New-York tribune., 1901-02-08
SAVINGS BANK MEN HEARD
PROTESTS MADE AT ALBANY AGAINST
THE BILL TO TAX THEIR SURPLUS.

THE BILL. TO TAX THEIR SURPLUS.
Albany. Feb CspeciaD.-The representatives OF
the savings banks Of the State to the NUMBER OF
one hundred appeared before the Senate ana
Judiciary committees on Taxation and Retrench-
ment to-day in opposition 20 the bill taxing the
surplus Of saving banks
Among the representatives OF the savings banks
u,asent from NeN-York city were Andrew Mills
president Of the Dry Dock Savings Bank, ana
,,r..sisent Of the New-York State Association Of
savings Banks; Jonathan b. curry, president Of
The Metropolitan Bank; William G. 'onklin "f the
Franklin Bank; John Harsen Rhoades, president "l
rbs Greenwich Bank. 4. A. Welch of the New
York Bank: ] A. Schenck, OF the BoNery Bank
A q STYLES Of the North River Bank; Charles r.
Sprague. OF the Union Dime Savings Bank Others
were Charles Mills. of the Port Chester savings
Bank: President T. J. Donaldson. of the Erie
county Savings Bank eN-Mayor Charles A
Srhiaron of the Germana Savings Bank Of Kings
County; President Meseroe. Of the Williamsburg
Savings Bank and Edward Harris. OF The Roches-
,er Savings Bank: William g. Van Rensselaer,. ot
tho Albany Savings Bank, and Simon W Roseh-
dale Of the National Savings Bank Of Albany.
President Mills OF the Drydock Savings Bank
,,e a-st sneaker said that the savings bank rep
,esentatives held n meeting in New-Nork yesterday
and had decided by n practically unanimous VOC
hat it was their opinion that The bill ought not
10 be passed.
charles T. Sprague. president Of the Union Dime
Savings Bank. said IN opening his speech that he
would not touch upon the political side OF me
llill--of Its effect upon the political party "hlch
might pass II
..Afr sprague." interrupted Senator Krum we
have had that political argument made here In
Albany for FIVE years and the statement MADE
that the Republican party would he ruined If IL
passed certain hills. Well the Republican party
IS still IN existence"
SAYS THE GOVERNOR is IN ERROR
NJ snraeue then said Governor odell is in
aFnT car
the savings bank are The same thing Ihe sur
,lus goes 10 help 10 pay the dividend, to pay
expenses and to pay losses. 1t is IN no sense cap
itsl II belongs TO the depositors. We are simI'N
custodans Of other peoples money aho you P-'
nose 10 tax us. We work for other people Tor
nothing"
What do YOU mean by saying you work Tor
nothing2" inquired Senator Krum.
The trustees are not paid anything; the officers
are"
What salary is paid the president OF ile '"''"
nime2" said senator krum
He is paid s. SD year" answered Mr.. spfasue'
hut he is paid thar after thirty years OF service
and he was only paid $l."0 at the start no are
here to-day favoring this hin2 Not one person
4, Is said we ought TO pay taxes. We do already,
Nost of our deposits personal property ana
,ou exempt II from taxation. Now you propose 10
lax i although you know that most personal prop
ery taxed? Why do 9d you 90 onrs:Ivss M slnpS
How much surplus have YOU. ASKED 9'''o
Higgins; ,..- -, v,ss e.o IN the Union
Dime replied MI Snrague , ii. -, . do
Suppose I draw out my deposit u AM. am - Ia IA
positor do ~have any share In this surplus. sa'u
.iNo ,eC' il IS kent for your successor said MI
SpraEue WITHOUT that surplus We could not pay
b'reft of The surplus. 7 am free 10 say thai the
nion Dime could not pay Si2 per cet llleIeSr ,T u
IAN YOU propose is thus tax upon The depositor.
rs IN not a fact the savings banks ADDED
- per 70 their surplus last year. inquired
senator Humphrey; - ,,, .s .b.,. s.id
Mr. sprague. 'and let the fact be considered that
surplus may not be surplus when the banks
You give money which deposit 20
other fellow inl9lfed senator 3 iassl.s, -rs NJ
Sprague. for this surplus is general collection OF
How much money did you put into your surplus
About $4,000" answered Mr.. sprague,
That Is So per cent Of your surplus SAID saia
senator Humphrey, and II was reserved from
Z don't see why the state shouldn't have some
sCHIEREN A PRESIDENT NOT PAID.
Ex-Mayor schieren of Brooklyn president Of the
Germania Savings Bank OF Brooklyn. the third
speaker. said he had just succeeded ex-Mayor
Frederick Schroeder president of that institu-
tion. Nj Schroeder never had received any salary.
had salary been given TO the speaker. He
felt that IL would he a dangerous precedent to tax
savings bank deposits, for II would lower the in
terest paid the depositors.
Then SAID senator hrum; Inc poor man Is
compelled 10 put his money IN a savings bank?
he invest il "A house mOTtgagey'
He does not have s2p9 TO deposit" said Mr..
Schieren. and he cannot get a house mort
gage for that / will say. gentleman. that hut
Tor the savings bank would not have saved money
and started in business.
',Mr Schicren." interrupted Senator Higgins.
'the in my little city Of Olean VINO have
Httle homes think these savings banks should pay
their share of the of the State"
Then they propose the poor who Is
trying money" answered Mr.. Schieren,
and ! presume your householders in Olean
married. The savings bank depositors ] speak of
young, unmarried people
a mafrmOnN II
seems me-" said Senator kruu. for you would
exempt from taxation your unmarried men in
your hank
Charles +. Miller, president Of the Utica Savings
Bank, said that II had twenty-five thousand depos-
itors. and large proportion Of these owned mort
gagged homes and had obtained loans from tho
savings banks upon these homes. lie argued that
there should be a limitation of the amount any
person could deposit in the savings banks Of the
state. and suggested that II should be made
rnisdemeanor have more than a certain amount
@ money in n savings bank.
President p. a. Welch Of the New-York Savings
Bank argued that the surplus safety fund
held for the benefit Of the depostor. He thought II
would be unwise 10 reduce the amount Of the sur
plus TAX The big man." he added, 'and not the
luflp man " owns this deposit"