Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1937-05-06
velopment of this great waterway;

Whereas, this project has been
under scrutiny and analysis by
Boards composed of the members
of the Corps of United States Army
Engineers, Economic Investigators
of the Department of Commerce,
the International Joint Commits
sion, the United States st. Law
renee Commission and many other
groups over long period of years
and has had the approval of four
Presidents Of the United States;
and
Whereas, the International Joint
Commission found that without
considering the probability of new
traffic created by the opening of
the water route to the seaboard,
there existed between the region
economically tributary to the Great
Lakes and oversee points, as well
as between the same region and
the Atlantic and Pacific seaboards,
a volume of outbound and inbound
trade that might reasonably be eX-
pected to seek this route sufficient
to justify the expense involved in
its improvement; and
WHEREAS, the United States
Great Lakes-St. Lawrence Com
mission found the construction of
this shipway from the Great Lakes
to the sea to be imperative both
for the relief and for the develop
ment of vast area in the interior
Of the continent; and
Whereas, the building Of this
seaway, by affording easy and
cheap communication to and from
the interior Of the continent, would
be the greatest farm relief measure
ever passed;
Now, therefore, be it resolved by
the House Of Representatives and
the Senate concurring, that the
State of Minnesota memorialiZe the
President Of the United States to
resubmit the Treaty with Canada
for the development Of the st.
Lawrence River, and the Senate of
the United States, now in session,
to promptly ratify said Treaty
when submitted; and
Be 1t further resolved, that the
Governor of this state Is hereby
requested to forthwith transmit TO
tho Senate Of the United States a
properly authenticated copy Of this
Joint Resolution of the House Of
Representative and the Senate Of
the State of Minnesota.
Approved February "a, 1887.
RESOLUTION No. SIS. F. No. 901.
A JOINT RESOLUTION memorial
izing the President and Congress
of the United States to Amend
the Federal Law SO as to Permit
the States to Tax National Banks
upon a Fair and Equitable Basis
and Requesting the States to Join
in a Similar Memorial.
Whereas, The several states are
prohibited from taxing the property,
income or shares Of national banks
except in the precise method pres
cribed by Congress (Section 52l9
R. S. U. s.; and
Whereas, From 1866 to 1923 the
only method by which Congress au-
thorized the states to tax national
banks was to tax upon their shares
and during such period such shares
were taxed by the state at the prop
erty rate, upon the same basis as
the property Of the farmer, mer-
chant, manufacturer and home
owner, thereby securing equality Of
the burden Of taxation among all
property owners; and
Whereas, Said Federal Statute
provided that the rate of such tax
should not exceed the rate i'm
posed by the state upon other
moneyed capital in the hands of
individual citizens Of the states in
vested in notes, bonds and other
evidences of debt (money and cred
its) coming into competition with
the business of banking; and
Whereas, Beginning in 1921 and
continuing down to the present
time there have been rendered
various decisions Of the United
States Supreme Court and other
federal and state courts, constituting
the above limitation, the effect Of
which decisions has been to practi-
cally destroy the power of the states
to tax the shares of national banks,
it being manifestly impossible to
classify such investments into those
competing and those not competing
with the business Of national banks.
1t is also clearly evident that there
is no similarity or relationship be-
tween shares in national bank
which have a right to share in the
profits Of a going business arising
from the income from all the de-
posts in the bank as we'll as the
capital invested on shares, and also
to share in the income received
from other activities of such banks
and a debt evidenced by note or
bond, the income from which is
limited to the interest provided
therein. 1t is absurd to claim that
for purposes of taxation such
wholly different types of property
should be treated precisely alike;
and
Whereas, Although the federal act
in form permits states to tax the
net incomes of banks or to levy a
tax measured by or according to
such net income, such method is
entirely and wholly unjust, inequit-
able and inadequate. Because first,
when such method is used by
state it is j. lieu of all other forms
of taxation. Second, any such bank
is entirely tax free unless it makes
a net profit, whereas all other per-
sons, owners Of property must
pay a tax whether they make a
profit or loss. This places the ma