The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1888-11-21

We ask the attention Of our respected con-
the Columbia Register, to the fig
ures as furnished by Auditor Jones in REFER
ence to the Banks.
Is there any justice in the present method
or system OF returning the same property for
taxation? There may be difference in the
value of mules or land in different counties,
but surplus silver dollars have exactly the
same value in every part of the State.
Can the Comptroller.Gen tell us why
the banks in Charleston. Greenville and An
derson do not pay more than about half as
much taxes as do the banks at Rock Hill and
Abbeville?
1T Is admitted that tho railroad corporations
are paying taxes on property valued at ten
million dollars less than Its market value.
It will be seen from the above statement,
with the addition Of the Union and Winns-
boro National Banks, that the capital stock
(paId in) of the National Banks of South Car
ollna amounts to...."......... O9o ,OUO
The surplus fund and undivided
profits amounts sto.................-.. ,io' ,9Ol
The assessment of the National
Banks for taxation, including real es-
tate, (the Union Bank included, the
Winnsboro Bank estimated,) amounts
1t is plainly seen that the National Banks
of South Carolina have simply returned for
taxation, in round numbers, their capital
stock Add to the untaxed surplus of the Ma
tional Banks the surplus of the other than
National Banks OF the State, then add the ten
million dollars which the railroad corpora
tions are escaping taxation on, and we have
an amount Of taxable property escaping taxa
ton which, if required to pay its just proper
tion of the taxes necessary to defray the ex-
penses of the government, would lessen con-
siderably the taxes Of each individual tax
payer This certainly should be done, and
we call upon our Legislators to see that 1t is
done.
Is it any wonder that we have trusts and
combinations? Is 1t any wonder that our
people are dissatisfied? The question natu-
rally arises, Are the capitalist, the banking
corporations and the railroad corporations
dominating the State?
There Is food for thought in the fact that
here are banks and railroad corporations
dodging thousands of dollars of just taxation
right at the doors Of the leading newspapers
of the State, yet they arc as silent as an Egyp-
tion mummy.
Is 1t the law7 We think the law is so plain
that the humblest citizen can understand 1t.
The Constitution, Article !, Section SO, says
"Ar property subject to taxation shall be
taxed in proportion to It's value"
Article 2, Section SO, provides:
"All taxes upon property, real or property,
shall be laid upon the actual value Of the
property taxed" &c.
The Revised Statutes of South Carolina
says:
"SEc l9S. All shares Of the stockholders In
any bank or banking association, located In
this State, whether now or hereafter incorpo-
rated or organized under the laws OF this State
true value In money, and taxed in the city.
ward, town, or incorporated village where
such bank is located, and not elsewhere
ey," as used In line three of this Section, shall
be so construed as to mean and include all
surplus or extra moneys, capital, and every
species of personal property OF value owned
or in the possession Of any such bank"
Digest of the National Banking law, says:
"a State can not tax the capital stock Of q
National Bank, as such. The tax must be as.
sessed upon the shares Of the different stock
holders. COLLINS " Chicago, Bissy 4722
"The entire interests of the shareholders
may be taxed without any deduction for that
portion of the capital which is invested in
United States securities. Ivan Auen v. The
Assessors, 8 Wall, 573)
"The surplus fund Of a national banking as;
ISOLATION Is not excluded in the valuation o1
its shares for taxation: (&rG6ord National
Bank v. Dorer, SO ". H., 3l6.)
"In estimating the value Of the shares for
the purpose of taxation reference may be had
to ali the property and values Of the bank,
iSntnt Louis National Bank v. Paptn, D. s. c. c.
(Eighth Circuit, 8 Cent. L. j., 669.)
Under the Statute of South Carolina, shares
in national banking associations should be
taxed at their true value in money.
Our laws are sufficient Have the guardians
OF the people done their duty9 Let the Comp
troller-General explain. Let the County Aud
itors explain. Let the Legislature probe this
matter to the bottom. and let the responsible
ity rest where 1t belongs.