Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1909-09-15

pense of the public. but to see that the
business is conducted on approved,
correct and safe methods, and is
charged with no more than its fair
share OF the burdens of taxation insep-
arabic from the proper conduct of local
government. As to this matter of tax
alton the association has been able 10
secure such action on the part of the
taxing authorities as to ensure a more
reasonable rate as compared with the
average rate of assessment In the Ter
ritory prior to 1907 and has secured
such legislation as will enable the
banks to get redress when a f1agrantly
excessive valuation is sought to be
fastened on banks in defiance of the
provisions of the law, as we'll as of
equity and justice. In this matter of
taxation, the banks labor under
great disadvantage as compared with
other interests in the community: they
are compelled to make stated reports
of their condition, and in the case of
banks under the national system it is
a very dangerous matter to make those
reports other than strictly accurate,
as the penalty for false entries and
statements is by no means a dormant
weapon in the comptroller's arsenal.
From these reports, the book value of
their assets is easily computed, and
the levy whatever it may be, repre-
sents levy on the full valuation,
whereas with many other classes of
taxable property in the Territory it is
sometimes thought possible that, if
the rate of valuation is 40 per cent, the
return does not cover more than 80
per cent of the 40 per cent. 1t is be-
cause of this fact, that it frequently
happens that the banks at the same
nominal percentage of valuation with
such other classes of property, pay
a much larger actual percentage be-
cause of the superior facilities furnish
ed the taxing and assessing authorities
by reports, which are not eXacted in
any such strictness, and under such
penalties in the case of any other class
of property.
The banking interests as we'll as the
people at large, find themselves con-
fronted with a vast number of financial
problems and propositions the interest
in which has been intensified by the
unpleasant experiences of the panic
period of 1907, Among these are the
guarantee of deposits, which played
quite prominent part in the last
presidential campaign; the postal say.
ings bank; the emergency currency
act and the promised legislation for
rounded and complete financial enact
ments as a result of the researches,
and studies of the Congressional mon
etary commission. do not propose to
weary you with lengthy dissertation
on any or all of the problems, The es.
says, addresses, treatises, speeches
and books yon these and kindred mat
ters are legion, and the mere recon
element of their diverse and antag,
onistic proposals with view to ex.
tract a practical and workable min,
imum of agreement, involves the waste
of an immense amount of brain tissue
which none but a financial expert could
spare. l doubt not that you have all
more or less, perused there financial
brochures, and possibly in some cases
your ideas after such perusal were
more dense and hazy than before. II
is almost compulsory, however, on al
occasion of this kind that at least
some slight reference should be hat
to these subjects as they vitality affect
the interests of the banking commun
ity for good or evil, and are of still
greater interest to the commercial anC
business classes and to the investor
who depends on his income alone. i
is necessary that some thought and at
tention be given to these topics so tha
we may be able to form our views ant
ideas thereon, and give clear and logi
cal expression to them pending the
coming Of actual legislation concern
I ing them, which is likely to be withir
a year or two. 1t is unfortunate tha
on these measures, there is not great
er unanimity among the bankers ant
financiers, for, if they We're in reason
ably full accord in knowing just wha
J they wanted, that alone would go fal
to secure the needed law. 1t is quite
manifest that here as in all othel
directions in practical business life
there will have to be compromise, ant
we shall all have to abate somewha
from our ideal standards to brin&
about the enactment of any remedia
legislation whatever, and not to have
this certainly would be a great mis-
fortune, for although we are not al
in harmony as to the best and mos
efficient remedy, the greater number
| think, are in substantial agreemen
that the present currency system is al
together bad and sadly in need of re
formation. The experience of othel
: countries is conclusive that O. better
| system can be devised suitable to ou,
needs and put into operation here