The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1915-08-07
As I'D BANK ASSESSMENTS.
statement OF n Banker I'm Which Il
Outlined Objections To- Assessments
and Equalization by State Tax Com
mission.
Editor The Daily Item.


mission, and you advise that the
bankers would not make the mistake
Of celebrating their victory premature
~ for as certain az anything could be
the fight Is just beginning. etc. Now
Mr. Editor. as a matter of fact. / am
not authorized to speak for any OF the
banks. however. i do not think there
will be any celebration among the
bankers, but they will feel very thank
fri to escape even temporarily what
they believe to be an unjust taxation.
You state that there Is an important
principle involved I'm this fight, and a
Greater general interest has not been
svinced In the litigation before, simply
because the rank and file OF the ordi-
nary tax payers has nos been informed
concerning the case. it's merits, etc.
AS a matter OF fact / would be safe
In saying Il Is the desire Of the Sum-
Ter banks that the public be informed
as far as they are concerned, and
the banks feel when the public Is in
formed that a sense of fair dealing
and justice will impel II to be on the
side OF the banks. You state that
the tax commission was created to
prevent tax dodging by the banks,
and the banks are fighting the COM
mission to escape payment Of taxes
they Justly should pay. 1 would like
20 know how you arrived at this con-
clusion. As a matter OF fact, the
banks In Sumter. formerly paid taxes
on n fifty per cent valuation both of
their capital and surplus. A few years
ago the county board being apprised
OF this fact. and OF the further fact
that the balance OF the property In
the county was assessed ut very much
lower per cent. decided to reduce the
banks assessment from fifty per cent.
to thirty-three and a-third on capital
and surplus. You state that the real
purpose Of creating the tax commits
sion was to equalize the assessments
of the banks and 10 require them to
pay their just proportion OF the taxes
AZ the act reads: BE Il enacted by
the general assembly OF the State of
South Carolina. that In order to effec-
lively carry into execution the eaui-
table assessment OF property for tax
alton. there u hereby created a COM
mission. etc" Now Il seems from
that. that the commission was ap-
pointed or created for the purpose set
forth In the act, and not for the pur-
pose of running down the banks and
corporations to- assess their property
st much higher per cent OF its val
.ue than other property In the State,
which being the case. Il does not seem
TO be fair for the tax commission 10
undertake to increase the valuation
OF banks and other corporations
property without at the same time in
ereasing all other taxable values i'm
the State In q like manner and pro-
portion. That Is common honesty,
which every man Is entitled to ask
for. and has reason to expect.
The constitution OF the State pro-
ivides that all property shall be equit-
ably assessed for taxation. and any
thing less than this should not be
tolerated by the citizens. as a just
weight and a fair measure Is what ev-
cry citizen OF this State. whether
they be identified with corporations
or not. Is entitled to II. Any act of the
legislature that il contrary to the con-
stitution Is wrong. yet II should be
respected until repealed. note YOU
say that the public mind Is setting
toward honest tax returns and fair
assessments. etc. Great Is the pity
that this has not always been the
case. by investigation you will and
that when the banks OF Sumter coun-
~ are assessed at thirty-three and a
third per cent. OF their capital and
surplus. that they are paying very
much higher rate OF assessment than
is ordinarily collected from the other
interests OF the county. The bulk of
the property In Sumter county aside
from that of corporations you will find
To be assessed at about 10 To 15 per
cent. OF Its actual value. am In ia
Nor OF assessing all property at it's ac-
tual value and making the rate such
that the tax problem will not he un-
necessarily burdensome. II you Will
take the trouble 20 go over the tax
books you will be convinced OF the
fact that the banks and other cor
porations In Sumter county. are not
tho tax dodgers On the other hand
In order to get a concrete case, look
at the tax returns for such property