The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-06-04

Elliior Press and Tanner:
1t doubtless will be remembered by a maj Or
ity, if not by all of your readers, that some
two years ago the writer Of this was instru-
mental in bringing to the attention OF the
public generally, a:Iu tn The Comptroller Gen
eral specially, the fact that very few II any or
the National Banks in the State were paying
taxes on anything more than their original
capital, notwithstanding the fact that from
the sworn statements or their o!llsi:ils, The
surplus ruud and undivided profits OF many
ul these banks amounted To more than dou-
bic that Of such capital stock.
Il will likewise bc rcmcmb"rcd that acting
upon the Information thus obtained, the
Comptroller General promptly called upon
the Attorney General for an opinion as to
whcthcror not these bank surpluScS were tax
able, and that the Attorney General gave 1t as
his opinion that they were.
Another fact will doubtless he rcca He'd. ana
that is, that the Comptroller General, acting
upon this opinion, issued Il circular TO the
several County Auditors OF the counties
wherein were located any OF said Banks, re-
uuring and directing them to place upon the
TAX books the surplus aS wcil aS the capital
stock ni all Banks lUcatCI IN their respective
counties.
These are all facts well known TO The public
aS they were all published at the time in the
Press ana Banner, as well aS in various other
papers in the State-that is, the letter OF the
Comptroller General submitting the question
to the Attorney General, The opinion ol that
officer and the aforesaid circular ot The Comp
lrnl!er General 10 the several County Audi
tors.
While such is the casc-while the public arc
well aware of these fIctS-thcrc are still other
facts connected with this matter, and which
are OF infinitely greater importance to the
people generally, but of which thcy are Kept
in hIiSslul ignorance. dhu khn is, HiGt IL not q
single imxinncc Sarc in tie case of The -lbberatc
.NntiDHiH BGHh ana perhaps one on ftro others of
me ND,uiicr i;a,IhS, 7cds there Hi% least qHch!i0n
T,nd 10 Mc opinion Of Mc attorney Genc,"t Or
10 Mc circUinr Of he ConiptrOLtcr Gene'd Gy Mc
BttnkS, or by the County -I"ators, ohose d'tfy II
,cos 10 attend 10 The nlattcr.
Not only were they not governed at that
time by the Instructions Of the Comptroller
General. rs contained in his circular, based
upun the opinion of the Attorney General,
which was strictly in accordance with Section
l9S u! Tn" Revised Statutes. which rc;oiS as !0I-
lows: "A,l shares Of Tie Stockholders IN any
'bank or banking association located In ihis
estate, &c, shall be listed al their true value
''In money. Ec. Proridc'i, That the words
"'IrlIG value III money Shall be so construed
..;,S To mean and include i'll surplus or c2trn
"moncyS, capital, ana every species of person.
''al property of value owned and IN The pos
'.sosSion of any such bank bat they have
persisted in ignoring the same ever since. and
Today the assets OF many of these banks ar"
not Being taxed Mt onc-halt their market
value.
For the Information of the pa5licat large
and for tho special Information Oh Attorney
General l:IrIc, who, in his speech ut Andcr-
son the other day, SwOrc by ''all The powers
hat he" that if single instance OF failure
to comply with the requirements OF ihe law
OH the part OF any official wr!c brought TO his
attention he would prosecute the offender 10
the bitter end. beg TO submit the following
circular letter, a copy of which was sent to the
several County Auditors of the counties In
which are located banking institutions, to-.
gc;her with the replies thereto, which latter
have condensed IN IL tabu!ated form:
ABHEvILLE. >. c., April -, 1890.
DEAR SIi-Will YOU kindly furnish me a
statement Of the returns made by ihc various
banks in your county, viz: capital stock, sur.
puS and real estate also the valuations as as
s,.SsCd for taxation. An carly reply Will be
self but to the people Of the State, to whom
the subject OF taxation and equalization has
become one Of deep interest. Respectfully,
\. W. JONES.