The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-04-02

by every fair, hgh-minded man in the state.
For years II has been patent to the most casual
observer that the masses, the dear people, have
had just as much to say about these trihing
matters rs republican citizens OF Copiah and
Danville have as to their inalienabie right "
TO vote; no more. The "machine run 20
noiselessly, as one OF your recent correspond
ents says-has its biennial incubation, and as
regularly Hatch-es out, for the admiration Of
the voter, q ful-hedged brood OF patriotic as
pirants-and then, In due time, the several
conventions are called, to nominate, what has
already been decreed. You and are honored
with the appointment Of delegates. We go, a
hundred or more miles, sleep and eat tabiede-
hote, pay our bills. spend three days time, and
come back to our homes, rejecting upon our
great personal influence upon the members
OF the convention. True we were not honored
by an invitation to go up into the star cham
Der, but we half innocently supposed then, as
we fully did years agone, the selections were to
be made after zoe arrived, whereas In truth,
they were made during the waning hours of a
legislature dead two years agol New York has
her Tammanys and Kellys, Pennsylvania her
Camerons. and the South the shotgun, but for
unmitigated humbug, and still hunt" Yer
mont takes the cake" Nichols is the
man" said still, small voice." to me at the
Van Ness House in Burlington, q month ogo, and
just then ! saw vanishing from the room the
amiable, smiling face of the lost-baggdge agent,
who has 80 assiduously looked after the inter-
ests of the members Of our legislature for the
last quarter OF a century. Verify, said |, and
soliloquized over the Hudibrastic couplet:
1.-THE pleasure Is as great,
OF being cheated as TO cheat" TAcosTC.
NATIONAL BANK TAXES.
BRATTLEBoRo, March 81, 1884
Mr. Editor In reply to your favor touch
ing the proper value at which national bank
stock is to be listed, remind you that the only
authority there is for taxing 1t at all is a single
clause in the national banking act, which re-
quires that 1t shall be treated as other
moneyed capital in the hands of individuals"
For example: If real estate or personal property
is valued at one-half its true value no higher
rate can be put upon bank stock. In the case
OF the Merchants National Bank u.s. Treasurer
OF Lucas county, the United States court held
that real estate in that county having been
assessed at forty per cent of its value, bank
stock could be rated no higher. In the Albany
cases. it was shown by the record that the
bank had the twenty per cent reserve required
by the national bank act, and no discrimina-
ton appearing in favor Of other property, its
shares having been assessed at their par value,
the United States court held that they had been
| assessed at their full value. By our law, IL
| bank owns any real estate, that must be listed
separately, and deducted from the value of the
| stock. Following the precedent in the Albany
| cases, think the reserve required by the ma
| tional bank act must also be deducted. II a
bank shall have on the first of April any por.
ton of its surplus invested in government
bonds, such bonds must be treated as IL they
| were in the hands of individuals" II list
| ers allow merchants any margin on their stock
| OF goods, or farmers on their personal property,
banks can be treated no differently. Follow
ing the above rule any bank stock can be read
| lily reduced to its actual taxable value. Devia-
| ton from 1t will enable banks to escape their
| just share OF taxation. OF course you are
| aware that the United States supreme court
| has decided that bonds held for circulation do
not enable a bank to take any advantage of
| that fact to escape taxation. LEVI X. FULLER.
| THE LATE VERMONT ACCIDENT ASSOCIATION
| CAMPELLo, Mass, March %, 1884.
| Mr.. Edttor:-ln recent numbers of your
paper B F. Pickett, formerly an agent of the
above named-now defunct-concern, deals
| out some solid truths, while clothing them in
humorous garb, all of which is proper enough,
| though joking at funerals is looked upon as
| little out of order. The undersigned was also
an agent of this company and, is sorry to say
| put quite a number of confiding men into it.
| This was done in the best Of faith, and in full
| confidence that an organization whose course
| of action was under the direction OF such men
| as j. W. Hobart, j. B. Mead and DR.. George
Nichols, could safely be relied upon to deal
| honestly and squarely with all its patrons
| The result proves how great mistake was
made in trusting to the supervision of such re-
| liable men AS have PANIED. The fact is, they
| have neither supervised nor directed but have,
quite nnocently, allowed their names to be
USED 10 give preSttge 10 this SlClndttng scheme.
1t is as we'll to call things by their right names
and so will at once characterize the proceed
ngs of the late Vermont Accident Association
OF Rutland as largely tinctured with rascality-
pure and unmitigated. To my certain knowl-
| edge, member was assessed 81, and the same
was forwarded within forty-eight hours of the
mail that brought notice Of the suspension Of
business on a pretence so hmsy that all con-
| nected with the concern, officially, should be
ashamed of it. Instead Of the 50, admitting to
membership in the company with which bar
gain had been made, another so was demanded
for that purpose. Many members had paid
dues for a year ahead, or had them deducted
for that tme when a claim had been paid.
Without the unused portion of these dues being
returned to the one paying them, can it be
shown why the company should not be held
for actions not less odious than stealing? II
should be; and the directors in the interest Of
common honesty should clean up the record
of the company, and let it die without so many
mourners, who mourn because they have been
| swindled. d. T. AvERILL.