Morning journal and courier., 1881-03-10

After paying these expenses there was a bal ance of $500 for the treasury from the taxes of these six companies. The reserve required by law of four per cent. is perfect ly incompatible with taxation of one-half of one per cent
 Until last year not 8 State in the Union levied cent of taxation on it's mutual life companies. In 1880 taxes were levied for the first time by the States of New York and Massachusetts. But the assessment in each of these States is but the merest hagatelle as compared with the amount levied by Con- necticut on its companies. The commission of the Wisconsin Legislature found that the Connecticut companies must succunb in the: end by this unequal burden of taxation, and MT. Perry adduced statistics showing that the opinion was well founded. The State of Connecticut, he held, can well afford to re- duce taxation on it's mutual com panies. The companies have paid their taxes this year, amounting to $S9O, 1000. The reduction in the expenditures for the year on the part of the State will not be much less than $290, 1000. The State is then in com dition to reduce the taxation of mutual in surance co.'s, which as well as savings banks ought to be helped The State has helped the savings banks two-thirds and is proud of it. It will be noble course to help the in surance companies, the most careful and provident of our institutions.
 Mir. Barstow offered an amendment, mak- ing the reduction 8 instead of | of one per cent.
 Mir. Sprague, of Hartford, said he was in favor of graduated reduction, and submit
 ted an amendment providing for of one per cent. until February, 1882, 3-1O for the fol
 lowing year, and of one per cent. for 1884 and thereafter. The Chair ruled that MT. Sprague's amendment was not in order, un- less accepted by the gentleman from Nor wich; not accepted.
 Mr Aonr i'm nf the original bill He said the State can af- ford to make the reduction. It was unwise to continue the taxation as it now stands. In the third place the taxation on these benef- cent institutions is unjust, and cannot be sustained, either by analogy or reason. The debt of the State, the war debt, which comes due in 1883, ought, as the gentle man from Fairfield (Mr. Perry) says, to be funded. The gentleman from Norwich (dr. Barstow) offers his amendment for the purpose of meeting current expenses and | in part reducing the State debt when it comes ' due. There will be surplus in the State treasury 1n 1883, with current expenses paid | in the meantime There will be money in \ the treasury, with this bill passed, for iquir dating the State debt. To continue this ex- orbitant taxation of the life companies is unjust and unreasonable. If the property was in the hands of a citizen instead of the | insurance corporations, it would not and \ oooOo6ONAs State to take the step for removing this un- ' just tax which it can only collect in court | of justice through quibble. --+ After further debate the previous question ' was ordered and the amendment by Mir. \ Barstow was adopted IF to "A.
 | MT. Spragues amendment, proposing g | graduated reduction to of 1 per cent, | making the tax BIO of 1 per cent. ir | 1883, and of one per cent. for 1884 and thereafter, was taken up and adopted, 96 tc | 62. The bill as amended was then passed.
 On motion of Mr. West, of Hartford, per mission was granted for the introduction ot
 a resolution authorizing the Phoenix Fire In
 surance company, of Hartford, to increase iti \ capital stock; referred to the Committee or ! Interpretations.
 At 1:2O p. m., the House took recess un
 til 4:30 p. m.
 The House resumed it's sitting at 4:3O, ant
 after disposing of the remaining bills on tn
 calendar, which were of minor importance ! adjourned until tomorrow morning at 10:3 | o'clock