116 Tlie Financial History of Connecticut. 



from this source was very small, amounting to only twelve hundred 

 twenty-one dollars for the seven years ending March 31, 1861. The 

 grand total for the ten years was five thousand two hundred fifteen 

 dollars. 



In the same act in which a tax was first levied on foreign insur- 

 ance companies, the assembly imposed a tax on all mutual insur- 

 ance companies chartered by the state. The tax was 

 Mutual one-third of one per cent of the total cash capital, 



Companies whether invested or on deposit. This tax exempted 

 these companies from all other taxes.^ The legis- 

 lature, at its next session. May, 1852, reduced this taix from one- 

 third of one per cent to one-fourth of one per cent of the total cash 

 capital. 2 From the time it was first laid until March 31, 1861, 

 forty thousand seven hundred seventy-four dollars was received 

 from this tax. The growth in the business of these companies may 

 be seen by noticing the increase in the sums realized from this tax. 

 During the year ending March 31, 1853, the tax was two thousand 

 three hundred fifty-four dollars. For the last year of this period 

 it amounted to the much larger sum of seven thousand seven hundred 

 seventy-nine dollars. 



Savings banks and associations for saving were also made the 

 object of a special tax in 1851. It was provided that beginning with 

 July, 1852, these institutions should pay an annual 

 Savings Banks ^^-^ ^f one-eighth of one per cent upon the total 

 and bavmgs r ^ ■ ■, ■ -r-i ■ ■, i i 



Associations amount oi their deposits. Ihis tax released them 



from further taxation except on real estate.^ In 

 1857 this tax was changed so that savings and building associa- 

 tions were to pay one-fourth of one per cent on the total 

 amount of their deposits and stock and the savings banks were 

 to pay three-sixteenths of one per cent on the total amount 

 of their deposits.* This change almost doubled the revenue from 

 this source. The tax had risen about three thousand dollars a year 

 from the amount it yielded for the year ending March 31, 1853 (eight 

 thousand seven hundred seven dollars), until it brought into the 

 state treasury, during the year ending March 31, 1857, the sum of 

 nineteen thousand thirty-seven dollars. The next year, the income 

 from the new tax was thirty-four thousand fifty-five dollars. In 

 1859 the tax on savings banks was made the same as the tax on 



^ Public Acts, May 1851, chap. 47, sec. 21. 



2 Public Acts, May 1852, chap. 66, sec. 4. 



3 Public Acts, May 1851, chap. 47, sec. 18. 

 * Pubhc Acts, May 1857, chap. 64, sec. 1. 



