New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-28

Taxes paid qarns d. yen, 2es''sei 10 '2's' -
Deposits n, made s by order Of snsea2is 2s7aas. IS
ro soar' ~ ,or t dsnos,,s upon
which interest is allowed a., "a, ss- az
Amount OF bond, and .,sooa7 q.
cages purchased. ........ 33''''"@ -
LOAN ASSOCIATIONS.
.eThe number Of associations organized under
Chapter 1926 OF the Laws OF 1895. as amended py
Chapter 7Os also OF the Laws Of 1895, and Chapter
aOs OF the Laws OF 1896. for loaning money upon
pledge or mortgage OF personal property. mas risen
to fortyseven an increase OF eleven since The sta
authorizing these organizations coniets uPS S
event o Of their asscdmmans surplus amounting
20 per cent OF their capital condition wnlch ,ne
ted to occur as long as officers can be found who
willing to draw salaries: The showing IL com,
mended to the Legislature for such influence upon upon
It's action the facts may be thought to JUSTIFY,
which trust. will not be an extension o, tne ap-
plication OF the law to any additional couhtiee'
TAXATION OF SAVINGS BANKS
1.-THE report OF the State Board of Tax Commits
sioners transmitted recently to the Legislature,
though disavowing any dehnitive recommendation
on the subject implies approval OF the plan IN
force In Massachusetts Of imposing small uni
form tax directly upon the savings banks oased
upon tho average OF deposits held by them. me
report cites the rate of onehaf Of per cent levied
in that State and notes that 1t yields an annual
revenue OF more than million and quarter OF
dollars What 1t neglccts to say an 1nissI1 pd VI
vital consequence in any discussion OF me p,oo'e
is that the savings banks In MASSACHUSETTS, arc
permitted a much wider latitude OF lnvestmeh u,
than is open 10 tnose ~ " orHaNs not burden
come tbnrc would be severely oppressive here. II
any tax at all is to he put these institutions IN
New-Iork or upon their deppsrorH, d as sed would
proh. bv he inc most equitable and the least dis
turblng that could be devised. but protest EN-
phaticaly that notnihg VIVA, ehnoenorablc body An
ttma. tnnuleSge Of the affairs OF savings banks
and of the classes OF people composing most o,
nnxor, potheps simariy informed to the opinion
that under present conditions every proposition
sion is irreconcilable with the principle OF equal
justice or with that wisdom which seeks to con- con-
necessities of the governed. At least, not while
other personally commonly ESCAPES ssts hs taX I'M
munities conferred upon them should the savings
that not rnore than seventh Of the assessabe per-
snnsI nronertv held in the state is in evidence on
,inas 20 g. itei, 70 increase popular respect for
ensr. does II appeal TO the American dispo.
s.IiDm 10 ~ is there single element OF Justice
inherent in it anywhere in directing the first effort
attacbes 10 pcrsonaIty against those whose accu-
Ia but paS ,nvnRs By self
dnu,ai9 Wills ont az the abundance OF the rich so
niue IS ,aken, sn .h mite ri tbat is their nil?
Il pe'oe"'"ee u '''' - ..-,,,.
,, -, o,oooo NTH tho nerennial
sopnoc'es iache1 eNpe,'er 80 -. r,uIions
| untr,ith that the savings banks hold many HhohS
~ dollar, representing abandoned accounts or he
would not have written that "a lie never lives to
| be old" The misconception In question mas oevi'
often attacked and the rea iacts n,,a,
persistehty h'es ana 'hiea'e,'' - 49,
| s,,,,,oo, nhtch 7 have az command IS the report
,,. ', 49, - odooossor 20 tho Constitutional
submitted by my predecessor 10 'ne am 49, COW.
Convention in 1894, which shows that all the saw
ngs banks combined had at that date a little more
IMAM I'VE tnousai,u 20 witch there had not
been , additions by deposits or dninutions by with
SrewsI in period of twenty-five years. These
ud,mai s ~ q t2 sls az or about NTH
of per cent Of the savings banks liabilities Oyer
h ny psHS m' onIy tWentvtwo had more of them
man man twehsynnEe eao' f., SwYork and more than
neId oy si,sLe Jain III THE me report also
std n isso $3.50 900 had been called four
Gears proyins that at least so much OF the deposits
had not been err or n
sty dictated drafts upon them With reference 10 the
bulk of the eeaG E we III known 5aS be-
mon practice for persons to deposit with these IN
stl,ut1 h HAVING ed mil compeed TO use
the money or until the completion Of some remote
nhtId Ps horn Intending that il shall accumulate
the s6d of 3hsrs fhqs d e9G
dren. wastefIl wives or brutal husbands coax or
their Inv som en %bs hev Will have no
other resource against dependence upon charity.
to m D,e woman who had been unable to add any
thing to her account and yet had succeeded in liy
inr 3 ,vithnvt n for over twenty wears explained
when The bank officers hunted her out that she
FAR from having forgotten 1t. and had religously
abstained from touching II ONLY because II was
her burial norton-the assurance that at death she
| should not become a public charge
No bank could proht by deposits even dnos 1foy
a depositors heirs to lose the smallest fraction
that Is trlr que, lueeu, 1870 m 49, - ctive
~ N,,, uhtcb ~ ohov, ~ become Dormant
| The liability OF a bank to pay account never
ceases Neyertheiess denan9 arises rom ioile b 10
iaw now defines as dormant shall be published
| but also that the period required to give an ac-
count OF this designation and character shall De
materially shortened, and that the requirement OF
publication shall apply TO accounts which would ne
thus brought within the classification II Is even