| Show NO T AXON DEPOSITS BapkersEnter Objections to Glasmanns Bill WOULD DRIVE OUT CAPITAL i J J JI I Heads f of Leading Financial Institutions I Institu-tions Appear Before the Special Committee and Argue Against the Measure Say I AVould Destroy Confidence Between Banker and Depositor De-positor Other Ways of Raising B ovonue Glasmann Then Wanted l to Tax Loans Lots of talk barren of any other result than that of showing that the bankers of Salt Lake arc a unit against Glasmanns bill relating to the taxation of banks stocks deposits loans otc occurred lat night at tho meeting of the special committee appointed ap-pointed to consider It The banks were certainly well represented Those who appeared and talked to the committee were J E l Dooly W S McCornick George M Cannon M J Chccsman James Chlpman T R Jones Ellas A Smith and B H Schctller The chief point of opposition was against the assessment of deposits and the provision pro-vision permitting the Assessor to enter en-ter the banks for the purpose of discovering dis-covering who the depositors are George M Cannon said that tho bill would drive capital from the State Some depositors he said lived In other States and their deposits would not be subject to the taxation He contended too that the bill Ii in operation would destroy the confidence between the depositor de-positor and the hanker by compelling the banker to betray the depositors affairs I Tn response oa query Mr Cannon said that from 75 to 90 per cent of the depositors in Zlons Savings bank Were I Utah propertyowners and many of them were young people who are only earning a few dollars LIGHT ASSESSMENT OF GOODS Mr Dooly called attention to the fact that the assessed valuation merchandise In tho State was only about 5000000 and In this city about 2500000 and he safd that ha could name six stores the aggregate stocks of which were worth the lastnamed Hum He declared that the only things taxed to their full value were incorporated in-corporated and private banks reel dence property and small homestead He said that tho taxes on one of the bunks amounted to 22 per cent of Its net profits and Judge Smith added that for several years the tax on the Descret Savings ran from 30 to 40 percent per-cent of J tneL profits Speaker Glasmann complained that the stocks of the Salt Lake banks were not assessed at their market value bat at par while the tfirst National of Ogdens stock was assessed at its market value He asked what cinch the local bankers had on the Assessor Later Mr McCornlck contended that stock Should bo assessed at its par value because the increase was taxed In other ways Cflusmann finally asserted that he did jJSy waji jQljurl ihe banks but iyqn ted them to presentsoma means by which the depositors could bo reached Judge Smith replied that as soon as a bank divulged the names of Its depositors it might as well go out of business Glasmann then sajd the banks ought to be taxed about seveneighths of 1 per cent on the deposits to which suggestion sug-gestion Judge Smith replied that the Interest on derbslta would then have to be reduced in which event the deposits de-posits would be withdrawn because the money would not be worth the endeavor to save It SUGGESTIONS MADE Mr Dooly suggested that 0 better way to Increase the revenue would be to require a sworn statement from every taxpayer fts to his belongings and Mr Jones Joined In this idea l Ax ton advanced the proposition of providing pro-viding tax ferrets or back tax collectors col-lectors and In a fuibsciuent discussion of the en It I was stated that the revenue rev-enue of Ohio had been Increased one third by the system The tax ferret Is an unknown Individual whose business busi-ness It Is to flml property concealed from the Assessor In the general discussion Mr Chip man declaied that the bill as proposed would in certain Instances be n triple taxation it would tax a mortgage the money borrowed on It and the property prop-erty mortgaged mprtgafc fMr Dooly said that Salt Lake was an Important money center and would bo the clcariiiKhouse of the intermountain Inter-mountain region If lhe banks were not hampered Glasmann at this stage asked If tho Hankers would accept a compromise a tax of onehalf of 1 per cent on deposit Mr Dooly said no and declared that from 1 selfish business motive he would like to have the tax so that It would drIvE the Descret Savings depositors out of tho State and compel McCornick to mve to Idaho I JUDGE SMITH DISGUSTED Then Glasmann took another tack and offered a substitute for the deposit tax by proposing l tax of onehalf of 1 per cent on all loans secured or otherwise except when a man loaned his money Ino sum less than 500 He referred to the fact that this would reach the foreign loan companies doing I business In the State I At this juncture Judge Smith with a vehement expletive consigned Mr Glasmanps halt per cent to somewhere some-where and slamming the door departed I de-parted after having stated that the proposition was to add a half percent per-cent to the 3 per cent tax already paid by the home banks in order to get the foreign concerns on the taxroll From this point on the discussion was desultory and without result and finally everybody went home Besides those present views by letter let-ter arguing against the bill were received re-ceived from C S Burton of the State bank L S Hills of the Dcseret National Na-tional and Sam Park of the Bank of Commerce |
