Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1882-10-27

the state does not do, and that in this
this respect n distinction was made against
tho company. Mr.. Dwight was Intercepted
by tho chairman, Colonel Hooker, by mem
bers Of the committee, and at considerable
length by OK Senator Fuller Of Brattleboro,
who has given much attention TO the subject
OF taxation. Mr.. Fuller was disposed to con-
slider the express company as corporation,
il having all the machinery Of a corporation,
issuing stock, etc, but doing business as n
copartnarship because IL was for their pc
cuniary interest to exist under this form. The
company has capital to the extent Of some
twelve million dollars, only small portion of
which is taxable property, the balance exist
ing IN good will and franchises. This COM
pany's tax, under the law of 1880 taxing gross
receipts two per cent is 500 per annum and
it did not appear considering the money the
company took from the state and the use and
protection Of the state machinery OF courts
and laws, the protection Of which the COM
pany has enjoyed, that the tax was excessive.
An Interested listener to the proceedings be-
fore the committee was Major Vim Of Mass
achusetts, gentleman who has made taxa
ton of corporations a special study.
On Wednesday morning A. p. Childs brief
ly addressed the committee against the policy
OF taxing foreign insurance companies. He
contended that by taxing such companies
there would result double taxation, inasmuch
as the property Of these companies was taxed
in the several places in which II was situated
and another tax on it would result as above
stated He also claimed it was impossible by
the rules of taxation to tax insurance compa-
MICS on their assets, as they owed it all, and
no man or company should be taxed on what
was owed, either in fact or dependent on a
! contingency.
After the close Of Mr.. Childs'sremarksC H.
| Pitkin, attorney for the National Life insur-
ance company Of Montpelier, made careful
argument showing why that company should
! not be taxed. This company was in effect,
d charitable institution and should no more
! be taxed than should church or school.
Hon. II. II. Bingham, president Of the Yer
mont Mutual Fire Insurance company, came
| before the committee and claimed they should
not be taxed because the company had no
| money, received no profits and the general
idea was no way to tax this company
Warren Gibbs appeared for the Vermont
Life and said the statement of Mr.. Pitkin rel.
alive to the National Life was applicable IA
the Vermont Life and he had nothing tC
add.
Major Vim gave a statement of what was
collected in 1881 in Massachusetts,, from
Home, Fire aud Marine Insurance companies,
5lis, $50 on Life Insurance companies OF
reserve, S95, OOG from foreign fire insurance
companies Sl24, $40; from licenses on for
esgn companies, Sl9.3 from one per cen
On assurances Of $1,000, l490s.
NJ. J. Francisco OF Rutland claimed that al
foreign fire insurance companies have los
money in the past fifteen years in the state, Of
in other words have paid out more in losse
than they have received FROM premiums, anC
many have withdrawn because they could no
get money enough to pay the losses.
Tho l4arpn pnpfinun1 WaHnag1o,
forenoon, when the subject of taxing saving
banks was considered, Hon. L. l.. Water
man of Jamaica appearing in the interest o
the savings banks in this locality. Hon. w
G. Shaw Of Burlington was also before tn
committee.