The Wilson times. [volume] (Wilson, N.C.) 1896-19??, 1911-01-06
Gov. KTCHINS MESSAGE TODAY
Wants Near Aboshedax Assessments Increased and
Increased Appropriations For Health Department,
Schools Soldiers and Charity

ty, judgment and courage. lnequaH
ties in valuation are less defensibie
than inadequte valuations. 1t is be
lieved that with the property of the
State, real and personal, individual
and corporate, assessed at it's true.
value the revenues of the State Will
be amply sufficient to pay all proper
expenses of an. economic adm1nlstra-
ton and interest ON the public debt,
and the States work in all branches |
will go forward with increasing ra-
pidity. I commend to your careful
consideration the reports and recon- |
mendations of the State Tax Com
mission. and the State Treasurer.
There is some complaint that cot
ton mills and other industrial corpo-
rations pay their taxes directly and
the shareholders pay no taxes on
their shares, while the banks pay tax
es ONLY on their real estate, leaving
the shareholders to pay the taxes on
all other bank values, the bank,
/ however. paying to the State the
State taxes assessed against the
shareholders. I deem it not inappro-
pirate to call attention to the fea
son which controlled former leglsla-
lures in establishing and maintaining
this difference. The State can not
fax National bank capital, but the
Federal law permits real estate owned
= by national banks to be taxed anu
also permits State to tax the shares
in national bank held by any per-
son in the same manner and at the
i same rate as shares OF State banks
are taxed. Since a State can not tax
the capital stock of a national bank
but can only tax the shares In ths
hands of the owner, and that, TOO
only as shares in State banks are
: taxed, our legislatures were compeI-
/ i ed to tax the shares in the banks OF
: shareholders of State banks in order
l TO reach the investments in national
banks. AS banks are in the towns
: and cities and as the average tax rate
g in the towns and cities exceed per
0 cent it is manifest that if the State
y were to tax the capital stock OF
d State bank when it cannot so tax the
: capital stock of a national bank, every
d State bank that could do so woulo
r at the earliest possible moment be
r transformed into a national bank az
t. State banks could not be expected
e tn compete with banks having 81
/ great an advantage over them II
g capital stock exemption. The sam'
d result would follow if the State
IL should retain it's present system o
@ taxing the bank shareholders, which
s It can retain as to both State AM
national banks, and then also ta-
the capital stock of a State bank l
IT can not so tax the capital stock
a. national bank. This would be sue
q manifest, though unavoidable dis
% crimination that the public conscienc
9 would revolt and State bank coul
n escape it only by surrendering 1t
g charter and becoming a nationa
r bank, and the State would thereD
a. lose it's expected increase in revenue
~ These are the practical, inevitabl
10 results which would follow the sy'
n tenn of doubly taxing the capital IL
N. vested in banks, that is of taxing tn
IN corporation on it's capital and ais
do taxing the shares in the hands of il
Sc dividua1s.
in Health.
ON The health of the people is essel
te. tial to progress. Disease not only d
ty stroys the usefulness and consume
Dr. the substance of its victims, but take
Id the time and taxes the happiness
DO, his family, and diminishes the enere
0,- devoted to personal and public we
at fare. The public good depends
ed large measure upon the masse
M many Of yhom are not 50 well i
nd formed as to recognize the need OF
ill physician nor able to secure h:s Sc
as vices-and yet we are advised
~ those learned In such matters tn
Sc Continued on Page Four.)