. no street car company stock, no building
association stock, taxed or even listed.
Section % provides for the assessment of
private banks, not represented by shares of
stock, and that moneys loaned by them shall
be returned.
The bank of Minneapolis comes under this
class. In 1877 it was assessed for S74. TAI, and
under advise OF its attorney, but with wry
faces, Its officers paid a tax of $l,76O.6S Tn
1873 with as much capital at its disposal (ap-
Parently), the assessed value of the bank ia
S9,33O, falling off of $65,351 in one wear.
Either the bank was largely overtaxed in 1877
OF IL is now IN an impaired condition.
oeEtlon "a provides that accounting officers
OF all banks national or otherwise is renre
sented by stock shall furnish statement
under oath showing the amount of capital
stoch 1hd surplus or reserve fund, as well as of
its legally authorized investments in real es-
tate' Inc assessor is required to deduct the
amount Oh Such Investments from the aggre-
gate amount of such capital stock and surplus,
sh re, remainder to be taxed at it's full value.
The banks coming under this head arc III q
FIRST National, Merchants National, North
western National, Security National. Ctv
oank, Citizens bank, Farmers and Mechanics
Savings bank, and Hennepin County SAVINGS
BANK: National banks are authorized to make
permanent investments in real estate for
banking houses only but under certain cir
cumstances may take real estate for securitv
TOR loans already made. The following shows
the statement made by the banks named.
First National Bank-Capital stock. 5000 OOO.
no surplus; Invested in real estate, $40, 624 81: