Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06

income tax, or measured by income
tax method, with the result that
in the past ten years the total tax
Of national banks has been reduced
from SIS, 376,000 in 1922 to $4,000, 600
in 1892, Notwithstanding the fact
that during such period the total
capital and surplus of such banks
increased from S2,356, 427 900 to ST.
1913 400, 900, and thus during a period
when taxes have increased upon
all other forms Of property and for
all other persons, banks have secur-
ed reductions; and
Whereas, in March, 1927, the
Supreme Court Of the United States
held bank taxes in Minnesota to
the amount Of approximately ST.
100000 void because the rate was
higher than the rate on moneys
and credits and the legislature at
once established the Bank Tax
Commission Of Minnesota for the
purpose Of obtaining such an
amendment to the federal law as
would permit this and other states
to tax bank stock upon it's value
as other property is taxed; said
Commission has in all practicable
ways endeavored to secure such
amendment by enlisting the CO.
operation Of all other states and
other taxing officials, by appearing
before committees of the Senate
and House of Representatives Of
Congress Of the United States, by
attending national tax conference,
by correspondence with tax officials
Of all other states and by confer
ences with them and otherwise;
and
Whereas, Through the efforts Of
the said Commission and the tax
officials Of other states bills have
been introduced at every session
Of congress providing for the neces-
sary amendments to said federal
act, and by reason of the lobby
maintained by the American Bank
erS Association, all efforts to obtain
such legislation have been unsuc-
cessful; however, in June 1884, the
Banking and Currency Committee
Of the House Of Representatives re-
ported favorably upon q bill in
troduced by Mr.. Steagan, chairman
Of said comnlitte which bill would
grant to the states all the relief
required Said report Is an unan-
swerable argument in favor Of re-
storing to the states the power to
tax bank shares upon an equitable
basis, the same as they were taxed
for nearly 60 years; and
Whereas, Bills identical with the
so-called Steagall bill have been
introduced, and Representative
Steagall has stated he will re-intro-
duce the so-called Steagall bill and
aggressively urge its passage in the
present session Of the Congress OF
the United States, provided he IS
given proper support from the vari-
GUS states, and it is Of the utmost
importance that all Of the states
join in an effort to secure the pass
age thereof;
Now, therefore, be 1t resolved BY
the Legislature of the State Of
Minnesota, that the Congress Of the
United States, the President Of the
United States are hereby respect
fully and earnestly urged to 50
amend Section 5219 R. S. U. S., that
the states may tax the shares Of
national banks upon the ad valorem
basis with no other limitation there
Of, except that the rate be not
greater than the rate imposed upon
the shares Of state banks;
Be it further resolved, That all
Of the United States are hereby
earnestly urged and requested to
adopt resolutions similar to this
resolution memorializing Congress
and the President of the United
States to pass such legislation and
to cooperate with the State Of
Minnesota for the purpose Of secur-
ing the enactment Of such legis-
lation until the same is secured;
Be it further resolved, That the
Secretary of State of Minnesota Is
authorized and requested to send
copies Of this resolution to the
President of the United States, Vice
President Of he United States,
Speaker Of the House of Represen-
tatives of the United States, and to
each member Of the House of Rep
resentatives from the State Of Min
nesota, also to send duly anthem
ticated copy hereof to the presiding
officer Of each House of the Leg
islature of all the states Of the
Union, and to the chairman Of the
tax committees Of each House
thereof.