Five Mile Beach weekly journal., 1914-02-27
Especial Correspondence

"a - I'll CAABoA - ~
cent and put it out of business en-
tirely, and her you would have Social
ism at your very door,
This was one of the statements given
with vigor by John o. H. Pitney of
Newark, a brother of Justice Pitney
OF the United States supreme court,
at the hearing before the senate COM
mittee on taxation. Mr.. Pitney was
a member of the commission appoint
ed by Governor Fort six years ago to
inquire into the subject of bank stock
taxation. He is opposed to the princi-
pie.
'If you tax bank stock at / per cent
you may tax it at 2 per cent or even
D per cent, and where would the mat
ter end?" he inquired. He insisted
that the assessment could be made so
large as to be prohibitive. IF the
state is to stand for such a principle.
there was no need to pass the seven
sisters law, for you could wipe out
the corporations by taxation" he de-
chred and then referred to the Stand
ard Oil company.
No Exemptions Are Allowed.
The hearing was on senate bill 176,
by Mr.. Pierce and was presented by
him with the sanction of Governor
Fielder, who wishes to see bank stock
assessed. William G. H~eppenheimer
of Jersey City, chairman of the legis-
lative committee of the New Jersey
Bankers association, spoke against
n change in the present bank stock
tax laws. He asserted that the bank
ers of the state are a unit in their dis
like for any interference with pres
ent conditions.
Willard G. Fisk of Jersey City,
sci for the State Bankers association,
maintained that the present laws al
low no special exemptions not permit
ted to other corporations or individu-
ais. The Buck act, he asserted, puts
the bank stock on a par with other
property, Mr.. Pierce interjected that
the present statute permits of a dou-
Z Bile exemption, as the stockholders may
make certain deductions and the bank
may also take off its nontaxable Sc
curities. Mr.. Fisk denied that this
was the practical working of the law.
He declared that the bills would penal
ize financial institutions by taxing the
surplus of a bank. The institutions
he thought would not increase the
surplus in order to escape the payment.
Mr.. Pierce said it had not worked that
way In New York, and the Jersey bill
is modelled after the New York statute.
Mr.. Fisk replied that a New York city
bank recently lowered its capital from
S 100000 to 100000 because Of its
assessment.
Oppose Liberia! Sunday Measures.
Under the direction of the Paterson
Ministerial association a mass meeting
was conducted in that city to protest
against the liberal" Sunday legisla-
ton now pending. The committee that
was named to report on the status of
the measures asserted that unless an
effective state wide protest was made
the advocates would be able to push
them through the legislature. Perma-
nent committees were appointed to ex-
ert every effort against the proposed
statutes.
While a display Of strength on the
economy and efficiency bills will not be
made for several days because Of the
rules that make the progress of the
laws glow, it is becoming more evident
every day that there will be strong OPP
position to the proposed consultations.
Governor Fielder Is back of the meas
ures, but a number of observers ex-
pect James r. Nugent, the Essex coun-
ty politician, to show his hand and
swing the balance of power with the
nine Essex members of the house.
Active Lobby Expected.
The fact that the Republican mem
bers of the commission were most ac-
tive in drafting the economy bills will
serve as In argument for those who
are anxious to see them defeated. The
most active lobby the state a seen in
years is expected to make its appear
ance against the changes. Friends Of
Governor Fielder are anxious about the
results as they do not want to see him
defeated.
"Seven Sisters Intellectual.
In a signed statement Assemblyman
Emerson L. Richards, leader of the Re-
publican minority. charges that the
antitrust laws fathered by President
Wilson as governor of New Jersey are
Intellectual and that the Democratic adj
ministration is not willing to enforce
the laws. These statutes are called the
''seven sisters" and the declaration of
Mr.. Richards follows his resolution of
last week to require the attorney gen.
eraI to take action against corporations
under them.
Formal comments IN the trend of
legislation are being made a feature of
the observation system of the G.. o. p.
representatives this year. and in this
latest announcement Mr.. Richards
aava. president Wilson Is temnera-