The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-01-03

Of October next, a. a proper day resume. If that
day Is fixed upon, win be necessary to fund the in
teres inclusive Of the quarter ending the LIST day
July 1sa6.
general revision Of the laws Of the State
recommended. They all very defective and until
they are improved and made more equal tn il opera
ton there will be continual complaints from the as
sessed and large amount in The law imposing
tax upon the stock Of banks and other incorporated
institutions OF the State, has been the occasion
OF continued litigation. The banks OF the city
OF Baltimore, under the impression that their
several charters exempted them from taxation
refused to pay the tax and suit was inst
tuted to test the consituonay of the tax imposed on
them by this act which resulted in the decision Of the
Supreme Court Of the United States that the banks of
the city OF Ba chartered in 1884, were exempt from
taxation during the continuance of the charters then
granted, and that the other banks Of the city were lsg
maely taxed" The banks chartered in 1921, contend
ing that their charters Of 1921 did not expire until 1916
and the other banks contendng that under the act of
1885, chapter l4a, other tax could be imposed
taem than was could BIO imposed the banks char
tered in 1921 refused to pay the tax and proceedings
instituted validity Of their claim TO ex
cmption This proceeding resulted in decision by the
Court of Appeals that the banks chartered 1891 were
liable to taxation from the LIST Of January 1886 and
thatthe other banks liable for the tax from the date
OF mpostlon IN All the banks oil the CITY of
Baltimore have acquiesced in this decision except the
Farmers and Planters, and the Western bak which
refuse to pay upon the ground that the act of ls4
chapter 2sl, and ls43 chapter 2s9 which make it the
duty OF the presidents Of the banks and other ncorpo
rated institutions Of the State to retain and pay the tax
directly into tie treasury unconstitutional pro-
ceeding has been instituted and Is pending in the
Court OF Appeals to test the validity of this objection
the decision of which may render further Legislation
necessary.
The annexed estimate Of the revenue from the direct tax
for the current year. will DO Of assistance to those inter
ested, in the resumption Of the payment Of the int
rest on the State debt, at the time alluded to above
Estimate THE REvESuE or MARYLAND ron 1886
Inc direct tax OF one quarter of one per
cent upon $177, 1879 645 %, the present as
sessed value Of the real and personal pro-
perty. ...... Sa4as4s II
Due for arrears OF tax for ls4i, 1912, ls4S
:, and 1874, about $500. $3.50 50
For items Of direct tax, not included in the
general assessment, and from which but
little revenue has been hitherto derived
to witt
Tax upon the capital stock of the banks of
~, the city e Baltimore. :....... 1882 so
porated institutions. ................ $4,000 90
Lax on baltimore city stock for lS44 o497 81
Tax on Baltimore city stock for 1886. $500. Qaa7 81
Tax on the funded debt of the State. 49,. ~ 900 60
Tax on ships and other vessels. . 5a3O SIS
EsmaIea arrears OF tax on ships, &c... 5000 90
Tax for 1874 and '45, due from the Farmers
ana Planters and Western banks of Bal.
f'more. ..............,..... 4542 IS