The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1903-06-29
FAVORITISM TO BANKS.

ing to defend the city administration
for throwing off over $500 Of the
taxes assessed against the stock of
the two national banks, says:
THE banks claim that 40 per cent
should be taken from this for the pur-
pose of assessment, the same as is
taken from all other property. Ma
tional bank stock would not be tax
able at all, except for the fact that
congress has given permission so to
do by an act authorizing it to be
taxed, but with a provision that the
valuation shall not exceed that placed
on other moneyed capital and the
banks claim that because this conten-
ton has been violated the taxes are
not cOllectable at all.
1T is a well known fact that be-
cause none of the stock in either bank
is sold or for sale. that the stock has
no market value, and the only way to
get its value is 70 ascertain the
amount of assets represented by it.
To a person not familiar with the
technical questions of law, it would
appear that their contention is right
According to this view no property
could be assessed at a certain per
cent of it's market value if it were not
for sale. A farm worth one hundred
dollars an acre would be exempt from
taxation if the owner should refuse to
or a family horse to which the owner
was much attached would have no
market value because it was not for
sale The same rule would apply 10
all other property not on the market.
When the city council sat as a
board of equalization the first week of
last August representatives of the two
national banks appeared before it and
made a plea for a reduction of their
assessments, declaring that the usual
40 per cent reduction from the market
value of their stock had not been al
lowed. Mayor BabcQck answered that
he was willing to pay $500 a share for
First National b2nk stock but was
unable to get any at that price, and
therefore an assessment of $3.50 a
share could not reasonably be called
Two ir-
is worth $500 share or more, the as
sessment is much lower than that on
other kinds of property. Instead of
40 per cent reduction from market
value more than 60 per cent was al
lowed.
There will be little sympathy,
among taxpayers in general with the
contention Of the banks that because
the assessment was not made accord
ing to their wishes. the taxes are not
cOllectable at all. The banks pay
less taxes in proportion to their hold
ings than any other class of property
owners. 1t is well known that they
conceal from the assessor hundreds
Of thousands of dollars that should
pay taxes. No other class of business
men is so favored by the government.
both state and national as the bank
ers. None expects and receives so
much protection from the government
1t comes with i'll grace then for these
pets of Uncle Sam to kick and whine
over the payment Of reasonable taxes
on the small part Of their property
that the assessor is able to find.
In this city it is certainly a shame
full spectacle for the Ankeny bank.
which has just sold the city a nine
thousand dollar site for the new high
school building and which does a
profitable business in handling the
thousands of dollars in warrants being
issued for the construction of the
/ same, TO refuse to pay the five mill
school tax that other taxpayers cheer
FULLY pay for the maintenance of their
schools and the construction of new
buildings.
The national bank organ states that
the late lobby-ridden legislature
amended the taxation law so that
banks hereafter will not be made to
pay a just tax on the market value
their stock. The public generally
was not aware that such an amend :
ment had been passed. But the an
nouncement will cause little surprise
as nothing was TOO bal for the late
Ankeny legislature to do in the way