Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1892-08-24


Gilman wnntlnnd IN the chair. The
,ncp,b,rs I'm attendance were: Boards
Low. Lawson, Hardy, Evaus, Rich,
Horn. simondi, Looibourow and
Hciss.
SAVINGS BANK PROTEST.
Zion,s Savings Bank and Trust com
many assessed ns follows: Real estoto,
sas 900; improvements, $4,000; per
sonal property, s2o2,OOo; city tax,
$1,000; school tax, $500; total tax, $500,
flied the following protect:
To the Board OF Equalization;
Gon,lemen-Tho petition Of Zlon's |
Savings Bank and Trust company, cor
poration. respectfully shows;
That said corporation, your petitioners,
has bcon assessed with real estate to tho
amount Of S3s, 200, and the improvements
thereon at $4,000, and personal property
Toe Ia value Of S292,O0O.
That under tho provisions N division
10 of section ZOO, Compiled Laws Of
isp2. OF Utah Territory, mortgages and
trust deeds on real or personal property,
md tho debts secured thereby, are ox-
ompt from taxation, whenever such prop
erty held ~ security Is taxable.
That all us The capital and surplus Of
Your petitioner, except that invested In
real estate and Improvements above mon
toned and tho cnsh on hand nv hCroin-
nitor stated, Is all loaned and secured on
real estate, mortgages aud doods OF trust.
That the real estate upon which tho
same IN loaned istnNnhlc.
That your petitioner had on hand on
tho frat Monday In March, lsy2, only the
sum Of 100000 In cash.
H.. q "a
It's taxes bO reduced 80 as not To include
any personal property, except tho said
euin OF $4,000.
GFoRaE NJ. CANNON,
Cashier Of Xion's Savings Bank and Trust
Company.
Cashier Cannon and his attorney,
MT. Barlow Ferguson appeared per-
aOnally la behalf Of the bank. Mr.Can-
non SAID that lac did not make return
on the blank furnished by the assessor.
He made his return 10 tho assessor per-
Honally when he called, and then OK
pressed his willingness 10 be sworn
TO u.
Attorney Ferguson sAid that the OBJ
lection OF this hank was sOmew bat diff
iurent from the others. Tho bank, he
said, wAH not required to make return
OF the property not taxable, and money
loaned on real estate was not taxable.
He thought It would he well for the
board 10 consider this complaint and
save 10 both the city aud bank the e..
pense Of litigation.
The complaint was referred to the
city attorney for an opinion ut this
evenings session of the board.
CITY AIroRNEY's OPINION.
Tho following opinion from the city
attorney was read;
Mr.. Leonard, Assessor and Collector;
Dear sir.-You handed mo yesterday
the petition ola number OF the banks aud
bankers filed with tho city Council sit
ting asn beard Oi equalization, whorcin
they claim they hayo boon Disseminated
ugainat ia the assessment ior tho year
lsI. Thuy say "lho property of aud the
shares iu said hanks have been assessed
highor than money and other capital In
the hands ct individuals and other cor
pumti1ns."
Tho mtontiou Of the law Ia that nil
capital and property should be assessed
equally. Tho statute provides That
money shall DO assessed ps money; that
s., tho actual amount OF dollars The tax
payer may have, Tho above proposition
depends entirely upon tho mcts. The
national BANKS, ne also tholr stockholders,
are especially protect cd against any such
discrimination hy section 1901, revised
statutes OF the Uul,ul States. Tho facts
should an le laid before the board OF
equalization, and ifit bo found they arc
us,cssoi g- claimed, 1t should boo correct
odund cqunlizod.
Tam Informed tho national hnni.s claim
a further exemption under the nmynt-
mont tl section 1000, laws lsss, by the
law OF lSl2, pHpo "a, which adds 10 said
section 4OU9 subdivision ~, in which
mortgage, aud trust d,ois AFRO exempt
nom taxation,
The law ~ Congress expressly iorbids
national bank. from luanlug money ON
ionl estate security aud I do not believe
ihcy cuu avail themselves ~ tho law n
lsJ- by violating the law ~ Congress- aud
thus avoid tho Payment ola just in. u
lam correct iu tHi, they are not entitled
o. aIcductiuu for ur nr oN'mplion 'ug
paving taxes uu any capital loaned upon
Ienl estate security. rno banks cannot
tuko this advantage %! tholr own wrong,
! again repeat tim; las laws ana ns-
80 smcnts should act equally on persons
aud property, and thai determinations
should not be made IN any nltse.
Section g0ll, compiled laws 1855, pro-
vdes thaG "iho property, rell and por.
Nonal. Of corporations shall boz assessed
and ne tax collected 10 the extent ~ such
prorruy was owned ly Individuals
Section I Of tho lava Of 1890, which
amends section 2023 ~ tho revenue law
~ 1855 provides among othOr things thai
blanks shall be furnished by tho propoi
officer 10 each taxpayer who shall III
the same mp wiihH statement Of all hi
taxable property aud return II to the OIL
Ger, The Oihcer shull leave tins hlnnl
NJ tho residence or place OF business o.
tho taxpayer, which shall loo ullcd on
aud returned To HE officer within twenty
days fJom dato Of service, and any per
ron, CORPORATION, iirm or association whi
has Leon Furnished with blank, VIII,
ncgleGs or refuses to IOlurn the aamu
properly filled In with list Of taxable
property ~ such person, corporation
hrm or association MS provided Ia sgi,
section, tho Oilcer must mako nn esii
mate OF the value OF tho proporr OF sucl
person, corporation firm or association
~ provided In said section, and tn
valuation so fixed must not ho reduce,
h' the board OF equalization, hut may b
Increased.
lake 1t this section applies To all IA
pcuaoning banks, whether private o
national.
II among the petitioners amy " then
nave hilod 20 make any such return o
required hy tho section above referred 4,
aud tho assessor madc tho assessment u
IN sud section -pocAcd, l do not thin
amy reduction usu ho made or that sue
are entitled 10 relief,
As TO tho school question, 1 do not fin
my law oNvmpung properly bolongu
y pflNNo schools from taxation, m
Jaw covering exemption from taxation
80 Ihr ~ have been alto 10 lind, Is cor
lhlhti 10 section .00D, first volume Con