The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-28

nothlng as live asset. He considered
$io,oOO all 1t was worth. The bank was
Obliged to take mortgage on 1t.
Ia never pay the tax on that mill, Z"
said Mr. Lawrence.
why isn't that item on the other
sue w %lcn real estate, In your state
mentT' asked Mr.. Sprague.
It's as much an undivided profit as
anything else, said Mr.. Sprague. mo
one should pay double taxes, but your
statement shows 1t as q special asset.
your statement Is somewhat mislead-
ing, 1t represents $4,000 in money.
1T represents $4,000 of loss" said
Mr. Booth.
THE bank" said Mr.. Lawrence, has
been badly scorched on its new build
ing"
BANKS HAVE SUFFERED.
Mr.. Lawrence said that banks had
undoubtedly suffered somewhat from
an unjust basis of taxation and he was
In favor of less valuation than 80 per
cent In certain localities where banks
were manifestly overtaxed on real
estate
Mr.. Cooley said it was certain that
banks had suffered IN that respect, but
the bank officials were business men
who knew on what basis taxes had
y
and they understood exactly the effect
of their own statements.
L don't think we can discriminate
between localities without inValidating
our action, If banks in one city are
taxed for 90 per cent for their property
the same basis must be applied In all
places. We cannot make fish of one
and flesh Of another"
1T Is a pure business proposition"
COmTDiS
be better for the banks to charge off
their losses and not to attempt to make
1T appear by their annual statement
that they are more prosperous than
they really are. The burden of banks
are really excessive. There are banks
In this city that are suffering and need
relief. We should also act in a general
way. The banks are overtaxed. The
law says the capital and surplus shall
serve as basis Of valuation. 1t says
nothing about individual profits. The
attorney general sustained the banks
in this contention with the internal
revenue collector, and I believe the
United States law applies to the state"
MR.. SPRAGUE'S QUERY.
minneapolis has not made a COM
plant" said Mr. Sprague, but all the
st. Paul banks have come here in
LII w Iy HSy lHU0( W NNc|llA'S III
real estate-or something else besides
banking. If the city banks are relieved
the country banks should also be re-
lieved. If there ss'e too many banks
some should go out of business"
Mr.. Cooley moved that the board pro-
coed with the assessment of banks in
accordance with the boards original
motion, fixing the assessment at 80 per
cent of their valuation. Mr. Gordon
moved an amendment fixing the bank
assessments at 40 per cent. The amend
ment was defeated, and the board then
proceeded to a consideration of the
question. Mr.. Sprague called attention
to the private bank of Melrose, which
was assessed last year for $4,000; was
raised by the local board to $4,000;
raised again by this board to $4,000,
and only made return for $7,700. he
moved that the banks assessment be
increased s. per cent to $12700. The
board voted unanimously in the affir-
native.
CHANGES IN TWIN CITIES.
The board then proceeded with the
banks by counties and made many in
creases all along the line. The follow
ing changes were made in st. Paul and
Minnea DOIiS hank valuations: