The people's voice. [volume] (Helena, Mont.) 1939-1969, 1960-04-15
FRANKLY SPEAKING

VI
| Helena banks. which carry interest
free deposits of state funds varying
from eight TO ten million dollars, are
the First National and the Unior
Bank and Trust.
According to the records of Harriet
Munger, Treasurer of Lewis & CLARK
county, the First National paid $780,.
556.12 in taxes in 1856. This was
for a building valued at $259,215
and the lumped-together moneys of
$1,154,073. The 80 per cent assess
ment brought the building to SIT, 765
and the money to $346.222. The
1870 mill levy in effect at that
time made the taxes on the building
$11, 097.06 and the taxes on the
money $49,405.88. There was a spec
ial city tax of $53.18.
Contrast those figures with the
taxes paid in 1859. The capitalization
plus the undivided profits and re-
serves amounted to $524,605. The
building $259,215. At the 80 per
cent assessment the capitalization
brought $28,004.2O in taxes. and the
building $13,837.5O because of the
new mill levy of 177.94. The surplus
of $850,000 was assessed at seven
per cent making the taxable value of
the surplus $4,000 which brought in
$10,587.43 in tax income. (This is
contrary to my understanding of the
law. Only $524,605 of this amount
should have been assessed at seven
per cent. The remainder should have
been assessed at 80 per cent? A city
special levy of $34.67 brought the
total tax paid to $52,463.81. Thus
one years loss of tax from one bank
is $8,O92.31. Three years have passed.
The Union Bank pays a tax on
and fixtures which is not
noted on the First National ledger.
These fixtures amounted to $4,000
in 1856 and brought tax of $570.80
when the levy was fixed at 1870
mills. The building was valued at
$4,000 and brought So, taxes.
The capitalization of $1,128,495
taxes in the amount of $48,-
310.80. The straight across 80 per
cent assessment plus city special
:otaled $52,O33.O4 taxes paid by the
Union Bank in 1856.
In 1859 the total tax, thanks to
he Bankers Relief Act principally,
vas $26, Os9.3O. The fixtures valued
1t $4,000 brought taxes in the
mount of $711.76 because the mill
evy was 177.94. Union Banks capt.
alization of $222,955 brought SILL
'O1.7O in. taxes. The $4,000 building |
esulted in tax of $3,896.88. The
urplus of $75O,OOO at seven per
ent valuation brought $9,341.85.
Again contrary to my concept of the
aw. Only $222,955 should have been
flowed assessment at the seven per
ent rate.) A city special of $237.28
rought the total to $26,089.30. The
oss of taxes as a result of the 1857
ankers relief act from the Union
tank to Lewis & Clark County in
he year 1859 amounts to SIS, 943.74.
md three years have passed.
One hundred thousand dollars have
tipped through the fingers of this
ounty since passage of the relief
ct. The difference was made up by
Their taxpayers because the cost of
,hools and other governmental func-
ons go on anyway. Can you see who
ut up the money for the extensive
ank building program in the Capital
ity? The Montana Bankers AssQcia-
on certainly received their moneys
-orth when they hired their 1857
ybbyists.
A more complete picture of the
bank shocker'' will be seen when the
gures come from Minneapolis COW
ring federally chartered banks.