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State Taxation of National Banks; Hearings Before the Committee on Banking and Currency, House of Representatives, on H.R. 9579 to Amend Section 5219

State Taxation of National Banks; Hearings Before the Committee on Banking and Currency, House of Representatives, on H.R. 9579 to Amend Section 5219

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1922 edition. Excerpt: ... now. Is not the tendency all toward State charters in New York State? Mr. Wingo. If we say we should remit them to a rule that they should submit to the same taxes as State banks do, do you think Mr. Dupuis (interposing). State banks may have paid, you mean? They do now in Ohio. Mr. Wingo. Remit them to the same taxation that State banking corporations have to pay; do you think that would induce them to surrender their national charter and take out a State charter? Mr. Dupuis. It would tend to do that. Mr. Stevenson. Why? Because there are more privileges under the State charter than under the national charter, and if there is no advantage in having a national charter they will surrender that and take the State charter; is that your opinion? Mr. Dupuis. Exactly. Mr. Wingo. Do you think the Federal Government ought to give national banks special privilege over State banks; you believe that? Mr. Dupuis. I do not. I think the reverse is true now. Unless there is something to offset it you will have no national banks, no Federal system, and no Federal reserve system. and the Iord help us from that. Mr. Wingo. Why are your State banks in Ohio standing all the excessive burdens there and which national bankers are afraid of? Mr. Dupuis. They are not standing anything we are afraid of. Mr. Wingo. And yet they do not go into the Federal reserve system. Just what is wrong? Mr. Dupuis. Just what is wrong? Why, they want more liberal powers. I do not like your question, the way you put the question. They are not standing any excessive taxes, in the first place. Mr. Wingo. My question is one seeking information--it is not argumentative. Just why do your State bankers stay out of the Federal reserve system?' Mr. Dupuis. The answer is very simple. They are...