The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-01-09

sion's sanctioning the creation Of such corpora.
tions without the consent Of the local authorities
Finally, on the subject Of taxation,
American legislatures, the governors
message rings true and clear. "All
corporations" he says, receive from
the state certain rights. They have.
first. the right to exist. In addition
some acquire from municipalities,
through the action of the state. rights
to build, maintain and operate their
properties. 1t seems to me, therefore,
that capital of this character In our
state should pay a tribute to the cre-
ating power for that which they have
received" All corporations, the gov
ernor continues, should pay a tax
based upon their earning power. IN
lied under the transportation laws,
which include all those using public
utilities, should also pay an additional
tax. He approves the principle of the
Roosevelt franchise tax but suggests
an Improvement of the method OF Its
administration. He also proposes the
following additional forms OF taxa
ton:
We have a great number Of banks, both nation
al and state, trust and insurance companies,
some Of which assessed at high figure and
Others at a valuation so low as to be absurd.
II is a we'll known fact that trust companies do
not pay their proportion Of the states taxes,
and this discrimination is Of such character
as to enable them TO thrive and do business
where a national state bank cannot. trust
companies and banks should pay tax upon
their capital TO the state, because Of their use
OF our courts and for the other privileges which
accorded them. One per cent upon this
amour. could lie exacted, which would bring
into the treasury between three and four million
dollars, and would not materially interfere with
the collection Of taxes in the various localities.
In addition to this the surplus Of savings banks
and insurance companies, which is now held as
a reserve, and which amounts to $l69,107 ,76l,
should pay its proper proportion OF the taxes,
because it is in effect the capital Of such banks
and companies and should be so treated. do
not believe in attacking the deposit OF the poor
man. whether in savings banks or In the form OF
life insurance. Every possible inducement should
be afforded by the state to encourage saving by
those who labor and desire to lay up fund
against ''rainy day." But this surplus which
accumuates from time to time should bear its
portion of the tax burden, and the enactment OF
a law which would tax IL at the rate OF l per
cent, as above, would not be too great in con-
sderation Of the protection and safeguards which
our state throws around savings banks and insur.
ance companies, These suggestions, in my judg.
ment. il favorably acted upon, will greatly re-
lieve the burden upon real estate. In return for
this should favor exemption from payments
by banks, other than savings banks, of all local
assessments for state purposes; and in the case
of savings banks and insurance companies, from
all other taxation except upon their real estate
An executive who approaches his re-
sponsibilities in this spirit, backed
both by public sentiment and the or
ganization of forces necessary to ac-
complish results, is quite likely to
make history.