The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-06-24
SAYS He Would Not Trust One
Judge Farther Than He
Could Throw a Bull by the
Tail, in Sharp Speech.
BANK ASSESSMENTS
SAID TO BE ALL WRONG
Claims That the Work of the
Board of Review Is Incor-
rect and Speaks His Views
On Bank Assessment.

Assessments of all banks in Wayne
county. which have just been complet-
ed by the county board of review, are
wrong, according to Parks w. Martin,
member of the state board of tax COM
missioners. He told the local board
so this morning. In making the as
sessments the board of review took 10
per cent Of the capital stock, surplus
and undivided profit as basis. This
is declared by Martin to be fundamen-
tally wrong. The commissioner de-
clared such a system is not only wrong
but unfair and shows banks undue IA
vors as against the individual man of
money. The commissioner did not
mince words in expressing his views on
the subject. Incidentally he took oc-
casion to pay his respects to the SUI
preme bench of Indiana by asserting
he would not trust one of the judges.
Martin may be presumed to reflect
the sentiment of the state board and
if such be the case, the board holds a
bank should be assessed 1T 100 cents
on the dollar in the same manner as
an individual.
Bank stock is more valuable than
notes or bonds" said the commission
er. eff you ask man to sell you his
stock in what is regarded as flourish
ing financial institution he will not do
it for par. Why, because he knows it
is worth more. For one thing he
knows he can own bank stock and not
be taxed as much for it as he woud if
he had his capital in money alone.
These added considerations of value
count largely.
Boards Violate Laws.
THE county boards of review ignore
the laws and the members violate their
oaths knowingly and wilfully when
they take a step of this kind The law
says bank stock shall be assessed just
as other moneyed capital in the hands
Or two boards in the state that assess
at 100 cents on the dollar, but the rest
of them adopt some other scheme. This
same proposition has resulted in the
assessment of some notes at so cents
on the dollar. The boards say bank
stock is assessed that way, so why not
notes, too?
Forces Dishonesty.
This has forced the man with mon.
ey to be dishonest ana induce him to
make false returns. He says bank
stock and mortgage notes are assessed
at 20 or so per cent and as matter of
self protection he is forced to make
false returns. Is it fair to ask him to
list his money at the full amount and
be assessed for it at the full value
when the banks and all their money
are given different considerations?
1T is a strange proposition, but
know these banks WELD quite an in
fiuence. They ought not to get their
stock assessed any lower than anybody
else. Sometimes l get disgusted and
say this assessment business is just a
farce, yet if the law were enforced to
the letter it would be fair and equita-
Bile. Every man would be required to
do his share just as he ought to. But
it is net enforced alike and the banks
are the beneficiaries.
Life insurance Loans.
There is another thing do not ap,
prove of and that is the ability of a
man to borrow money on his life insur-
ance policy. That is not right The
state board has tried to get law
through the legislature and the insur.
ance companies and some Legislators
stood against it. The courts OF the
state have not held with us. The
opinion was divided, however. and
would not trust the man who wrote the
opinion further than | could throw a
bull by the tail. and he is a democrat
too"
Mr. Martin was with the board for
the purpose of discussing puzzline
points in the laws governing taxation
and giving the board the benefit of the
opinion of the state board in the mat
tiers. He talked at length on the sub
ject of assessing building and loan
companies.