Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-06-23
MARION BANKER
ELECTED HEAD
OF STATE ASSN
Andrew Smith of Indianapolis
Continues TO Hold Office
of Secretary.
sHIRK WINS LOVING CUP

twenty fifth annual convention today at
the Claypool Hotel
c. D. Billings Of Seymour was elected
vice president; Andrew Smith, Indian
apolis. was reelected secretary; Frank
Dale Thompson, Edinburg, was elected
treasurer, and Charles L. Zegler, South
Bend, was elected member of the coun-
ell OF administration.
A loving cup was awarded to J. W.
Shirk Of BrookviIle as the group chair
man reporting the greatest percenta ge
Of county organisations this year, his
showing being 100 per cent.
A number Of resolutions were adopt
ed. among them being the following:
One stating that in the judgment Of the
association there is no demand for bust
ness purposes in Indiana for the coin
age Of a two and one-haf cent piece,
twO-cent piece or a one-half-csnt piece;
that the coinage Of any such coins
would cause great Inconvenience and IN
troduce disorder in our own simple and
satisfactory coinage SYSTEM" that the
suggestion that we have Roosevelt
memorial coin appeals to the sentiment
of the American people who have such
high regard for the late Theodore RoOse-
welt, but the Nation certainly can show
the respect in which his memory is held
In a much better way than TO disrupt the
coinage system Of our country by in
5ecting coin which is not needed
A copy Of this resolution viii be sent
TO each Representative in Congress and
the two Senators from Indiana and to
the chairmen Of the two committees in the
House and Senate who have charge Of the
proposed legislation.
PLAN FIGHT
ON EANK ROBBERS.
The matter Of bank robberies was taken
up in a resolution which stated in part;
Resolved, that this convention endorse
the plan followed by the president and
secretary in raising the funds necessary
to prosecute the men who attempted to
rob the bank of Culver. We recommend
that the plan be followed during the
coming year whenever it is found neces-
sary to increase the protective fund for
the purpose Of bringing TO Justice those
who attempt to rob any Of our mem
bers"
The following resolution relative to the
recent death Of Volney 7. MalOtt was
adopted:
whereas, after a life Of more than
four score years, full Of great activity
and achievement, death has called from
our midst the dean of Indiana bankers,
Mr. VOlney T. Malott, be it therefore.
Resolved, That we acknowledge our
deep sense of loss in the passing of one
whose personality contributed so much
to the development of our great State
Endowed with unusual talents, his in
fuence in business and finance placed
him among the foremost men of his day
The memory of his gentle presence, wise
counsel and genial fellowship will abide
with us as the years pass on"
WANT CHANGE
IN TAX LAWS.
It was resolved that "in the interest
Of fairness, justice and equity the in
come tax laws affecting banks should
be amended and a tax levied upon the
banks according to their net profits, and
a form of report adopted that viii enable
banks to make such reports without the
necessity Of employing expert account
ants for such purpose. Under such re-
vised laws the banks should be given
credit and allowed a deduction for all
income taxes paid.
That the farmers of Indiana are the
largest single producers OF wealth in the
State was set forth in another resolution
adopted and which read as follows:
= Whereas, in the readjustment Of con-
ditions after the great World War the
prices of his products have been forced
down to a pre-war basis, faster than
many other commodities, thereby caus-
ing untold losses and hardship, be it
Resolved, that the members OF this
association study his needs with the ut
most care and extend to him every pos
sible aid in the adjustment of his affairs,
consistent with sound banking"
Following a short talk by Mead a.
Kelsey, Indianapolis, State secretary 0f
the Near East Relief, a resolution was
adopted approving the work and com
mending it to the sympathy and coopera-
ton of the people Of the State 1t was
resolved in the resolution that the United
States Senators from Indiana be asked
to support a suitable measure for the
protection Of Armenians and Christian
subjects Of Turkey.
Twenty two States have abandoned
the general property tax. They have pro-
vlded for the classification Of property
for taxation, while some Of the States
have also provided for the collection of
income taxes" said State Senator Win
field Miller. IN his address on 1.-The Fail
ure Of the General Property Tax" be
fore the bankers. Mr.. Miller's remarks
had reference TO the proposed amend
ments to the State Constitution which
viii be voted on this fall.
III these changes in tax methods were
confined to a few States" Mr.. Miller con
tinued, "or their action were Of recent
date, none Of them would be given as
examples of good results, with any de
gree OF uesuEduEt. buL the EtlULM Is upl
all recent nor confined to any par
ticular locality through the force of sud
denly required radical notions or pc
culfar local conditions. 1t is wide
spread, takes in the great Industrial
as well as many Of the distinctiyely agrl
cultural States, in their departure from
the general property tax. The story Of
the good results is the same, either for
a short or long period.
LARGER INCOME
FROM CHANGE.
II VIII present briefly five examples Of
the results of classification. Kentucky
changed its system in 1917. In that year
the bank deposits listed in that State
were SI1177, 1876, taxed at So cents on the
500, yielding a revenue of S61 ,474.5S. In
1919, two years later under the new sys
TEN. the deposits listed were S209,303, 034,
taxed at 10 cents on the 500, less than
one-ffth of the former rate, yielding in
taxes 500 36303. In twenty five years
under the general property tax the bank
deposits on the duplicates had risen only
from SS.OO0OO0 to 100000.
"SOuth Dakota in 1919 passed a money
and credits act which Ievies mills On
the dollar In 1918, the previous year,
under the general property tax and high
rate, only 9,524 persons listed moneys
and credits In 1919 under the classified
system 6S.593 persons listed moneys and
credits. The increase in revenue in 1919
at mills over that of 1918 al a much
higher rate was 314 per cent. The South