New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-09
DETAILS OF THE SESSION.

convention to-day. The attendance was good, but
not so large as it yesterday. The constitution
and bylaws were amended so as to make the an
nual payment from banks with n capital Of $780,
600 or more 80 and IS from those with a capital
less than 100000. A paper by l.. Halsey VIII
Jams, cashier of the Fifth National Bank Of Pitts
burg. Penn on the changes made by the new reve-
nue. act of Pennsylvania in the taxation of banks.
was read by Secretary Buell.. After giving quota
tons from the laws Mr.. Williams presented the fol-
lowing conclusions;
Frst-shares Of State banks taxed mills on the
par value Tor state purposes and FOR local purposes
schoOl, municipal etc~the same as other mOneyed
capitil. Which, IN most cases, Is nothing.
See9nd-National banks under this law, are not
Ihird-such banks elect 10 pay mills the par
OF their stock to the state are exempt from taxation
for local purposes, and banks, and such only
required To make "A return to the AudltOr-GeneTai,
stating Specifically the amount of capital stock, list OF
Stockholders market value If stock, etc
As the law was first drawn. leyying the tax the
assessed value of tine shares the power given the Audi
tor-GeneIa! 10 adjust such assessments by lnqurlng
into the value OF stock and either abate or increase
the value" had some meaning. but under the act as
power il meaningless. On the whole. the law a fair
specimen Of the crude legislation are treated to
subject requiring knowledge aud experience or which
the average legislator II not possessed
H. S. Fleming of Allegheny City, Penn, spoke on
bank taxation in that State, but did not have much
faith in the efficiency of mere discussion in the con-
vention. lie was anxious that the Executive Coun-
Gil or some committee should prepare a plan for re-
ducing the taxation of banks which would have a
fair prospect of success in Congress Efforts should
be made to cOncIate the opinion of Congressman,
and they should not be embittered by denuncia-
ton. Public sentiment should be aroused by short
and pithy contributions to the newspapers.
r. NJ. Nelson, of Selma Ala, said that just taxa
ton was equal taxation, and that fact was embod-
led IN the constitution of Alabama. State banks
4 81
banks against private banks. Ali should work to-
gether to secure equal taxation.
Mr. Graham, of Newark, n. j., thought that no
one of them was inclined to go back to the old sys
TEN of State bank currency. He advocated exer-
ton to have the 1 per cent tax on National hank
circulation repealed.
I'D. Hayes, of Detroit, Michigan, spoke of the in
equality of State taxation. Railways and churches
escape taxation in many places. but banks cannot.
Bank shares are taxed at their full value. while real
estate is generally assessed at little more than half
its value. Bank capital often pays twice as much
as other property in the same place.
Mr. Smith, of Luzerne County, Penn, made
little stir by his indignant answer to sentence in
Mr. Wliamss paper in which low estimate OF
the legislation at Harrisburg was expressed. Mr..
Smith said he had been member of that Legislature
for three years. and was chairman of the Bank Com
mttee which reported the law criticised by Mr.
Williams. It had reduced the tax on National banks
from 10 mills to mills. The real cause of Mr..
WilliamSs dissatisfaction he said, was that the
100000 steal IN the PlttsOurg Riot Dill did not
succeed.
f. A. sowles, of St. Adams. Vermont, touched
upon the belief common IN the country that the
National banks were paying small taxes and max
inQ large profits. Ii the people generally knew
that the National banks were paying per cent of
their capital IN taxes the prejudice would be re-
moved.
Mr. Nelson who represents State bank in Selma,
was moved 10 a little ebullltion at tins point. tie
did not believe In expanding all the sympathy on
the National banks. There were nearly twice as
many state banks as National banks, People could
NOT see why the National banks did not give up their
charters if their burdens were so excessive
Mr. Pruvn, of Albany, SAID 1t was desirable 10
harmonic as FIR as possible State and National In
stItutious but he did not understand exactly what
the State banks wanted.
Mr. Nelson then changed his ground, remark
ing; 4" should be extremely sorry to see the Ma
tional banks abolished. We have now the best
currency the world ever saw, ana we want no other
,,old and silver relies OF barDarism. ours Is the
hest system of finance ever known and the best
Government. Some Of you III the North THINK us
rebels at heart fon are wrong; we thihK thiS
the best Government in the world"
Mr. Hayes favored the repeal or the 10 per cent
tax and letting the State banks have all the circu
latlOn they want. s.,,
the Importance of brief, telling arguments TO get
the attention of the press and Congress-
After some further debate, resolution was
.dopted directing the Executive Council to dis
trihute the facts presented in the able address or
the Hon. John jay Knox.
SUPERINTENDENT LAMBS PAPER
Henry l.. Lamb Acting superintendent of the
Rank Department of this State. read paper on
savings banks. He read it in an impressive and
interesting way. and the merit OF the paper, with
the forcible manner of its presentation, caused
ruch satisfaction. The following is brief alb
stract:
savings banks are primarily humane institutions Tor
beIning men aud women materially on In the world.
ont nI the reflection of political ecOnomist'i out Of
he roe experience sagacy and fracrnal spirit Of
Ipdou magistrae out of tue iitlOua Leai OF tue GU
zeus OF Boston ana OF and nf fs train
Of evils with attendant public and private expenses
The idea " onr savings banks sprung directly. -,
Tas savings ms .tut on Is wholly different from the
4. .rount bank in motive and aim. The savings BANK
Ea Of t6p deposirdls why should any become
the manager ef savings oaukf nave pecn asAcu tis
question often. The usiees cannot De pau' WY
sbouid a man do anything that viii not pay nun NO
man with capital can turn deal ear 70 Tue p.Olse W
save tina ptal from the moth ana fust OF tAaton.
You know tbat, now Ter ciasa ~ citizans
bank deposltors If DrteL ,tnfn, Uarson SSho
eefrespecting too, is safer neghDor IMAM tne VICIOUS
drone mo indoent beggar Tue savings nanh Is oe
lessons OF selfdenia OF economy ana OF SOBER
INDUSTRY The ordinary bank performs soe se.Nce nol
We Tine aim of the bank is profit gain upon the
capital which is employed In the WORKS. Inc savings
nitutiou seeks 10 serve those who are not hted Dy
imnv .doe and habit for safely ping and investing
their money when saved The savings n.t
w.. ssvtn0s hank because II withholds money
from ,ircalaton This IL an obvious ialaoy.
II tne decorators in such instituuons We're to save
a. amount of money As large they deposit great
carr OF II would be boarded All who have acquaintance
rrItb savings banks know this. II panic comes urOn
he deposrs In one institution or inseyera ana money
"a drawn nm large sums much OF IL is boarded and muoh
hank Is one OF the best safeguards OF prop
.,y TruStee service Is more agreeable than jury duty
attention Is a savings bank Is more econOm-
asi tnan consables police pOOr-masters, hospitals or
nrsous Ii IL sure mat the threequArteTs OF
r. this fmnerial State are arrayed IA solid phalanK
nssinst Communism riotng and disorder The facts