New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-02
sha nay ner cent on all that is saved above ordI-


shall pay per cent on all that Is saved above ordl
Again if the premiums prove larger than the eex-
penses and something extra Is returned 10 tl'
policy-holders then this, too, is taxed per ceni
And this Is the that Is supposed 10 HtIP .ie
P rich, widows anu the '''''1''a - "' w.,
ceved. was the nursery for falsehood, Ana ne
more we study it the more we are convinced OF rs
effect the collections year by year grew less though
the wealth of the country was increasing rapidly
PLAINLY did this show the growing falsehood Of the
community: plainly did 1t show how the tax was IN
9 rand on eh the 0 SonE ERS 81 reven@e
Mr.. Lewiss speech was listened to with much
attention and interest
SPEAKING FOR THE SAVINGS BANKS.
lie was followed by John p. Townsend, who
represented the interests Of the savings banks.
Mr.. Townsend said in substance:
Let me give you bald statement made by ad-
yocaes OF the income tax: Savings BANKS are
an income ax S the Tned States Governmen
Their assets in the State OF New oTk amount 10
net profits over operating expenses they would be
obliged 10 pay about $4,000 annually; si'ua sn,
banks in this State and what class Of peopie
Will be called upon to pay this large sum u ule
States are altogether a modern inVGntlon 'ne irS'
one having been incorporated In Boston IN 1910,
by benevolent men. who, un;il their bank has ac-
cumuated a sufficient fund, either perform the
thcr own pockets the expenses Of clerk Sire Sta
tionery. office rent, etc. They are forbidden by
in deposits in the bank which they are trustee
and are not allowed to borrow any OF its funds
They do a work OF benevoence In the interests oi
depostors-men women and children-from whom
they receive small sums say OF 81 and upward
curltes. which carefully defined In the General
Savings Bank law Any derehci'oa o. 3r, dI'y ,t or
laws of the State subjects them to the seVrr-st
penaes es TnTy pay ,J 5ng mana S, 10 opso
reservng reasonable amount, which they ar"
q dssS on to a: s No ap
is likewise invested and earns dividends for the
benefit OF deposliors.
THE DEPOSIT Is LIMITED
The amount which any person may have on de-
post in any single bank drawing interest IS linn
tied TO 5000 including accumulated dividends.
Any amount in excess OF that sum. which may be
caused by accommodations draws no interest. and
few accounts reach the MAXIMUM mum sum In me 10
January J. nearly l6,lVJ open accounts. TcIIcs NJ
State and the aggregate deposits were s5l7.rp
900 the average Of each deposit being go 80 PROV
ing that these institutions are essentially NE paca
of deposit Of the working classes or plaia people.
The proposed law exempts The Individual man
or woman-if his income is a." per year or 'SSs
so that he may be worth and have a capital ~
10000 invested which produces EivY income iF.
tribute But II he has a deposit In savings bank
ne VIII nc rfqGlre 10 pay c5ugi nav b. Tni
seems very much Ike class legislation OF peculiar
kind
PROMOTERS OF ECONOMY AND INDUSTRY.
In this city we have real estate OF the assessed
value Of about $3.50 5000 our savings banks hold
mortgages OF nearly $4,000 on 100000 of this
property. including the tenement-bousos IN when
the depostors and their families reside; ne shops
places of amusement which they occasionally IRE
quent. the churches In which they worship. the
buildings. warehouses. all pay tribute To them and
are built in part with their money.
one Is very careful not 10 wan'ony destroy MS
own property. to ncellessiy impair rs van' o. 70
h hv Tef,snF 70 10 ,a H. ,s With he rroyer or 10
work openly against them. 1t IS pro3lhly no D1l -
trarnps have savings bank counts. but then we go
not rank them among our best cltZent. ana W.
OF small individual capital than to be c.as-ed
Savings banks in the Eas, have been for seventy
hve years educating thg plain people IN haphs oi
thrift and economy. Trustees have administer"
approval Of all classes; State Legislatures have by
d se a%s exemPeSd Ssm % tax HrS@ 5 55
resulted in making good eiizens sn5 r'aHcns '
providing FOR criminals and paupers
OPEN ACCOUNTS ~ THIS CITY
The savings banks Of this city alone had on the
first day OF January last. nearly S0s.C0 open ac-
counts in number equalling about Onchalf the entire
population Of the city The deposits were $3i72.-
600; but the average deposit - each account wos
only s4li. little more than the average for the
posi-, In all the banks. there are many which this
bill Will tax which much smaller. Take or
ample, one institution. the largest In deposits and
assets OF any IN America or Europe. The Bowery
Savings Bank. OF which have been a trustee flr
thirty years. which may be considered fair sam
pie for the comparison We have loc 1853 open ac-
than 25.co) under $50: or. say $500 open ac-
counts in the Bowery Savings Bank, which have
less than 500 each TO their credit These deposits
represent the total amount 81 me capital anI are
bear in mind that speak Of cap!tal-tOtal posses
sOns. not income-an1 It Is proposed that . per
income Of these l!ttle capitalists. who have toc1
and denied themselves for years that they might
have nest egg 10 keep the wolf from the door in
times Ike the present when work - scarce aad
they or their children are hungry.
1t does not seem possible that statesmen In Con-
gress have realizing sense Of the effect OF the bll
now before them. or what class OF our people q
would Cypress. II they enact the law against which
we are met here 10 protest
EFFECT on a DEPOsTTOR.
Just 10 show the effect on one deposItor when she
heard Of the proposed tax. Jet me relate lite in
cdent: one OF depostors said to me the other
day: II beg your pardon. sir but do they ixTaxt 10
tax my deposit in the Bowery Bank replied
Yes. tina, Is the proposed law" "Oh. my" she
replied what shame! Herr. hXe. been Swim.
al these years. and deprivin' mysf Of lots o
things | wanted. while other girls have spint their
and now they want 70 tax me for savn', Is it'
Well I've mind 10 stop savn' and spnd me own
money rather than those felers shOu1 get It. or
mebbe Ia best draw out me money, ana thin they
Much might be said against the principle Of levy
ing income tax-its inqusitorial nature. rs
taxing the few FOR the benefit Of the many It's ten
dency 10 discourage business foresight encourage