New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-07

LEGISLATION NEEDED on FRANCHISE
LAW, HE SAYS - DESOUNCES
SAVINGS TAX BILL.

Unless the Legislature takes action soon
there will be failure to collect taxes on about
SSOOOOOO0 of property belonging to the cor
porae;ons under the Franchise Tax law this
year" Controller Coler said yesterday
1T is hard enough to collect what is due
from the corporations" he added. exhibiting
table which had been prepared 70 show how far
behind was the Metropolitan Street Railway
Company in paying to the city the percentages
of it's gross receipts according to the terms OF
it's franchises
Il am going to try to collect from the COM
pany the penalty for failure TO pay the percent
ages" the Controller said. His figures were az
follows
BTqo oG Is2es 'q Ts, railroad Pscsnas unpaid
ot a,s.., lines controlled BY the NstropoIita9
Cor one month and f t~snts- dsys, 4721ss
T TotsI D s5si, PAID sis S
penalty 70 Dc collected Is
Regarding the failure Of the Legislature 70
provide an appropriation large enough for the
collection Of the tax under the Franchise Tax
law. the Controller said:
Nothing should engage the attention Of thought
to men more than some Of the tax measures now
ehise Tax law was looked mon 81 iIIst r9s s5an
from which great relief might be expected No
shown in finding a way Of putting it in force as
MA 9srnor Seee bs us o Outside OF
power to further the enactment and collection ~
this tax. nothing has been done. and nothing viii
be unless the public and press renew their a9ita-
ton 1t Is lying dead because the Legislature
it life It seems TO have received dose or cor
porate chloroform, which Is always more or less
effective.
on the other hand the bill for taxing SAVINGS
bank deposits has had injected into II soma u1-
known vitality. In other words. unsOphisti-
think that certain interests We're attacking the
people in order TO draw attention from themselves
That this savings bill will be passed be consia-
cred seriously when people realize its intent "a
not within the range of possibility The passing OF
a savings tax bill and mortgage tax Dill would
alone mean RELIEF from the franchise for the
corporate interests, but by making deposits and
investments Of this kind Improbable 70 the middle
and working classes IL would either force tempt
them to withdraw their money and put II in such
enterprises and schemes as the corporate promo
tiers should At to offer them
The savings institutions OF this State and city
must not be tempered with They provide the
only opportunity for the placing OF money IN
terest for those OF people who not schooled
in finance and who do not desire 70 be taught By
some Of our artistic pFeceptOrs-
To obtain franchises for nothing, to avoid taxa
ton by multiplying decent laws. then 20 place I'm
mense amounts of watered stocks and bonds the
market, then TO destroy opportunity OF placing
money in a savings bank at reasonable profit, thus
creating market by force for securities which
based upon the rights of the people themselves Is
NapoleOnic. but will succeed in this enlightened
day. Such schemes and such legislation really In
sure the repurchase by the people OF their own
goodwill which has been taken away from them
and capitalized by corporations
The savings banks must be held inviolate. They
not stock corporation and cannot be bought
or controlled by banking trust They are OF the
people and for the people