New-York tribune., 1899-07-16
REFORM URGED.
NEw-YoRK BANKERS ASK CONGRESS
TO ACT.
CHANGES IN STATE TAX LAWS RECON-
MENDED-oFFICERs ELECTED-CLosE
OF THE CONVENTION AT
ALEXANDRIA BAY.

Alexandria Bay. " Y, July l5.-At the closing
session OF the State Bankers Association here to-
day the following resolution passed:
The New-York State Bankers Association has
sound money ana currency Teform and the me %.
bers in convention assembled desire 70 urge upon
Resolved That we approve and ask the adoption
by Congress OF the following changes in our cur
First-That all the obligations Of the United
States shall be paid in sold coin STANDARD value
seeond-That legal tender notes. when redeemed
by the Government shall not be reissued except
Thrd-That National banks shall be allowed to
bonds deposited with the Treasurer OF the United
States. at fair rate OF taxation.
A resolution passed empowering a committee
OF nine present the State officials the subject
of taxation ot banks with view OF relieving them
OF the unjust burdens imposed. This commit
tee will be appointed by the new president at a
later date.
resolution was also passed urging the Amer
ican Bankers Association 10 adopt the unifO-m
statement blanks now IN use by the State Bankers
Association for the purpose Of securing
from borrowers regarding their financial condition.
PENNsYLvANIA's TAXATION SYSTEM.
The session opened with address by Frank NJ.
Eastman. OF Harrisburg Mr.. Eastmans subject
was the Pennsylvania system of taxation for State
purposes. with special reference 10 the taxation Of
banks. He was asked 10 address the convention.
he IS the author OF a book the subject. He
described the taxation laws OF Pennsylvania
siderable length. and severely criticised the
methods Of taxing corporations in New-York State.
He said that among the numerous advantages en-
Joyed under the Pennsylvania plan. taxpayer
there could not swear of taxes on MS personal
property he apparently in New-York His
recomne ndations. which well received
gardng the remedy for evils alleged 10 exist in
bank taxation follows
II you contemplate agitating a change. as under
stand Is the case | would assuredly recommend TO
you something ike the Pennsylvania plan, embrac-
local assessment and from all local taxation except
on real estate State taxation by means Of sworn
reports made by you 10 state officers al Albany,
said officers 20 have the right 10 examine your
DecSssary u to TTf ToTr reports The rate Of tax
should. Of course be fixed otherwise you would
" assessed ones y9U car either impose the tax
W es yr a. on tbs arrTeeefe of the paid in caoitai
surplus or undivided profits. or you can impose II
on the actual value Of your stocks as shown by the
average price Of sales for year or some similar
method II seems TO me that the latter plan is
more just TO the State and perhaps TO al parties
Tax trust companies precisely a. you tax banks,
a higher rate than We tax banks, nut YOU VII VII
probably DO vel 10 .mt y9Qrsei,y,es 10 bringing
This address was followed by discussion Judge
John r Mcpherson. Of the United States Court
for the Eastern District OF Pennsylvania was the
other principal speaker at the morning session
His subject was "SUggestions Concerning Corporate
Taxation" Judge Mcpherson discussed the Penn
f. case OF a change ir NewYork's method. He de-
clared himself IN favor OF exempting banks from
local taxation except real estate. He did not
agree with NJ. Eastman regarding taxation OF
trust companies. maintaining they should be taxed
under the proposed statute higher than banks.
The franchise Of trust company, he said. was
more valuable than any other except those OF pub
lie and seu.-pubHc corporations, such as transpor-
tation companies
ADVANTAGES OF BRANCH BANKS.
AT the afternoon session ". s Witham, Of At
hnta Ga addressed the convention on Branch
Banks" Mr. witham is president of over twenty
hanks in his State. Hedescribed thesystem on which
branch banks were started in Georgia, and said
that these institutions were all independent OF each
ether maintaining that this was the right method
20 manage them. He described the advantages OF
such institutions as follows;
There Is no capital stock 10 pay tax on; they in
rresse the deposits Of the parent bank; they save
a considerable amount Of expense; they meet s ihs
with cash that would otherwise be concentrated IN
cities L Sc almost impossible 10 create a run Oh
these country banks.
Some discussion followed on this subject. The
,erorts Of various committees were read and mis-
oolaneous business was transacted The election
OF officers was then taken up, and the following
were unanimously CHOSEN.
REss4n G " RT5sTE4 IItY Of ol FIihsiss fi6ss;5oos
Ees4s.arg-E TFs1saf7'-E5; o EI.ofED5E
Genera4 t'aittS VA '-lV <10-N. -~N~
York CITY urged the enactment OF legislation 10
relieve what he termed the excessive taxation oc
banks and promised the cooperation OF the
a Nev-York City bankers 70 secure IT, seymour
Dexter. Of E.mlra, said Of Governor Roosevelt
He is a man who stands for the right This
was loudly applauded. Mr.. Dexter recommended
,rr,edtat4 agitation Of the question before the
Iegislature saying that II the matter shoulq ever
h. sette9 IL would be done while the present Legs
fe-u-e was IN existence. do not NJ sald, let
iis sion In our efforts this time simply because We
sTe toid that one man says such a law cant be
passed. .,..,f An
svc~sion was made in the afternoon 70 Heart ISL
and where the bankers and theT %lVSs %eIe ~
ssf-ad bv Mr. and Mrs. George c. i5oIdt. N w
evening a searchNght trip was mace aIQund I ~
tslsnds on a steamboat. Most Of the bankers VII
start for their homes tomorrow.