New-York tribune., 1901-01-10
TO FOLLOW ODELL'S IDEAS,
TAX BILLS TO BE PRESENTED NEXT
WEEK
GOVERNORS SUGGESTIONS MAY TERMI-
NATE DIRECT STATE TAXATION
ECONOMY AND REFORM IN
SISTED UPON
tsY TELEGRAPH TO THE TRIBUNE !

tBT TELEGRAPH THE TRIBUSrI
Albany Jan 9.-Governor Odelrs policy of
economy and enarging the field Of Indirect tax
alton. it was said by prominent members of the
Legislature tonight. if carried out would prob
ably terminate all direct State taxation The
direct State taxes imposed by the LEGISLATURE Of
1900 amounted to $40, 7O4. .153 40 while the in
direct taxes and a surplus were employed in pay
ing S13206505 of the appropriations made BY
the Legislature. The total amount appropriated
was thus S23. 3.910.65s 20
If Mr.. Odelrs suggestions that savings banks
trust companies and insurance connpanfes he
taxed larger amount than they now pay are
adopted it is estimated the States Indirect reve-
nue. from this source will be increased SIS 100000
Then Mr. Odell has suggested certain ameni-
ments to the corporation laws which he clearly
believes will allure many gigantic corporations
which now organize in New-Jersey into this
State, and. being then under the taxation laws
or this State, an increased revenue of 81. 100000
II Is estimated, can be obtained. The bills tax
Ing savings banks trust companies and insur-
ance companies. it is said will be introduced
the coming week. The outlines OF the taxation
bills which will be introduced, it is apparent
will be similar precisely to those Indicated as
measures worthy of the Legislatures approval
given in Governor Odelrs message
GOVERNOR INSISTS ON ECONOMY.
Allied with this policy of increasing the taxa
ton Of corporations is one of reducing the cost
OF the State government by the abolition and
consolidation of State commissions and the re-
ductton of the cost Of others Mr. Odell will re-
duce this year the cost of his own office by
$4,000. Three reform measures were intro
duced tonight in the Legislature. One consoli-
dates the Forest Preserve Board with the For
est. Fish and Game Commission. The second
he of he
and OF the Bureau of Labor Statistics, and the
Board Of Mediation and Arbitration into a new
labor department Then there was a third bill
amending the corporation law so as to render
less drastic the penalties for not filing reports
within a certain time.
Governor Oden continued to-day the cross-ex-
animation Of the heads and secretaries of State
boards and commissions as to the yearly cost of
their departments insisting In every case upon
the greatest economy being exercised. Mean
while, the Assembly Committee on Ways and
Means hard at work at the Controllers
office preparing the annual appropriation act
and receiving the estimates Of the heads Of de-
partments as to the probable cost of maintain
ing them the approaching year. Colonel John
N Partridge the Superintendent Of Public
Works, put in an estimate OF 1925 5644 as the
probable cost of maintaining his department
the approaching year which was S51 240 less
than the amount he received last year. 1t was
under these circumstances that Governor Odell
In the evening renomnated Colonel Partridge
for Superintendent Of Public Works There is
no doubt about Colonel Partridges immediate
confirmation for the office for which he has been
nominated Another man that Governor Odell
renominated was Edgar Leaycraft of New
York. one Of the State Tax Commissioners
BILLS TO FOLLOW MR. ODELL's IDEAS
Lieutenant Governor Woodruff said to-day
that the taxation bills referred to would follow
closely Governor OdelTs recommendations Mr.
Odell made the following suggestions in his mes
sage upon this topic:
1T is we'll known fact that trust companies
do not pay their proportion of the States taxes
and that this discrimination is of such char
acter as to enable them to thrive and do busi-
ness where a National or State bank can
not. The total capitalization. undivided prof
its and surplus of banks amounts to 1885,
1333, ,329 of which about $40 900 900 is in real
estate. leaving about $3.50 900 in personal
property in such capital and surplus. Trust
companies and banks should pay tax upon
their capital 10 the State. because of their use
of our courts and for the other privileges which
are accorded them One per cent upon this
amount could be eXacted, which would bring
into the Treasury between S3.0OO.OO0 and ST.
600 900. and would not materially interfere with
the collection of taxes in the various localities
banks and insurance companies. which is now
held reserve, and which amounts to S469.-
7OI,151. should pay it's proper proportion of the
taxes because 1t is in effect the capital of such
banks and companies. and should be 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 induce
ment should be afforded by the State To encour-
age saving by those who labor and desire to lay
up a fund against rainy day But this sur
plus which acCumulates from time to time should
bear its portion of the tax burden, and the n
actment of a law Swhich would tax it the
rate OF l per cent, above, would not be too
severe in consideration for the protection and
safeguards which our State throws around
fngs banks and Insurance companies
These suggestions, in my judgment, if favor
ably acted upon, will greatly relieve the burden
upon real estate. In return for this l 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 tax
alton except upon their real estate"
The taxation bills ii is said on the highest au-
thority. will strictly follow this suggestion of
tax of l per cent upon the capital of trust COM
NJ ntes and banks.