New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-01-10

Amount of warrants drawn on the
Treasury which remained unpaid
the S0h Sept lSi9............, li8 - ,o .,o On
Surplus Of Revenue 9Oth Sept l85O., S5452l %
1t will be perceived from this exhibit that the
General Fund is in healthy condition, and has
been found sufficient to meet all the demands
upon the Treasury during the year. There re-
manned on hand at the close of the year surplus
of e54,52l %. The surplus on the 3Oth of Sep.
tember ls49, was sll3,279 %, from which it ap.
pears that the ordinary expenditures exceeded
the receipts of the last year s5s,757 "a.
1t will be observed that there is due to the Gen
eral Fund Revenue, from the General + und Sink
ing Fund on account of advances made in 1916, q
balance Of s54,5O6 "a, which should be refunded
Immediately by transferring to the School Fund,
ns an investment of Its capital, an equal amount
Of the Bank Fund Stock, owned by the Sinking
Fund.
For this purpose it becomes necessary that the
Legislature authorize the transfer to be made IL
will furnish safe investment Of the capital OF the
School Fund, and the Comptroller concurs in the
recommendation made by several OF his predeces'
sors, that law be passed comforting the necessa-
ny authority.
The Comptroller continues to entertain the opin-
ion expressed to the Legislature, at its last SEES
sion that the resources OF the General Fund as
now constituted, will prove sufficient to provide
for all the legitimate expenses OF Government,
without resort TO further loans or increased tax
opinion rests upon belief that prudence will be
observed in exercising the power OF appropria-
ton A Just and enlightened discrimination should
be shown in authorizing new objects OF eXpendi'
ture.
In additionto the surplus on hand, it is assumed
In the estimate, herewith submitted, that the or
binary revenue for the present fiscal year will be
&972,630 81.
The principal revenues of the general fund are
derived from the State tax the auction duties,
l. - GT m nnn
the Canal tolls. The proceeds OF the State tax
may be materially increased 10y such revision Of
the laws regulating taxation, as will insure full
and equitable valuation OF the taxable property OF
the State. Further experience has served TO con-
FIRM the soundness and Importance OF the sugges-
tons on this subject, communicated 10 the last
Legislature in two reports from thus Office. lSee
Assembly Documents No and No. 1927 The
present law is correct in the principle laid down
for estimating the value OF property but some OF
its most important provisions are practically dis
regarded. All personal property, with certain
specified exceptionsJ is subject to taxation yet II
IL notorious that large amount OF personal capl'
tai having no claims to exemption, escapes assess
ment The law requires that all real estate (as
well as PERSONALLY should be estimated by the
assessors at its full value, as they would apprase
the same in payment of Just debt due from a sol
vent debtor In the City Of New FORK, and in
some of the Counties, full effect is gwen to the
law by estimating the taxable property at its &C
taal value. But in many Counties this plain and
essential provision is utterly dlsregarded. sys-
tenn of differentiation has been adopted and car
ried out in practice from year to year. until 1t has
grown into custom too general yield TO the force
ofstatut0ry quirements. 1t safe to assume that
in a majority of the Counties, the average valua-
ton Of real estate, returned by the assessors,
il less than one-half the actual cash or market
value. In some localities farms worth $40 per
acre, are assessed at SIC or SIS per acre. The
Controller canIbt but regard this departure from
the legal rule as dangerous abuse, subversive OF
public morality, destructive of that equality which
should be preserved between individuals aud
Counties in the imposition Of public burdens, and
extremely preudicial to the interests Of the trea
sury.
1t is Of the first Importance that uniform prin-
ciple ofvaluation should be enforced throughout
the State. The Justice and equity of this PROPOSE
ton, are so obvious "a to command universal as
sent; and we cannot doubt that it will be cheer
fully acquiesced in by our citizens
But while some counties reduce their assess
ments 10 less than half the true value, other
ties are constrained to adopt the same usage as
the only means Of selEdefense, until at length the
assessors yield to local influences and the force of
precedent becomes stronger than the positive in
functions of the law. The evil here sdverted to
requires the early attention ofthe Legislature. The
Comptroller would recommend that the entire law,
regulating assessments and taxi alton, may be made
the subject of careful review and revision. In ad-
dtion to the usual oath Of Office, the assessors
should be required. after completing their assess.
ments, TO make further oath that all the taxable
property OF the town has been estimated at its full
value, according to their best Judgment. The
Comptroller would also suggest that some new
provisions of law are needed to regulate the as
sessment Of corporations. Much embarrassment
has been experienced by assessors, and by this
department, in consequence OF the insppheability
OF the Revised Statutes t. new classes of corpora
tions OF recent origin and development. com.
prehensive, equitable and well defined system for
the assessment OF the capital OF railroad, plank
road, telegraph, and Insurance corporations, is
deemed indispensable.
IL is thought proper to make these suggestions
on the subject Of assessments ia this connection,
because Of their immediate bearing on the future
condition Of the General Fund. Il may safely be
estimated that full and uniform valuation Of tax
able property throughout the State, would increase
the proceeds OF the half mill tax from 100000 to
$4,000 per annum.
In estim ating the ability Of the general fund 10
meet new appropriations, the Com1troller has NOT
lost sight Of certain resources asde from the esti
mate Of current receipts from Oslinarv sources
herewith subnitted) which viii be realized with.
in the next two years. The sale Of esx lands
,.sde In Is4s included the unpaid taxes - -
wear 1884 inclusive. There is still due TO the
Treasury for unpaid taxes on nonresident lands,
returned for the years ls4S, 1886, ls47 and ls4S,
the sum OF sl57, lS5, beside interest thereon,
amounting TO about $4,000. The two years al
lowed for redeeming the lots sold in ls4S having
expired it will be the dusy OF the Comptroller to
prepare for the sale of these lands as early as
practicable 1t is intended to hold the sale early