The Greenville journal. [volume] (Greenville, Ohio) 1850-1918, 1908-06-25
MONEY WITHDRAWN
Tax Laws Fully Enforced Would Drive
All LoanabIe Funds Out Of ohio
During Assessment Week.

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A letter was recently addressed to
all bankers in Ohio requesting them
to say, confidentially, how much
money was withdrawn from their
bank during tax assessment week TO
avoid taxation.
Replies were received from 10
banks. 101 of which reported with
draWals, only reporting that they did
not detect any Withdrawals on account
of assessment day
The aggregate Withdrawals reported
by 101 banks are $4,166,S25. An aver
age of $41,25569. At the rate Of this
average the aggregate Withdrawals
for all the banks in the state would
have reached the enormous amount ct
3416. 6.6S2, ,469.
If 1t 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would have been withdrawn from the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 busi-
ness transactions and creating panic
of the first magnitude. The banks
never hold money enough to pay all
depositors 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 nom .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 a 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 $3S on the thousand
and interest rate about to 6 per
cent"
I'VE feel confident that not very
much money deposited in our bank is
returned for taxes, as our tax rate Is
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, however, have reason for it,
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.
l don't blame them for it, taxes S34,8O
per thousand makes the loaning of
money where the assessors can reach
1t prohibitive | believe a law which
would put fiat rate for personal
property, such as you refer to, would
be great benefit to the state
Tax Laws Make Liars.
Our present laws ale making liars
out of nine-tenths Of our people, and
eighttenths of these people would
welcome law placing intangible prop
erty on basis with the tax valuation
of real estate in proportion to its sell
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
been preaching it for years, and your
statistics go to prove my assertions.
I wish you success"
"On looking the matter up find
that our deposits made no change dur
ing assessment week; but our people
are as big liars as the rest of the citi-
gems of Ohio, for there are very,
very few who 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 it will be great bene-
fit to all concerned"