New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-27
Real Gsinte.

Our remarks on the subject of taxing deposi-
tors per cent on the amount OF their depos''S
in savings banks have created much interest
and our agitation for the repeal OF THIS Unjust
tax on depositors has prepared the puphc hii"'
for the abolition Of all personal taxation III 'hs
State Heretofore this tax on savings bank de'
posts has been collected In almost all cases
from the estate Of a depositor at his DEATH the
assessor getting the amount from the reports
to the Surrogates Court. The present low rate
of interest. three and four per cent. paid by the
banks to depositors. Is not because OF this taX'
for the bank arrangements have not had TO pay
dollar of It, wherever the tax has been col
lected II has been from the individual deposltor
and not from the bank, and If the tax ever be
repealed it will not aid the banks In the least to
pay larger amount Of interest on deposits than
they pay, but it will be a great help to the
depositOrs themselves against all Of whom II Is
proposed vigorously enforce assessment
and collection Whether the law can be re-
pealed or not is very uncertain. and II may take
many long years agitation before this first step
in the programme of Henry George is success
full.
1t must be remembered in this connection that
investments in the CasS Realty Corporation pay
six per cent dividends to investors. net. free OF
all tax; the tax is paid by the Corporation ana
charged to operating expenses. after which the
for organized labor through its regular con
stituted officers to request the leaders or Ire
different political organizations of the city ana
State to submit 10 the various political conVen-
tons. and have adopted, If possible. in the plat
forms Of such parties. "A recommendation iOr
the adjustment Of all personal taxes and the
substitution therefor Of the Henry George single
tax 1t will be the writer's pleasure to explain
in a future adv ertisement how this single tax
will be OF benefit To the shareholders or the
Cass Realty Corporation. and not as some VIII
suppose disadvantage TO II. Some OF the most
influential of single takers are large sharehol1-
ers In this Company. and this fact we esteem an
important Endorsement Of our plans, for these
gentlemen very close students of real estate
investments and number in their ranks many
Of the abes. and wealthest business men in the
city, including many heavy real estate owners.
The writer OF these advertisements fears he
Will not have the pleasure OF discussing the
Usefulness Of the Savings Bank system in
the public halls of the City OF New-Iork with
any one. all. Of the l2S savings bank presi-
dents Of the state OF New York. His challenge
Is a standing one. however. and should be ac-
cepted in the interest of public education on
vital economic matter.
Under the laws of the state OF New York
savings banks are charities. and following the
precedent OF the parliamentary law OF 1911 in
England which transferred all savings instltu-
lions to the Department OF Pauper Administra-
ton. the first savings bank established IN the
State OF New York was chartered under the
same auspices as the Asylum for the Reforma-
ton Of Juvenile Delinquents. and opened for
business in a room In the old almshouse in
Chambers street. The laws Of this State have
never been changed in this respect. and under
these laws the managers Of a savings bank are
legally deemed benevolent" and "phian-
thropic' gentlemen, and the recipients OF their
"benevolcnce' and "philanthropy," the deposi-
tors. are unjustly and UNANIMOUSLY legally cassed
as semi paupers. This outrageous defect In the
savings bank law should not be permitted to
stand any longer. as this large body Of men and
women, numbering over one million five hun
dred thousand people in the State of Newly ork
are the very bone and sinew Of the common
wealth combining IN themselves those civic vir-
tues which make people powerful at home and
respected abroad The reason savings bank
managers have desired to continue this stigma
on the lives Of their depositors Is because, II the
law considers them 'philanthropsts. theoreti-
cay giving their services without pay and
their depositors paupers. who receive these
services as aims for which they pay nothing,
the phanthropic managers evade legal liability
TO the depOsitors for any misuse OF these de-
positors money in the banks. With n slight
paraphrasa the oft-quoted words ecur: Sweet
are the uses Of benevolence.
1t Is by this ripping up, one AFTER another, OF
these great social injusices such as the savings
bank system nov touched upon and which nave
been handed down 10 the present generation
like the Kingdoms and monarchies and the no.