New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-06
SAVINGS BANKS DEPOSITS.
MR.. TREAT EXPLAINS HIS PLAN TO TAX
SUMS IN EXCESS OF $1,000

SUMS IN EXCESS OF $1,000.
Albany, Feb. NEUTRALITY-SUSPICIOUS. Treat, of
Cayuga County. who introduced the bill taxing all
deposits in savings banks above $1,000 in amount
deposited by any depositor, is member of the
firm of E. W. Treat & Co. bankers, at weedsport,
n. Y. Speaking about his bill to-day, he denied
that 1t presented by him threat against
the savings banks and to force through the bill
Of Senator Stranahan to tax the mortgages of
savings banks. On the contrary, 1t was independent
of the Stranahan bill, which he thought would in
the tax on mortgages. That is, the tax on
mortgages would be shifted to the shoulder of the
borrower. He added
The savings banks were instituted originally in
protected by law to encourage thrift and industry
and the capitalist. They now Shield millions of
dollars owned by the wealthy from taxation. The
M 6SFet the s protection given the p pr tb
rich, who deserve no such protection
DEPOSITS NOW EXEMPT
There are in the savings banks of this State to-
day nearly $500 900 00O which are exempt from taxa
dents Of New-HoTk savings banks themselves who
oppose the bill there is about s5OOOoo,GOo which
wage Garner the man who saves little out of his
Of 81 a Aceerng TO sastcs be de-
post including the rich and the poor, Is only s5lS
the burden Of this bin if 1t becomes law The poor
man will be protected as before 1t will be the in
TO the State tax. which # is just and right that
revenue from the s5OO. 900 which
empt-
Who is 1t that is attacking this bill? Is 1t the
laboring man? No, SIR. II is the richer classes,
who, OF sudden, have taken great philanthropie
interest In their poorer neighbors.
TO ESCAPE TAXES.
No one needs he told that there thousands
of depostors who have turned the greater part OF
their property into cash and invested it in savings
banks. Among the cases have in mind is that
of a woman who has $4,000 or more distributed
about I'm different savings banks of this State. On
this amount of wealth she pays not one cent of
tax Before March. 1sS9-before the exemption of
savings bank funds--she had her money Invested
in real estate and other securities. and was paying
a Her is only of thousand At
present there is only 900 in assessed personal
property, whereas in the savings banks the de-
posits have grown TO nearly Sl,Oo00O0,0W. ] think,
then. that 1t is high time 10 call halt
that their deposits are of small instead Of large
accounts. IT Is TO the who puts in a small
and adds to 1t at odd intervals that the bank
pays the smallest average interest.
great measure TO the fact that many millions OF
dollars are buried In savings banks by Wealthy de-
positoPs. III taxed this wealth would seek Invest
ment In real estate improvements, In loans TO the
alienation OF hard pressed property owners
/ entirely responsible for this measure. II is
not at all in line with the organization bill intro
duced by the Joint Committee on Taxation. first
Intended 10 make the limit lower than 800, but
feared to lest be Interpreted as infringing upon
that very class or people whom seek 10 protect
IL has been learned that when the bill was dis
cussed before the Committee on Taxation and Re-
trenchment Its members were unanimous In their
approval of the principle of the bill Some. how
ever. objected to the limit. thinking that It was
too low.