The news & observer., 1901-03-14
PRAISED THE BILL
THEN VOTED /" NO."
Continued from Second Page.)

surplus and undivided profits and de-
Quoting the amount of real and person
al property. Insolvent debts may be
deducted from undivided profits. The
Auditor believes the stock is not at its
true value he shall ascertain the same,
but the bank may take the case into
court. The remainder of the section
provided for the method.
Senator Long explained that the prin-
cipal change from the present law was
that the bank certified to the Auditor
the nonresident stockholders so that
tax could be collected for county and
school purposes and the Assessments.
Senator Morrison believed it a mistake
and a wrong principle to report to the
State Auditor instead of to the county
officers He believed the State would
lose money by it. .
Senator Alexander contended that
this would possibly operate in favor of
national banks. He thought that the
bank should list and pay in the city or
county where located since the latter
furnishes the protection by police regu-
lation. Senator Foushee said the banks
themselves should pay the tax. It
owuld be the same thing to the share
port to the corporation commission and
that should make the assessment in
stead of the State.
THE SECTION ADOPTED.
Senator Leak claimed that this was q
heavier tax on money invested in banks
than other things. The assessment, he
claimed, was the highest possible.
Senator Morton opposed taxinG AOli-
residents of the State
Senator London said the bankers liked
the provisor to report to the State Au-
ditor. Under this section bank stock
is assessed at its proper value and no
fairer method could be devised.
Senator Morrison declared that it was
dangerous to put this power of assess
ment in the hands of one man, the
State Auditor.
Senator London said that bank stock
was listed for State taxation last year
at $5,250,000 while the stock as listed by
the individual stockholders amounted
ITO only $3.530000, ana this merely pro-
vides for getting tax on that property
The State Auditors work in ascertain
ing the value is merely clerical in most
instances.
ASHE COUNTY BOUNDRY.
A House bill to restore the former
boundry between Ashe and Wilkes county
passed by vote of "a to II. Senator
Michael (Rep), made speech against
the bill, saying the people in the ter
ritory affected petitioned against it and
the bill violated the natural boundary
senator Travis said that the Legislature
OF 1888 changed that line so as to make
Ashe county Republican. Senator Dula
tRep.), Of Wilkes, said years ago that a
survey was made and this was found the
proper boundary
THE BLIND INSTITUTION.
The report OF the special committee TO
investigate the Institution for the Deaf
and Dumb and Blind was read at $50.
(the report is published elsewhere in this
paper), and was listened to closely. The
committee submitted a report last Satur-
Gay, but the Senate re-referred it with
the request that the committee be more
specific
Senator Gudger declared, If this re-
port is adopted then the directors should
be Immediately changed. ! have studied
every line Of this seventy-fve pages CT
evidence taken and l can point out each
fact He asserted that there was a
library at the school and proceeded to
take up other questions wnen he was in
terrupted.
4 rise to point of order said Sena-
tor Morrison. ''The Senator has spoken |
five minutes"
The point is well taken" said the
chair. 4
This will nc do, declared Senator
Ward. We must hear about this mat
ter"
This report is a scandal and dis
srace to the STATE" declared Mr.. Gud-
ger.
Nc gentleman would make such !
statement" said Mr. Lindsay excitediy'
CASTORIA FuIlfantsand Children