The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-12
OFTHE STATE


1897, the option of the State on the redenp-
loan funding bonds, $4,000. viii become
enforceable, as viii also June ~, ls9s, the
option on the 3 per o cent i school fund re-
The following bonds viii BECOME due dur
Ing the present year, and Will nave 70 be
provided for:
porary loan bonds, 1885, pay
ment sfV''ooo-Vo
8 porary funding bonds, 1SSo..... 5S3,UO.V0
May i, 1895, 32 per cent. new
Statehouse bonds, 1ss5........... 5O0.0e0.0o
Making a total falling due the
present fiscal year of...........I.4So,0W.o0
Or less the $500, 900 due March
l. which VIII be paid, leaving. sI.0S5.0 10000
l would recommend that you provide for
the refunding of this debt, and that 1t be
for the extension of the option to a longer
period than now permitted. believing that
a lower rate of interest may be secured.
This extension of time can well be granted.
for the amounts upon which options are en-
forceable, and the debt maturing In 1896,
than can be be cared for without unduly in
creasing the sinking fund levy for several
years to come.
THE TAX LAW-BUILDING AND LOAN.
Time and experience have approved the
wisdom of the tax law of 1891 1t met with
active opposition from a large and in1u-
entail class of our citizens and taxpayers,
dhd NdQSCo SApCAolS h-iSdtiOAL ~ NilC
State. But in all the courts it's validity has
been sustained from the lower courts to
the Supreme Court of the United States.
The application of this law was the
means of adding considerably and justly
to the taxables of the State. Property not
heretofore properly assessed, or not assessed
at all, was placed upon the tax duplicates,
adding millions in value to assist in bear
ing the burden of tax, and relieving the
taxpayer who had been more fully as
sessed upon his property.
By means of this law annual deficits in
the State treasury have ceased, the State
debt is being extinguished and a lower levy
for State purposes is made possible. In
deed, there is reason to believe that a re-
duction in the levy could be made i'm all
the counties. unless for the most extraor-
binary local necessities.
While the law has been sustained by the
courts and indorsed by the people, yet there
strengthened or at least its provisions more
clearly defined.
In the matter of building and loan asso-
Citations. the law should more clearly state
what part of the funds of these associa-
lions should be exempt from. and what part
rendered for taxation. The Inspiration
originally bringing into life these assoca-
lions was worthy and just. To provide
weekly or monthly instaiiments, and to pro-
vide means. for securing or building homes
was the original intent.
But they have outgrown this feature to
an alarming extent, and have assumed the
functions of banking, in some instances,
Ou quite all eNiGilSlNe scale. IL mas become
so that capital seeks Investment in these
associations. and through paid up shares,
or certificates, draw their. interest semi
annually. Large sums of money thus eyade
taxation. / believe the bona-f1de subscrip-
t1ons of stock, to be paid for in weekly in
should not be taxed. But there is
no just reason why all other interest or
proft-sharing paid-up shares or certificates,
should not be taxed, as is money loaned by
the individual bank.
There has been too great inequality in
the assessment of banks of similar charac-
ter and hike value by local boards. Bank
stock of equal value should be assessed in
one section of the State as assessed in an
other. There can be, and should be. more
uniformity in the assessments of this class
of property.
The Fifty-third national Congress enacted
a law giving to the States the right to as
SeSS, for taxable purposes, the national
currency commonly known as greenbacks.
Through opportunities afforded heretofore
by law. exempting this money from taxation,
millions of dollars annually have both hon
estly and dishonesty evaded their lust
share of the burdens of tax.
It is YOUR duty to avail yourself of the
right thus granted to enact a law for the
assessment and taxation of this class OF
prorerty. l believe it will add to the taX
duplicates of the State not less than fiji
teen millions of dollars that has hereto
fore honestly avoided taxation, but as many
millions more has heretofore been evaded
under false claims.