The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-08
REPORTS OF COMMITTEES.
Recommendation Concerning the As
sessment of Property.

The committees appointed by the confer
ence On Thursday to report on various
kinds of property all made their reports
yesterday afternoon. The committee on
banks and trust companies made the fol-
lowing report: w find that section No.
6l OF the tax laws amply covers the ground
and is very plain as to the manner in which
national banks, State banks, stock COM
pany savings banks and trust companies
are to be assessed. We would mi
that the assessors follow said section TO
the letter in assessing the banks in their
respective counties-not for So, IS or 80 per
cent. of the book value of their stock, but
for the true cash value. The rules for find
ing the true cash value are given In Sec
ton No. 81 and are very simple.
But there is another class of savings
banks that have never been assessed I'm
proportion to other property. These banks
have no stock and no stockholders. 1t
seems they are run simply for the benefit
of the depositors and are managed b. a
president. vice president. secretary and
board of trustees or directors, who can
only draw a limited salary prescribed by
law. stu. these banks represent the total
amount Of S.72S,7S7.S5 in money, bonds.
mortgages and a little real estate. OF this
amount $S.93S.166.S7 is in reaI-estate mort
cages. Every one of these mortgages is
entitled To a deduction from the real-estate
tax, and the taxing officer is unable to as
sesS the mortgages on the ground that the
money belongs TO the depositors. and the
dePositors give i'm the money when they
are assessed.
Take il for granted that every depositor
gives in the true amount OF his or her de
posts for taxation. what becomes of the
immense surplus OF $547. 500 represented bv
these five banks which are located i'm
evansville. Terre Haute, LAFAYETTE. La
porte and South Bend? The bank official
tells you that the surplus belongs to the
deposition. but have any of these hanks
ever made a statement by which the de-
poSltors are notified how much of this sur
plus belongs 10 each individual depositor
so that he or she could give IL in for taxa
ton II so Inclined? No; the surplus piles
up from year TO year and not one cent is
paid by any of these banks except ON real
estate and for a few fixtures.
They also tell you that the greater part
OF the surplus is in government bonds and
therefore not taxable. Under what title
Will we take these institutions. as banks
Why should their surplus. because 1t is i'm
government bonds. be EXEMPTED from texa-
ton when other banks are comneIied 10
figure government bonds in their bank
value stock and be assessed accordingly ?
Or shall We take them as individuals? If
SO. the law Is plain on that point. In fact.
we. your committee, think IL is proper and
should be lawful 20 assess these banks for
at least their surplus. regardless of the
fact that IL is I'm government b~onds-assess
the surplus. not the bonds. II for no other
reason than TO be just to other banking in
slitutions ana To every taxpayer In the
state OF Indiana, who Is bearing an undue
burden Of taxation as long as this immense
amount OF capital Is kept from the taxing
officer by these five Special-charter SAYINGS
banks from the fact Of there being no Law
IL govern the assessment OF this ~particu-
lar kind II a bank. the assessor under
the common law that all property not ex-
empted by law shall bear it's burden of
taxation. ought 70 assess these banks for
at least their surplus. which is Impossible
TO be assessed against the depositor under
present existing circumstances.
we. your committee. therefore recon-
mend that each county assessor where such
a bank Is located be instructed 10 nut ON
the tax duplicate OF his county the amount
OF the surplus OF such bank. IL the special
charter banks can and do fight the assess
ment of the duplicate Of either OF these
counties, thereby indicating that they do
not want TO bear their just burden of tax
alton, then II IS high time We had some
special-chaTter banks"
FARM PRODUCTS.
The committee on farm products and
value recommended the following:
Wheat. per bushel. IS cents: corn. Der
bushel. 90 cents; rye, per bushel. IS cents
oats. per bushel. 81 cents: potatoes. per
bushel. - cents: barley. per bushaI. =,
cents. clover seed. per bushel s.: timothy
seed. per bushel, 81. clover hay, per ton.
81; hemp. per ton, wash value. timothy. per
ton. s.; haXseed. per bushel, $3.50: bacon.
per pound. 10 cents; pork, per pound. :
cents. wool, per pound, Is cents: tobacco.
per pound, 5 cents, maple sugar. per
pound, $ cents. cider. per gallon. 10 cents:
vinegar. Der gallon. Is cents: molasses.
sorghum. per gallon. 80 cents. molasses.
maple. per gallon, Is cents, lard. per pound.
10 cents"
The committee on instructions To asses
sOrs and deputy assessors adopted the pres
ent Instructions with the following amend
ment 10 Section 40. Get the names and
postofhce address OF all persons who are
Identified with amount they owe 20 such
persons
The committee on life Insurance had no
report 10 maxi. - IL said the Supreme
SQUIRT decided against taxation OF policies.