Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1905-05-05

attention was paid to farming except
/ for their own families and the stock
that was their chief Dependence for all
! other comforts of life
/ A Step In the Right Direction.
Few people realize the magnitude Of
tho injury TO the general taxpay ing
public which results from the present
method of assessing bank properties in
| this State. a reliable estimate OF the
taxable values that annually escape
taxation, under the system in vogue
places the figure at $S,C00,0O0 or bet
ter. This means that the bankers oil
this State are annually shifting some
thing like $250, 900 Of taxes they Justly
owe upon the shoulders Of the re-
mainder Of the property holders OF the
State.
While the STANDARD has, in a gen.
eral, way recognized for long time
that rank injustice was being done
in this connection, and has not been
unaware OF its magnitude, it has
not raised its voice against the practice
because it shared the generally accept.
ed idea that the laws OF the State
sanctioned the discrimination.
But it now appears, if Mr.. Alling's
official opinion is as sound law as it is
sound sense, that there is no authority
OF law for tho prevailing system oil
bank taxation, which, with its auto.
matte mesh adjustment, lets the big
fish escape while it securely holds the
tingerlings. 1t is sincerely to be hoped
that Mr.. Alling is correct in his judg.
ment of the law, for the taxpayers OF
Thurston county are no strangers to
the singular workings of a revenue
system that can find no more than
SAC, 900 for taxation in banking in.
stitution that represents full $500 600
OF values. The County Attorney may
be wrong, but the merchants and farm
ers and home owners, who are required
to pay on the full value of their prop.
erty, will hope that be is, and know
that be ought, to be right.
The law, it appears, requires that
bank stock be taxed TO the stockhold.
ers as their individual property. 1t
has been the custom to allow them TO
OBJECT their debts against their stock,
although the ordinary mortal cannot
offset the debts he owes against any
thing except the debts due him. The
extraordinary elasticity of the average
bank stockholders conscience has left
nightly little stock to tax after he got
through swearing off his debts. The
County Attorney advises the Assessor
that bank stocks are not "credits''
within the meaning of the constitution
and should be taxed ut their market
value without allowing any debt de.
auctions.
Again the banks surplus and un-
divided profits have not been listed for
taxation in times past. It is now
pointed out that these accumulations
are the property of the bank and
should be taxed to the corporation,
like any other property. If this
should be done. it would add more
than $l35, 900 to the assessed valuation
OF this county. 1t is stated that un.
der tho practice OF swearing off debts
against bank stock, nearly 5000, 900
has been annually exempted from
taxation in this county. These two
items, if placed upon the assessment
rolls, would produce something like
$4,000 a year in taxes. That would
mean q considerable reduction in the
levy necessary.
The STANDARD trusts that Assessor
Duval will follow the advice OF the
County Attorney. If these properties
are listed, as it certainly seems they
should be, the banks have their
remedy in the courts, if they regard il
. grievance to be required to pay thei,
fair share OF the taxes. Nothing can
be lost and much may be gained by
giving the courts an opportunity q
right what isa most manifest wrong.
Revolt IN PENNSYLVANIA The
Keystone State is in open revolt, and
q move has started 10 tho western part
for q division, the twenty.three coun.
ties west of the crest Of the Allegheny
mountains to be known as the State