The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1893-03-22
TAKING THE BANKS.

Excessive Assessments are Unjust to
Individual CitizenS-The Payment
of the Whole Tax by the Bank OF.
fcers at AbbevilIe Is Unjust TO the
Stockholders Who Live In Other
Communicated IL the Privilege
of the citizen to Pay Taxes at II Is
Home or Where He Holds PERSON.
al Property.
Elsewhere in the Press and Banner may be
found the returns Of the different banks In
this County. They will afford 1ntereBtin g
and instructive reading, while furnishing
some food for thought.
The assessments In this County are higher
than clsew here, and the banks i'll this County
banks Of any other County in the State.
Their net profits In surplus and undivided
profits are next TO nothing, and the dividends
nave been exceedingly small; ,o ~.,o,,
Take, for instance, The AbbeVllle Natlonal
Bank, which is The oldest bank in the County,
and has larger paid up capital than any
other bank. For the first two years Ol lts eH-
istence the capital stock was S5O.OuO. During
that period no dividends were paid, and al
that time the ruling price OF fnoney was ten per
cent. Ten per cent. on S5O.OCO ior Two years
would create a surplus Of SlU.OVO. Since tnen
the capital stock was Increased 10 sIoooo.
This amount together with the surplus and
undivided profits make S9i.OOO. That sum has
been discounted at say leu per cent, tne
time yet to run being anywhere from three 10
Twelve months. II an average was struck al
six months, the bank at this moment owes
its debtors five per cent, or S.7U, OF this
amount in unearned Interest which would
have TO be refunded II the bank SHOULD choose
10 close up It's business to-day.
The SlU0OO Interest for the first Two years,
together with the $4.7UO presumed 10 be due on
noies discounted lacks very little of amount
Ing To as much as the entire surplus anu un-
The hank mas been conservative and care
full. Under the Presidency OF MIR: j. Allen
Smith the bank has not lost dollar o1 lts
money. Yet with all his care and good man
agement that Institution has not paid In any
year over six per cent dividend.
The Farmers Bank has been exceedingly ac'
com mmodating, especially " the farmers VINO
borrowed money at low rates oi ln,eIess, ~. ,sS,
years. Since then 1t has paid only SIX per
cent. and today 1t has but little more surplus
than would Ge required To settle Win lts oeol-
ors II they were To close business ana renoer
An accounting.
This is still further proof that the bankers
at Abbeville have not been eXtortioners, oui
have been really the most conservative ana
most obliglng bankers In the State, and yel
we believe 1t is true, despite the fact OF their
liberality and fairness In dealing VIII their
customers, that all of the banks IN Aboevllle
County are assessed at a higher rate than any
other banks in the state:
The Lowndesvflle Bauk has, as yet, declared
notdividend. Its nominal surplus Is $500, but
II ibattemped q complete settlement with its
borrowers large per cent. OF thls sou wouio
earned interest, which nobody seems 70 re-
gard. ,,
ey. but We presume IL was IN lhe way Oh COL,
com plant has ever been made OF Is excellent
MANAGEMENT.
The City Bank shows that 1t has been rea-
WSist I'll these facts md fpures confronting
us, and with the knowledge that other oanks
In the State outside OF AbDeville County are
returning their STOCK at from tn 10 ~ per cen I.
OF its value, 1t is true that the unearned sur
lus of our banks is returned in Abbeville
County. Accordingto our understanding ol
the Law the tax payer In returning nls creulls
is allowed 10 discount bis own debts. II the1
the banks are allowed the same rights ana
inmunities that are guaranteed 10 the private
citizen, these corporations should have credll
for ut least five per cent. OF their notes ana
discounts. -,
yiduaI owners or stock by allowing the Pres
ident OF the Farmers Bank to pay the taxes.
and in u similar course wrong ~ done 10
many Of the stockholders OF all the other
banks. ~
Why should a citizen of Charleston, Green.
wood, Cokesbury or Due West oe sup1eci
TO the local taxation at Abbeville? The local
roads, and current expenses is more than one
per cent According 10 our notion of justice
and equity the shares should be charged to
Ihe individual owners, and the locality IN
which the owner lives should receive the ben
eft.
The taxes on shares owned in the country
would be not halt as much as when
returned and paid by the bank. The plac.
ing of the whole bank tax into the town
treasury is an Injustice not only 10 the dis
tant owners Of stock, but 10 the diferentloc
tiles as well.
Why should citizen of Greenwood allow
the bank to pay school tax at AbbeVllle
when the school fund In that town may need
the money?
It may be legal to make such requirement
OF the citizens OF Greenwood, but, we do not
believe IL Is, and we know 1t Is unjust TO make
the demacd.