The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-03-09
BANKERS DISGUSTED
BY GLASMANN'S PLAN
Held Warm Interview With
the Committee.
NO ACTION is TAKEN
BILL SPRINGS A SUBSTITUTE
MEASURE.

81 can't monkey with you any more,
declared Elias A. Smith, cashier of the
Deseret Savings bank, to "BilT' GIas-
mann last evening, pounding on the
table with his fist He went out and
slammed the door, leaving several other
bankers in session with the TO- 600
committee" of the lower house of the
legislature.
The committee decided yesterday to
summon a number of the leading bank
ers of Salt Lake to come up and see
them in regard to one Of "Bill' Glas-
mann's tax bills. AS a. result the fol-
lowing appeared in the committee room
in the joint building:
Elias A. Smith, representing the
Deseret Savings bank; John Z. DoolY,
cashier Wells, Fargo bank; w. S. Nc
COrnick of Mccormick & Co, and the
Utah Savings & Trust Co; B. H.
Schettler: James Chapman. ex-state
treasurer, and president Utah National
bank: T. r. Jones of T. r. Jones & CO.
and the Utah Savings & Trust Co; NJ
J. Cheesman, cashier Walker Bros. and
George NJ. Cannon, cashier lions Saw
ings bank.
The entire committee were present
Chairman AXtOn and Representative
Kelly. Glasmann, Vaughan, Page and
McGregor.
The bill under discussion was Glas-
mann's house bill 1872. leading provi-
sion of which is that the assessor must
have access to the accounts of all
banks within the scope of the state law
so that he can assess customers on
their deposits.
Had a Substitute.
No action was taken by the commit
tee, but Glasmann, after worrying the
bankers until more than one of them
nearly lost his temper entirely, pulled
out a substitute bill, adding. One-half
per cent to the tax on banks. This only
incensed the bankers more. A few
"cuss words were used, Mr.. Smith left
in disgust, and the committee finally
adjourned without action
The members are considering wheth-
er to let the bill go now that Glas-
mann has had his chance to make a
speech or two and bring the bankers
around to see him, or whether to take
up the question of taX-dodging and
attempt to devise some serious legisla-
ton on the subject.
The bankers last evening went over
much the same ground Mccormick and
Mr.. DOOly had traversed the previous
evening in discussing the matter with
mem bers of the committee, while Bill
fitted lightly from one subject or ar
gument to another. The bankers
united in declaring that such a law
would cause heavy Withdrawals of de-
pOsifs; would send large amounts of
money out of the state; would result in
unjust assessments, and might cause
financial Stringency. They also de-
claTed that the banks we're already
paying their full taxes. The statement
was also made that the private banks
would either go out of business en-
tirely, or incorporate under the ma
tionaI laws.
George NJ. Cannon made the first
statement, and the others followed. M.
/ Dooly declared that incorporated and
private banks, residence property and
: small hOmeSteadS were the only prop
erty assessed at their full value. He
/ said the fault in existing conditions lay
with the assessors.
An Odious Comparison.
What would you gentlemen think OF
| a. law providing for taX-feTTets2" asked
/ Chairman AXtOn.
They would be about on the same
basis as Charles MOstyn Owen replied
| Mr.. Mccormick.
/ Mr.. Chapman said the proposed tax
| on deposits regardless of offsets, might
result in a man being taxed three
/ times-orrce on his real estate, once on
/ the mortgage, and once on the proceeds
! deposited temporarily in a bank
/ The bankers all urged that every
man be forced to make a statement
| under oath of all his property, and
| suggested that would be a way OF get
| ting al his proper assessment.
| They all opposed the proposition Il
/ tax them u per cent on their deposits
! declaring they were paying per cent
/ on the property they owned, and the
! deposits did not belong to them.
| Letters opposing the bill were re-
ceived by Chairman AXtOn from the
/ following bankers, who said they could
! not meet the committee: Charles S
/ Burton. cashier of the State Bank OF
Utah: S. c. Park. cashier of the Banf
of Commerce, and Lewis S. Hills, pres
| ident of the Deseret National bank.