The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-07-13
MONEY WITHDRAWN
Tax Laws Fully Enforced Would Drive
All Loanable Funds Out Of ohio
During Assessment Week.

DbilH9 GNooNooHtHh WYNN
A letter was recently addressed to
all bankers in Ohio requesting them
to say, confdentially, how much
money was withdrawn from their
bank during tax assessment week to
avoid taxation
Replies were received from ITO
banks, l01 Of which reported with
drawals, only reporting that they did
not detect any Withdrawals on account
Of assessment day
The aggregate Withdrawals reported
by l0l banks ara 81 166,S25. An aver
age OF SAL ,25569 At the rate OF this
average the aggregate Withdrawals
for all the banks in the state would
have reached the enormous amount Of
$4l6,6S2, ,469.
II It had been made certain that
every depositor in the state would
have been compelled to pay tax OF
per cent upon the amount of his de-
posit on assessment day, It is certain
that every dollar OF loanable funds
would have been withdrawn from the
banks. thus putting a stop to all bust.
ness transactions and creating panic
of the first magnitude The banks
never hold money enough to pay all
depostors in full on the same day.
Comments by Bankers.
"The tendency of our customers for
two and three months previous to tax
time Is to invest In nont..xable stocks
and bonds.
We favor the taxation amendment
and trust Ohio may In time get some
sane tax laws which will enable peo-
pie in small town like this to be able
to loan money and have something
left for themselves and yet make an
honest return.
our tax rate Is S3S on the thousand
and interest rate about 8 to 6 per
cent"
1--WE feel confident that not very
much money deposited in our bank Is
returned for taxes, as our tax rate IL
over cents on the dollar"
Money Driven Out of the State.
I'VE have very little money with.
drawn assessment week to avoid tax.
we HOMIN'lt nave a lGdoOu lOI lls
The larger part of the money which
usually goes into savings is deposited
with the Pennsylvania company, and
the banks of several Pennsylvania
cities into which many OF our citizens
fund. All such funds avoid taxation.
don't blame them for It, taxes $34.S0
per thousand makes the loaning OF
money where the assessors can reach
It prohibtiye. believe a law which
would put a fiat rate for personal
property such as you refer to, would
be great benefit to the state"
Tax Laws Make Liars.
"Our present laws are making liars
out of ninetenths of our people, and
eight.tenths OF these people would
welcome a law placing Intangible prop
erty on a basis with the tax valuation
Of real estate In proportion to its sell
I ing value, and then would list all their
assets, and would welcome the day
when they would not have to tell lie
in order to get justice. | heartily en-.
dorse your move in this line and have
| b y ,-...-E t.l y.ci', a2d your
| SNsAA'NAN' tsD " bAoNS Al4J oSSSAN4Ohs'
| | wish you success"
"On looking the matter up | tind
that our deposits made no change dur.
| ing assessment week; but our people
are rs big liars as the rest of the citi.
Gems Of Ohio, for there are very.
very few VINO have, or had, any money
subject to taxation on the day preced-
ing the second Monday Of April"
I'VE surely are in favor of having
change made in tax laws. and will
lend our support to further this end"
Low Uniform Rate Great Benefit.
Withdrawal OF deposits during as
| sessment week did not amount to
much with us, the converting funds
into municipal bonds had more effect.
However, as ex,county auditor, |
/ know the tax laws of the state are
bad, and if low uniform rate can be-
brought about 1t will be great bene-
fit TO all concerned "