The Marion daily mirror. (Marion, Ohio) 1892-1912, 1908-09-08

the list Of May. / think every banker
knows that It is the tax laws that
makes this shrinkage"
There was al least $4,000 with
held or withdrawn on account Of this
annual event. AS a great many peo.
pie forget the aVact time when prop.
erty is to he listed for taxation, would
estimate that there would be great
deal more withdrawn II they thought
of II in time"
IL feel that we should make spe-
cial effort to get law Of this nature
through, and / am willing to render
any assistance possible"
Il can't say that we have had such
Withdrawals this year. Some years
ago we had such Withdrawals amount
ing TO considerable sum, but about
four or five years ago a tax inquisitor
worked our county and he worked 1t
hard, since which time large amount
OF money has been withdrawn from
banks and called In on mortgage
loans and invested in county and mu-
nicipal bonds, tax exempt In our i'm
mediate vicinity | think S500,000 has
been so invested as a direct result
OF this, iuquisitor's work"
THE week preceding assessment
week We lost from $4,000 to $4,000,
which went in non-taxable STUFF,
T'at Is the thing that hurts most in
orr place. At dividend periods on
ruch stocks the dividend checks al
most smother u.s."
ms ncrr as we arc able TO give IL,
wc believe about $4,000 was with.
drawn TO ayoil taxation. In addition
TO MS wc sold about 100000 non-tax'
able bo11s, part of which amount was
raid in cash and checks on othnr
banks.
Livery year we expect large
ahyllIage in deposits ut this time,
cGd IT, appears TO me that 1t is becom.
ing gIoatcr every year"
our largest deEositor temporarily
withdrew $4,000 10 avoid returning
il for tayatlon. A large amount OF
money that would otherwise be de-
posted IN this bank is now being de-
posted In Pittsburg and other cities,
with the view Of concealing II from
lax nQuisiiors. Many Of our depos
itors and citizens have frankly told
us CT such deposits, and the number
that are absolutely secretive about
such information must he very large.
Our local rate Of taxation is over
per cent. so you can see that II Is
serious matter in this community.
"Wc consider the tax rate on money
IL extremely unfair for the reason
that In community Of this sort II
tends to drive capital ont for invest.
ment into communities where the tax
rate Is much lower.
"We are heartily in favor OF your
efforts to secure uniform rate on
money and securities. the same for
the whole state as we understand Is
now levied In the state of Pennsyl-
vanla. From a range as high as ia
TO | per cent would be very accepta.
BILE To us, and | feel that the income
to the state and municipalities would
be vastly Increased If such rate
could be established
"We have found the Nat tax rate
on money deposited In banks very
detrimental TO the banking business,
and believe that moderate rate
would materially bcneht not only the
banks, but the state and counties as
we'll.
1T is impossible to say just how
much money is withdrawn from the
bank during assessment week, but we
have always noticed a considerable
decline In deposits about that time
every year, and TO the writer's per-
sonal knowledge will say that It
amounted TO at least $4,000 this
year"
1--WE lost at least $4,000 that we
could trace, and there Is more. be-
cause all the business men checked
their accounts to practically nothing
and II is hard to tell just how much
was checked out directly.
1T is the worst condition that we
nave to contend with. and with us It
has been getting worse each year.
We are glad to give You this informa-
lion, and would he glad to know the
result Of your inquiry
'"Something over $4,000 was with
drawn from this bank on account of
assessment week. Some change in
our present tax laws is very desir-
able"
"Our deposits were reduced about
$1,000 between April Sth and 18th,
or about per cent of the total,
"Ifwish TO say in this connection
that we are in entire sympathy with
the effort to have the constitution
changed from our present system to
the unIform rate system OF taxation"