The New York herald., 1850-01-29
city Misunderstanding OF the Rllllionaircs.


We mentioned, the other day, that William B.
Astor, and number of other millionares in this
city, had held meeting, in one of the dark rooms
IN Wall street, for the purpose of passing resolu-
lions against the taxation bill now before the Lee
gslature IN Albany-a bill sent there and prepared
by the Corporation. The character of the objec-
tons made by these wealthy gentlemen to the
proposed new system of taxation, is well under
stood by those who have made inquiries into the
subject although the great mass of our citizens may
be ignorant of the purposes OF such movement
or Of such meeting.
1t Is well known that the immense masses OF
personal property held by these and other wealthy
men, entirely escape taxation, while they ENJOY all
the benefits of protection afforded by the city GO
vernment, which is supported by the rest OF the
community Mr.. Astor and the other millonaires
call themselves land owners. They do not oppose
the taxation on real estate, but wish to prevent the
passing in the Legslsure, of law whereby all
owners of personal property would be liable to tax
alton to an equal extent with that of real estate
owners. In fact and in truth, this movement of
w. b. Astor and his associates Is TO saddle
greater amount OF taxation upon the working
classes of the city, while they themselves should
remain exempt, as far as personal property is In
voved, from all participation in support of an ex-
pensive burden
There is an amount of about two hundred mil.
lons Of personal property, in the shape of stocks,
capital, bonds and mortgages, goods in stores, and
in other forms, all of which is protected, and en-
ioys the benefits of our city government, but none
of which, under the present law, pays any taxa
ton at all, IN requltal for the protection such
property receives. The law now before the Le-
uslature in Albany proposes to remove this ine-
quality, and TO make the personal property of the
rich man pay Its share of taxation, as much the
small pittance Of the poor man, who may have 1t
all invested IN little house, other real estate
Three years ago, the same clique of mionalres
prevented a law from passing In the Legislature
a law which had for Its purpose a similar equall-
zaton of taxation, and which we expected then to
pass. But agents were hired by these wealthy
gentlemen, and sent TO the Legislature In Albany,
where they succeeded in frustrating the passage of
the law. Agents will be hired again for the same
purpose but we trust they will be defeated, and
hope that the great masses of small property holders
of all kinds will take the matter at once in hand,
and call to account every member Of the Legisa-
ture in Albany, who will dare to injure the poor
and benefit the rich, by preserving the existing
inequalities in the system of city taxation.
This movement Of Mr.. Astor and his associates
IN Wall street, trust will be defeated 1t is an
impudent, atrocious and unjust movement to allow
personal property to large amour, to escape tax
alton, and thus to throw entirely upon real estate
owned in part by the poorer orders of society, all
the expenses of government IN thsgreat city. Let
the Legislature look TO their votes.