The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1921-09-21
CITY BANKERS
UNAFFECTED BY
NEWTAx PROBE


Rock Island bankers are unan-
fmous in re4nsing TO take seriously
Springfield dispatches that the
state tax commission is to begin a
campaign against tax lodging and
will begin by investigating the
banks.
The statements attributed to
Chairman Percy b. Coffin, of the
commission, who declared that
statistics show that the banking
interests have been fragrant in
vaders of the tax laws" and that
the commission with not hesitate to
order re-ass essments of all proper
t. or any class of property, il, in
its Judgment assessments have
been unequslly spread" are not con-
sidered to have any bearing upon
the tax returns as made by the
banks of Rock Island county.
Rock Island county was one of
the 25 counties in Illinois whose
boards OF review were asked to sub
NIT copies of the 1921 assessments
so far as the assessment affected
the banks.
The communication was answer
ed by County Treasurer George H.
Richmond, who informed the state
tax commission that the Rock Is
land county board of review had
completed its work in accordance
with the law which specifies that if
boards of review do not finish their
labors by the second Monday in
September they are to receive no
compensation after that date.
He called the attention of the
commission in his letter to the
fact that the assessors in this coun-
ty In making their assessment had
followed the rule laid down by the
tax commission to the effect that
banks shall pay taxes on their cap
ital stock, surplus and undivided
profits, less the assessed value of
real estate and personal property.
Uniform Assessment
Mr.. Richmond said that in this
\ county the requirements of the
state tax commission regarding the
taxation of banking institutions
had been fully complied with. He
stated that in some counties there
is a lack of uniformity in assessing
banks, but that such is not the case
here, and that the assessments
made In this county were spread in
accordance with the tax commits
sion's rules.
The president of a Rock Island
bank reflected sentiment of bank
ers here, when he said this morn
ing: mo banks in this county have
violated any law whatsoever in
making their tax returns. All banks
pay taxes on the book value of their
stock-that is, they pay taxes On
their capital stock, their surplus,
and their undivided profits, less any
amount which is assessed separate
~ as for instance real estate.
'NThe banks of Rock Island coun-
ty, and indeed throughout the state
of Illinois, are paying more taxes
annually, in proportion to what
they own, than the average corpora
alton or individual If boards of
equalization assessed other corpor-
atoms or individuals on the same
basis used in assessing the banks
the amount realized from taxation
would be vastly increased. Instead
Of banks being fragrant evaders Of
state laws, the fact is, that in com
parison to corporations and fndi-
viduals, the banks are, and have
been for a long time, oVertaxed.
Court Investigation.
Banks of Rock Island county
court investigation of this alleged
charge Our returns are frequent
ly made, and we feturn everything
that we have, not only that which IS
tangible-as is2fhe case with the or
binary corporation Our sworn
statements are public property,
which is not the case with corpor
atoms We are willing to go to the
bat anytime with the state tax com
mission ON the charge of evading
state laws
One bankers comment Was, It.s
all politics." Another said, cit
seems to me that Governor Small's
last name about expresses his cal
her My only regret is, that in his
DOWNFALL he may drag the Repub-
hean party in the state down with
him."
Puzzles Bankers,
Generally speaking, local bank
els seem puzzled as to the real mo-
tive behind the reported utterance
Of Chairman Coffin. Some ex-
pressed belief that the launching
OF such a campaign against the
banks of the state will be found
to have some bearing upon the
criminal cases now pending against
the governor.