Year: 1868

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II would hardly be supposed that 80 dry


u uoeument would furnish some of the most


interesting material for the philanthropist


1s wen as ths economist But IL appears


nom TINS the people are quite disposed TO
MAKE the best OF their circumstances. The
Savings Banks exhibit the coalition of that
numerous class which depends on daily 10.
Dor and small savings. The profits OF cap
,taiists do not appear here. It will doubt
less strike many with surprise to learn that
tue increase OF deposits i'm these banks fot
.he last year is over million and q half.
ihis confirms the opinion venturcd a year
ago. that there is more OF private property
now than before the war The debt has
been transferred from private citizens to
public treasures. This is by no means the
most distressing form of debt. These
banks also hold for the benefit of those fruc.
al dcpositors, United States bonds to the
amount OF over million and quarter; 90
that larg &c capitalists are not the only ones Who
have advantage OF the exemption of Gov.
crnrueni securities from tax. Bu; the most
remarkable iact which appears is. that the
sum at this moment invested in our Savings
Bank alone is considerably more than the
whole amount OF our public State debt.
These facts. and the inferences and aucur-
les from them, furnish most agreeable re.
liet TO our cogitations on the industrial and
financial state OF the country. As the In.
bors of the Bank Commissioners will prob
ably be much reduced within the coming
year. it might be well 10 charge them with
the duties also Of Insurance Commissioners.
for which there now seems to be q demand.
A most remarkable Misrepresentation ap.
pears to exist in some quarters in regard to
the Law by which the stock of National
Banks is now taxed for the benefit OF the
towns wbei the banks are located. Many
suppose that this is by virtue OF an act pass
cd at the last session of cur Legislature. and
even hold the executive personally respon.
sible for all these present evils. The petit
ton in circulation for the repeal OF this law
seems to rake 10 for granted that this action
would reverse the present system.


It's we'll perhaps g sci forth the facts of
this matter IN few plain words IL, The
main object and intent Of the Law Of last
winter was to secure the tax on National
Bank stock for the benefit OF the towns
where the stockholders reside; I'd. by the
the last section of this act the ques estion of
its oonstitutionality was submitted to tho
Supreme Court Of this State, and a majority
of the Court decided that the provisions Of
the act were not in accordance with the laws
Of the United States. Hence those provisions
are dead letter and need not be repeated.
and the remaining sections being but Q
re reaffitmation of the United States law, il
would be of no immediate avail to repeal
81. The present state Of things is due to
law Of Congress which explicitly declares
that the stock OF National Banks shall be
taxed where The banks are located, and OF
elsewhere. 4th. The real remedy for US is
in the Congress Of the United States, and
not in the Legislature OF this State. This
Is no. The place for an argument on either
side OF the question. Whatever may be
said OF the soundness o. the general prin-
cipie that property must be taxed where il
is found in order to secure any tax at all,
it is true that the present ia~ Of the United
States operates TO the disadvantage OF the
smaller towns, transferring a portion
of their taxable valuation Tn that of :hs
larger IL is not a little remarkable how
ever that the provision Itself grew out OF
the relations OF eastern capitalists with
western banks. so that N this case the
relative advantages OF city and country are
quite the ruvers- Of those which result from
tie operations OF the law within our own
State We might perhaps IN view OF the
probable action OF Congress in this matter
rspea! The lrs4 a,snf OF tho Law which now
remains on our statute book. so ~ TO leave
Tho matter entirely clear for n different
system, and avoid the necessity Of submilt-
ing th e remaining section to the court.


The report OF the committee on the as
sumption OF the municipal war debt will show
how unequally that burden has been borne.
Their facts arguments, and conclus ion, seem
to me IRRESISTIBLE. Nor do | see a more
equitable or practicable basis than that upon
which tbey recommend q reimbursement to
the municipalities, namely, 500 To each
man furnished for three years service. This
seems to avoid most oil the difficulties which
have always arisen when the question Of a
Just equalization has been discussed The
striking difference among our several cities
and towns IN the relative per eentage OF pop.
ula ION and wealth show how severe the
drain has been upon towns which had TO
furnish both men and money on basis OF


population only. OF our 5i2 municipalities,
I 81 have more than bali tho valuation OF the
/ State while they show considerably Ices


than 4 third OF the population. Hence il


cost some OF our towns more than SIX times
as much IN proportion to their means TO
send a man to the field. as IL did some OF
our cities. The plan now proposed should
not involve any antagouIsm between our
cities, and our smaller towns. To be sure
IL requires the cities To divide the profits Of
their cheaper furnishing Of men. bot this
is only a fair adjustment when we consider
thai this cheaper rate Tor The cities was prac-


Iically at the expense OF the towns This
assumption does not add dollar 10 our real
indsbteness. but transfers IL, lifting bur-


den from The people under which they are
/ depressed ard discouraged, and patting il
/ into a general debt which the State as o


whole Is better able to bear The amount
I proposed Is only one third Of the actual
municipal debt but il IS understood that this
is the final adjustment as Ear 80 the Stale 10
concerned. This reimbursement and the
means by which IL shall be made is a subject
which Gill reOuiro Vnur caroful eouss1era-