Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1899-02-28

TAXATION or LOAN ASSOCIATIONS.
Hon. James 5. Duncan, the well-known
and popular senator from San Miguel
county. il after corporations and build.
ing and loan associations, but, in order
to be considered fair by those who oppose
taxing these institutions, he has intro.
duced q substitute In the council which
seeks TO modify the bill previously pre-.
scented by him relative TO taxing build.
ing and loan associations. He thinks
that the members Of both houses should
stand by him in the matter Of providing
more funds for the territory and believes
that IL they do, 1t will be an easy matter
70 pay of the appropriations ordered
through new Legislation. lie insists that
all corporations and building and loan
associations shall contribute their mite
TO the public Golfers and thus pay the
moneys appropriated for the mainte-
OF the educational institutions.
Concerning these matters. and building
and loan associations in particular. MIR.
duncan said to the New Mexican repre-
sentative:
at seems peculiar that when q bill Is
introduced here which would tend to tax
the large corporations ana force them 10
pay a Just proportion OF the public bur-
den, a howl goes up that can be heard
from one end OF the territory to the
other. Ii is certain that the poor people
should not be expected TO pay all OF the
.n a,l ,t,aar..h M tho ,naaapraa a..
troduced here do not impose near so
much tax on the corporations ~ other
states and territories. | car see no reason
why New Mexico should not receive a fair
share of the Just license for permitting
these institutions 10 do business. II IL
simply q question OF providing money
for the maintenance OF the schools
through some such means, or else throt-
Ting such institutions. which are looked
on everywhere with credit 10 the terri
tory and an attraction 10 those who
would invest and make their homes
here. IL would look Infamous TO see
our splendid institutions closed and the
buildings which are "A credit TO any
place, going TO rack and ruin. On the
other hand, to provide means for main
tanning them, means that the territory
must 90 further into debt and ultimately
default on the interest OF It's bonds. II
the present system Is continued.
Concerning the bugabOo about loan
associations withdrawing from the terri
tory, | desire 10 give some figures. Four
teen national loan associations have
been operating in the territory during
the past ten years. Only one OF them
has complied with the Law in the matter.
The total leans made during ten years
OF operations by all these companies do
not exceed $40 200, however, the assO-
Citations represent an aggregate asset
Of $s.sSS,Si S6. They have lately been
taking out of the territory $4,000 per
year, which amount IL more than they
have loaned altogether In ten years.
As a rule, foreign companies only loan
10 encourage the purchase OF stock and
they take out $40 for every 81 that they
loan here. The six local associations
which are operating In the territory
have assets OF 100000. They are most
certainly entitled 20 protection. The
foreign associations have a great many
advantages over the local affairs. At
present they do not pay any tax and are
not licensed In any manner They
take out every three years In dues
on stock, IA much as Is invested
In the total number OF local as
sociations. This money all goes out,
without bringing In n cent OF revenue
10 the territory. Nearly every other
state and territory has supervisors Of
the building and loan business and this
Is the only place where the bars are
down entirely 10 let foreign companies
in. II local concerns were protected, II
would mean that more OF them could be
organized and the money that now goes
out to foreign concerns would be safely
and prOftablY inverted In the territory.
II Is now impossible TO organize in the
small town or place branches OF terri
t0rial associations In operation, because
the outsiders are getting all the business.
IL foreign associations were made 10 pay
a license OF 81 for each $1,000 assets, il
would bring the territory An annual
revenue OF 1900"