The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-31

The state bankers who met IN ST. Paul
yesterday finally decided to form COM
mittee organization only instead OF an
association. 1t was decided to appoint
committee of ten TO work with Public Elk
eniner S. T. Johnson on all matters OF a
general nature pertaining to the wei
fare of the state banks. Some OF the
delegates desired an association but II
was pointed out that this might inter
fere with the regular Minnesota STATE
Bankers association ana that commit
tee organization would serve the purpose
just as we'll.
Gen. Child's Address.
The principal feature of the afternoon
program was the address by General II.
w. .Childs. who explained in detail the
new tax bill submitted by the commls-
sion of which he is member. lie sac
in part: -
Gentlemen of the Bankers Association: Ii
there is any class of citizens who should be
deeply interested in the proposed tax codc,
it Is that class who hold the purse strings
= OF THE business world. 1t is OF the hlghes'
Importance to the welfare OF a state that It's
revenue system be founded upon wise, eco
nomic principles. The proposed tax code mas
suddenly become the subject of absorbing in
,terest to all classes Of our citizens. I say.
suddenly, for / recall all too clearly tnat tne
commission prosecuted its .laDors curing
period Of nearly nine months while the public
both ofticeholding and laity,3 slumbered on,
Indifferent to the problems it was earnestly
endeaVOrinS to solve. So - j
The bill is radical in the sense only oil
seeking to effectuate the constitutional rule
which requires the taxation Of all property
at its truesvalue In money. s8&
= The policy of this state has always been
to depend almost wholly for its revenues
upon system Of general property taxation
that is to say, the taxation of all property
real and personal, with little regardsto its
income producing quality. l need not assure
you that such a system is very unscientiht
and generally condemned by political econ
omists. But he hopes vainly who expects t
see the people Of Minnesota, or any Other
state, Immediately, or within the next decade
abandon the general property tax. The out
look for such reformation Is not, l regret tc
say. the most fattering. The amendment OF
1886 imposes the serious condition that the
constitution shall not be further amended ex-
cept by q majority of all the votes cast al
the election. It Is, therefore, obvious that
amendments will hereafter rarely occur un-
less the result of widespread discussion
and agitation. -.
First in order, though least in value the
commission set out to frame a code whose
provisions should have the virtue of clear.
ness and logical arrangement. It is divided
3 =
Title I. relates to Property Subject to Tax.
aton, and enumerates the classes of exemp
property. Section 1 is a literal copy of a. Sec
ton now existing in the statute of New York
and was adopted in preference to our presen
section prescribing taxable property because
of it's clearness and conciseness. Exemptions
conform strictly to the constitution.
The constitution provides that the persona
property of every person shall, to an amoun
not exceeding 5000, be by general laws eX
empt from taxation. The amount of sucf
exemption provided by statute is $780, The
commission ascertained that In all parts O
the state this provision of the law had be-
come the cause of much downright dishon
esty. The head of a household would repre-
sent to the assessor that his personal prop
erty belonged to the several members of hi.
family, and SO claim an exemption for each
Nothing could tend more directly to destroy
that sturdy sense of moral obligation, which
Is the shining virtue of good citizenship thai
for father to thus make his sons ant
daughters parties with him in the commits
sion Of crimes against their state It is
however, from economic point of view
Of comparatively slight Importance and tn
commission will undoubtedly recommen,
such a change in the bill as to continue tn,
present exemption. a
Title II. relates to "Definitions' and con
tains little which is not to be found in tn,
existing law.
Assessments.
Title III. relates to the Assessment @
Property" and is, therefore, second in i'm
portance to no other portion Of the bill. Prop
erty is treated under the heads: "a "Rea
Property; (2 Personal Property"
The most important departure from tn,
existing law in the assessment of real prop
erty made by the bin is the provision fixing
the inter-assessment period at four in plac
of two years. Viewing the subject of assess
ment Of real property as permanent policy