The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-04-29
WANT UNIFORM TAX RETURNS.
CITY TAX ASSESSORS MAKE A RE-
QUEST ON THE BANKS.

The Matter Considered by the Sayan-
nah Clearing Association and n
Committee Appointed TO FOrmu-
late n PIan-Each Bank Made Its
Returns According 10 "A Different
Form and the Assessors Decided
Not to Accept the Returns In Their
Present shnpe--Bnnkers Agree
That 1t IL Fair That All should Be
Placed Upon the Same Basis.
A meeting of the Savannah Clearing AS
ISOLATION was held yesterday afternoon for
the purpose of considering the question of
a uniform method of making tax returns
by the banks
The meeting was the result of the ac-
ton of the board of tax assessors in call
ing attention to the lack of uniformity in
the returns for taxation of the several
banks, each bank making it's returns in a
different manner. For this reason the as
SCISSORS have not accepted the returns Of
any of the banks, but have held them I'M
der consideration.
Al the request of the board OF assessors
a conference was held at the mayors Of
fee last week between the heads of the
banks and the tax assessors and finance
committee of council, with the mayor. The
lack of uniformity in the returns of the
banks was fully discussed and as a result
the bank officials agreed TO lay the matter
before the clearing association with a
view TO devising a plan of making the re-
turns which should be conformed to by
all the banks.
At the meeting of the clearing associa-
ton yesterday a committee was appoint
ed consisting of President Denmark of the
Citizens Bank. President Blum of the Ger
mania Bank, President Myers Of the Ma
tional Bank of Savannah and Cashier w.
G, Cam of the Savannah Bank and Trust
Company. This committee is to confer
with the board of assessors and to devise
plan of making returns which will be
satisfactory both to the assessors and the
banks.
The tax return blanks used by the city
are not suitable for making returns from
the banks and the system heretofore in
vogue has been for the banks to return the
amount of their capital stock at face value
together with the surplus. From this
sum they deducted all non-taxable securi-
ties held by them, including United States
bonds and securities on military property
and also securities in which they have in
vested capital which are no longer valu-
able. The value of the real estate is also
deducted, this being taxed under another
head. The result of this system has been
that some of the largest banks returned
for taxation less than half the amount Of
their capital stock and surplus. The tax
assessors noted that some of the banks
with known large capital and surplus made
smaller returns than other banks known
to have smaller capital and surplus and
doing less business. 1t was this that led
them to call for uniformity in the making
of tax returns.
Unless some satisfactory system is de-
yised the tax assessors viii be compelled
to proceed under the law to assess the
banks at the market value of their capital
stock. This would result in a large in
crease in taxation upon some of the banks
and perhaps all of them. If this should
be done, however. the question of the hon-
taxation of government bonds would come
up. Government bonds are exempt from
taxation. One bank made a deduction
from its capital stock and surplus of SAL
600 of government bonds held by it. 1t
would be held by the banks that in tax
ing them at the market value of their cap
ital stock would be practically taxing their
government bonds. 1t is desired to avoid
this point If possible.
The bankers agree that a uniform system
of taxation tax returns is desirable. With
the present lack of system, they say, some
of the banks are either returning too much
or others are returning too little. 1t is
only just, they say, that all should be put
upon the same basis.