The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-05
COLONEL BRANCH
PROVES A WINNER
the scope of the treatment was broad and
most attractive. He SAID in part:
Continued from First PAGE


present bank taxes originated in the Span
Ssh war of 1895, when our people. frenzied
By The loss of the Maine, overran the
earth with hollow ships and marching
armies Now We must pay the piper who
sarrnished the field music for that great
fnapasis- If you ask me who is respon-
sihie fer the war and its consequences, /
answer. The American peosie. And who
Sili reap the most advantage from its
successful conduct? The reply is again,
The American people.
To provide for this unusual expense our
comfortable government. which had
enough and TO spare under old conditions,
enacted the war revenue law of 1895. This
law seeks to take tithes on capital at rest
and tolls on capital in motion. 1T is very
ingenious and inquisitive. It searches the
corners of every mart and brings many
hidden things 10 light. If. in the multitude
Of your possessions, gentlemen. there is
anything You have overlooked or misiaid,
the tax collector will find it for you
whether You acknowledge his services or
not.
GO WHERE IT IS.
OF course banks are always shining
mark when the arrows of assessment are
flying. The assessors take the famous adj
vice which the father gave his son-.T
you want money, go where money Is.
1t makes no difference that We are not
the owners but only the custoaians OF
wealth. Our incorruptibiiity, impervious
to temptation, makes US fit for our posts,
2nd-kceps US poori The difference be-
tween the tabled Tantalus and ourselves
is that he could not reach the tempting
treasures dangling before his vision where
as can, but we will not. Therefore
we suffer not only the pains of Tantaius.
but the additional agony of resistance to
temptation.
Without attempting close and serious
analysis Of the revenue law, / remark that
the banks contribute to the country's war
fund in two ways-first, directly, in the
form Of the two-mill rate capital and
surplus. A wise and learned Attorneys
General decided last spring that surplus
does not INCLUDE undivided profits IN
der this ruling\two banks with precisely
the same RESOURCES settled as follows:
One with a million dollars capital, a mill
ion dollars surplus and one hundred thou
sand dollars undivided profit, paid four
thousand dollars tax. Its neighbor, with
a million dailasr capital, one hundred
thousand dollars surplus. and a million
dollars undivided profits paid two thou
sand two hundred dollars. Each bank
should have been taxed four thousand two
hundred dollars, and the government, in
these two instances alone, paid, or rather
that opinion. The revenue from direct
taxation of banks was last year three and
a. half million dollars, being over three per
cent. Of all collected under the act of 1895.
Our other tax is indirect, for we pass il
along TO our customers. The law requires
Us 10 stamp all our documents-not only
checks, notes and drafts, but powers of
attorney, letters Of credit, and even no.
tees Of protest. The stamps used by
T,.,, sal,n five md hal
millions of dollars; 50 the total tax on
bank capital and bank transactions aggre-
gate some nine millions. or nearly nine
per cent. OF the war revenue
Now we are prepared to review the Span
fish war account and strike balance:
Debit Items: Human suffering and mon
ey cost. Credit items: The glory of our
country, the redemption of down-trodden
peoples, the revenues Of the opu1ent East.
Now, if the Celestial book-keeper viii
kindly offset the distress of war with the
opening Of closed lands to the light of the
sospel-matters which are out of our prov
ince-we can readily see how new trade
will wipe out the expense and leave US the
splendid satisfaction of triumph for our
glorious country net undimmed profit
from the Spanish war.
BORE IT'S BURDENS.
The country has brayely borne its bur
den and the banks their full share of it,
hut there is a time to be taxed and
time to .qrit. Do You realize that we are
still under the drain OF War taxation,
though the war ceased two years ago.
True, q large and costly armed force is
necessary to guard the new possessions
and suppress the insurgent element Prob
ably we shall never pc able 10 return
10 the modest old military and naval es-
adjustment. Then. too, there is that little
affair in China. Don't You suppose we viii
have TO take slice When that great pie
is cut. Notwithstanding all our disclaim-
ers? We may have to do it If only TO de-
fray our expenses there incurred.
During the last fiscal year ending June
S0th. 1900. the national revenue exceeded
the expenditures eighty millions of dollars.
The income from all sources was five
Hundred and sixty-seven millions of which
only one hundred and five millions was
collected under the revenue act Of 1898.
We expended for the army and navy one
hundred and ninety millions, being one
hundred millions less than during the pre-
vious fiscal year, which goes to show that
the additional income from the reve-
nue. act is already superfiuous, and that
its prompt repeal is in order.
As a. body of peaceful men, representing
the substance of prosperity. we are assem-
syled in the Capital of the late Gonfederacv
redolent with memories of our most la
mentahle war. What more appropriate
place to weave a spell that may exercise
the fumes of powder once more from our
financial system? The man behind the
gun must have his little hour when
great principles are at stake. which can
only be maintained by force. But now
he may lie doyn TO rest upon the field of
victorious battle, while the Red Cross man.
the man behind the money, steps over his
weary body TO apply the balm of unlimit-
ed resources to the realing of the nation.
VOICE FROM IOWA.
AIR. j. A. S. Pollard, cashier of the
Fort Madison Savings Bank, of Fort Mad
ison, Ia, was the next speaker. Public
Opinion and the Bank was his topic.
Mr.. Poilards reputation as an orator and
q financier prepared the bankers for The
treat which they received al his hands.
in part he said:
Ii Will moi be necessary to discuss at any
length with this convention of practical
bankers the merit in favorable public opin-
ion of the individual banking institution.
eT lxs nsfs.