Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1914-03-26
COMEDIES
BANK TAX FIGURE
Agrees to ga of 1 Per Cent.
and Exemption of Banks
Properties.
IspeciaI to the Evening star

TRENTON, March 26.-All doubt
surrounding the result of yesterday
afternoons conference on the Pierce
bank tax bill was removed with the
statement that Governor Fielder had
| agreed to tax of q of 1 per cent. in
stead of l per cent, with the added
concession of exempting from taxation
the real estate owned by the banks.
/ Another concession will be made
today when the amendments come up
| for action in the House. These will
provide that 80 per cent. of the profits
of the bank tax shall be devoted to the
ratables and shall go direct to the
county budget. In this way the rev.
enue will be largely applied to the re-
lief of the various municipalities.
| The conference in the executive
chamber came shortly before p. m.
1t began with Naval officer Wittpenn
present, with Job II. Lippincott and
Assemblyman Branegan, besides the
| Governor. Shortly afterward Assem-
blyman Dobbins was dispatched for
Assemblyman Michael J. Quigley. He
attended as the representative of City
Counsel James r. Nugent, of Newark.
! Mr. Nugent was not in the State
House, but reached there soon after
ward
Concession by Governor.
This concession was made by the
Governor in this way when he said:
81 will agree to any reasonable
amendment of this kind. 1t Is not
out of accord with what the bill was
supposed to do. If the bill can be
made clearer in it's intent to utilize
| this revenue for the purpose of re-
ducing the budget the amendment
will be acceptable to me.
The Governors concessions are not
in line with the amendments which
| the Republican conference agreed
upon. They would exempt an amount
equal to the tax paid on real estate
from the bank tax. The Quigley
amendment will exempt the amount
| on the real estate holdings from the
| total to be assessed under the bank
tax.
Secretary Hermann explained the
! difference between the two PROPOSE
! tons in this way: Taking a bank
with a 100000 capital and $4,000 of
real estate holdings. Under this plan
| 1t would be taxed under the act $685.
! so. Under the Republican plan the
same bank would be taxed $3.50 under
the bank tax, get an allowance of
$500 which they paid on real estate
| locally, so that the amount collected
| lIlG DdIlh tdh NOhih NC why
! $3.50"
| After the conference both City
| COUNCIL James r. Nugent and Job H.
Lippincott alluded to the new amend
ments as a compromise. Governor
| Fielder denied they We're a compro-
mise and so did Naval officer Witt
penn at first. But the latter, when
pressed, said: ;There was undoubt-
eddy a compromise"
| Mr.. Nugents Statement.
City Counsel Nugent. later made the
| following statement:
cat q conference held yesterday in
| the Governors office, at which | was
represented by Assemblyman Quigley,
| the Governor agreed that all bank tax
| money which is apportioned to the
| counties under the bill. should be ap-
| piled direct to the county budget,
| thus assisting in lowering the local
tax rate. This is one of the i'm
| portant points for which I have been
. fighting in the drafting of a good
bank tax act. and is a distinct victory
for the Essex County Democratic or.
| ganization. In some other particulars
| in which the Governor has consented
| toga compromise bill. am not con-
| WINGED that he has obtained the best
| method possible.
1.-THE Governors compromise on the
| bank tax bill in other particulars is a
complete capltulation to the banking
| interests of the State. Tho scheme
which the Essex County Assembly
| men offered was to tax the bank
stock on the basis of one-half of 1
per cent. and give all the money to
the local taxing districts. The Gov
errors scheme to tax the banks
stocks on three-fourths of per cent,
after deduction has been made of
| the valuation of the real estate, will
compel the banks to pay less money
| than the scheme which was proposed
| by the Essex County Assembly dele
CATION, and is bill far more in the
| interests of the banks than any
scheme which has been proposed ex-
cept the one which has the indorse-
ment Of the Bankers Association
itself.
81 had hoped that the Legislature
would accept the fair proposition
which was urged by Essex County,
| and that the banks would be com
PEELED to pay a just share of their
taxes, and only just share. I find
however, that the Governor, from adj
| vocating an unfair tax upon banks
has assumed the position of not tax
ing banks enough. The Governors
compromise is, however, the only
plan which has any chance of sue
cess in the Legislature, and as II
does provide that the banks pay some
tax believe that it should be adopt
ed rather than that no law be passed
81 regret that the Governor did not
see fit to accept a measure which
would have compelled the banks tc
pay what they should have paid, and
/ regret, for the sake of the Demo-
cratic party, that a compromise has
been adopted which is so grossly dis
criminatorY in favor of the powerful