Report of the Hearing Before the Committee on Expenditures, on the Subject of Increasing the Tax on Savings Banks (Google eBook)

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1871 - Savings banks - 71 pages
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Page 6 - the polls and any portion of the estates of persons who by reason of age, infirmity, and poverty are in the judgment of the assessors unable to contribute fully towards the public charges,
Page 29 - Savings-banks are spreading rapidly through Scotland ; and we expect soon to hear the like good tidings from England, where such an institution is of still greater importance. It would be difficult, we fear, to convince either the people or their rulers that such an event is of far more importance, and far more likely to increase the happiness, and even the greatness of the nation, than the most brilliant success of its arms, or the most stupendous improvements of its trade or its agriculture. And...
Page 6 - The personal property of literary, benevolent, charitable, and scientific institutions, incorporated within this commonwealth, and the real estate belonging to such institutions, occupied by them or their officers for the purposes for which they were incorporated.1 Fourth.
Page 6 - The property, to the amount of $500, of a widow or unmarried female, and of any female minor, whose father is deceased, if her whole estate, real and personal, not otherwise exempted from taxation, does not exceed in value the sum of $1.000.
Page 3 - The rate of taxation on deposits in these institutions is only about one-half the average rate of the State. Owing to the great changes in our financial affairs, the drift of these institutions is to become ordinary money corporations, and it is questionable whether such a great relief from the public burdens is longer justifiable. An increase of the tax would also tend to check the establishment of new banks where there are enough already for the accommodation of the public.
Page 23 - ordinary money corporations." The proper function of a Savings Bank is "to afford to persons whose time and attention are otherwise occupied...
Page 31 - ... invested in local securities alone. Nor should we lose sight of the character in which savings banks are thus revealed as a sort of a co-operative union of the industrial classes. Their savings aggregated as capital, minister to these public enterprises ; but these public enterprises demand laborers for their prosecution, and thus return to labor in the form of wages what they have borrowed from it in the form of capital. The laborers get better wages for the facility with which, through savings...
Page 49 - ... the country have been in excess of those of almost any former year, in New York to the extent of about $40,000,000, and in Massachusetts to nearly $24,000,000. It is obvious, therefore, on the very face of this statement, to use the words of the Governor of Massachusetts in his recent message, " that a large share of this increase is not the savings of labor," and that " each year shows more deposits by capitalists.
Page 3 - ... enlarging the amount of deposits which may be made by any one person. I can perceive no possible harm to the public in such an increase, but, on the contrary, much deception would be avoided if depositors be permitted to place considerable amounts in banks convenient to their places of residence. The rate of taxation on deposits in these institutions is only about one-half the average rate of the State. Owing to the great changes in our financial affairs, the drift of these institutions is to...

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