than ever before. In the general instructions sent out from this office no attempt was made to require greater diligence in the assessment of credits than in assessing other property except that, as in previous instructions, it was shown that so-called intangible property, including credits, was more easily concealed and more generally withheld from assessment than tangible property and that greater diligence was required to prevent its omission. As the greater proportion of such escaping intangibles consists of credits, assessors very naturally received the impression that these were to be objects for special effort. In many counties the supervisor of assessments made special effort to assist the assessors in the discovery and listing of credits, especially those the evidences of which were matters of public record. It is not doubted that in general much greater effort was made to secure a full assessment of credits than of any other of those subjects of taxation which are easily concealed. II. Statistics and Comment. Some statements and discussion of the operation of laws for. the assessment of moneys and credits are contained in the report of the tax commission created by Chap. 340, Laws of 1897, and also in the report of the present commission to the Legislature. of 1901. No attempt will be made to reproduce such statements and discussions but only to add such further information and comment as may be deemed useful. In this state credits have not usually been assessed separately from moneys. For this reason it is impracticable to present statistics of the assessment of credits separately from moneys. But for all practical purposes the assessment returns under the head of moneys and credits may be treated as representing credits alone. The amount of actual money included under such head is so small a fraction of the whole that it may be safely disregarded for the purpose of this discussion.2 1 Report of 1898, Chap. VI; Report of 1901, pp. 137-143. 2 Very few persons keep any considerable amount of money in actual possession. It is usually "deposited" with a banker or some person sustaining the relation of banker to the depositor. Upon such deposit be Prior to 1889, the assessments of moneys and credits were not entered upon the local assessment rolls under a separate head—at least were not separately stated in the abstracts of assessments returned under the provisions now contained in sections 1066 and 1067, Statutes of 1898. It has been impracticable, therefore, to obtain statistics of the assessment of moneys and credits prior to 1889. Such statistics for 1889 and subsequent years are presented in the subjoined tables. In the preparation of such tables it has been sought to arrange the data in such manner as will best facilitate analysis and study of the statistics. It is believed that the descriptive headings of the several tables and the explanatory notes will render it unnecessary to make any further statement or explanation of their contents in this connection. ing made, if made in the ordinary and usual way, a credit is created in favor of the depositor. His assessment on account of such deposits would therefore be an assessment of credits and not of moneys. Moneys in the custody of bankers are not liable to direct assessment for the reason that the assessment of shares of stock in incorporated banks and of the "capital" of unincorporated banks is in lieu of taxes upon the moneys and other personal assets of such banks. It is manifest therefore that, under present laws, very little actual money is or can be included in the assessment. The assessment of bank stock and banking capital-which, as shown above, largely takes the place of direct assessment of moneys-is made and entered upon the assessment rolls under another head separate from the valuation of moneys and credits. Year. Real Estate. Personal Property. Total of All Property. TABLE A. Showing for each of the years 1889-1902, inclusive, in the Entire State, the Total Local Assessment (1) of Real Estate, (2) of Personal Property, (3) of Moneys and Credits; Also of Moneys and Credits per Capita; Also the percentage ratios (1) of Personal Property to All Property, (2) Moneys and Credits to All Property, and (3) Moneys and Credits to Personal Property.1 ASSESSMENT, ENTIRE STATE. RATIOS, ENTIRE STATE.2 1 Prior to 1889 the assessments of Moneys and Credits were not separately reported. The figures at the right of decimal point indicate fractions of one per cent. The figures in this column for 1893, 1894, 1895, 1896, and 1897 are taken from the published reports of the Secretary of State. For the other years men- 5 Milwaukee County estimated at amount returned in 1889, viz.: $2,403, 670. In abstracts for Milwaukee County for 1890 and 1891, moneys and credits not Bayfield, Kewaunee, Oneida and Sawyer counties not included. Milwaukee County estimated at amount returned in 1902, viz.: $2,619,634. See note 5 above. TABLE B. Showing by counties, the total local assessment of Moneys and Credits for the years 1898–1902, inclusive. Marinette 17, 165, 21,515 $2,599, 39,272 436,839 Marquette. 7,950 Milwaukee 10,750 21.290 53,081 189,527 2,812, 458 4,129,790 1,526,776, 4,478,311 5,871,444 Monroe. €9,219 82.860 4,745 475 131,230 285,961 319,950 893,494 220,208 19,856' 78,320 40,456 |