The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-01-09

Surplus Of revenue on the 30th Septem-
Der, lSJO. OBSERVATION-DISCLOSURES. soioZt e
Ii will be perceived from this exhibit that the
General Fund is IN a healthy condition, and has
been found sufficient 10 meet all the demands upon
the treasury during the year. There remained on
rs. The surplus on the Both Of September, 1919,
was sll3,279 p, from which it appears that the
ordinary expenditures exceeded the receipts OF the
last year s5S,757 81.
Ii will be observed, that there is due TO the Ge-
neral Fund revenue, from the General Fund 81 ak
ing Fund, on account of advances made in 1916, a
balance OF s54,5O6 "A, which should be refunded
innedlait y by transferring 10 the school Fun as
an investment OF It's capital, an equal amour. of
the Bank Fund Stock, owned by the SINK
Fund
For this purpose il becomes necessary that lie
Legislature authorize the transfer 10 be made II
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 conferrng the necessary
authority.
The Comptroller continues to entertain the OPT
Mon expressed the Legislature, a. its last ses-
klon, that the resources OF the General Fund, as
now constituted, will prove sufficient to provide
for all the legitimate expenses of government, with
out resort 10 further loans or increased taxation
But IL must not be disguised that this opinion rests
uPon belief that prudence will be observed in ex-
ereising the power of appropriation. A jus, and
eIile htened discrimination should be shown, in
authorizing new objects Of expenditure.
In addition TO the surplus on hand, 1t is assumed
IN the estimate herewith submitted, that the ord.
nary revenue for the present fiscal year will be
S672, $50 81.
he principal revenues of the general fund are
derived from the State tax, the auction duties, and
the contribution of 100000 per annum from the
canal tolls. The proceeds Of the State tar may
be materially increased by such revision of
the laws regulating taxation, as will ensure
full and equitable valuation of the taxable pro-
perty of the State. Further experience has
served TO confirm the soundness and importance
OF the suggestions this subject, comnuni-
Gated to the last Legislature in two reports from
this office. lSee Assembly Documents No. 8 and
No. 1927 The present law liz correct in the
principle land down for estimating the value of
property but some Of It's most important pro-
visions are practically disregardeo. All per-
sonal property, with certain specified exceptions)
is subject 10 taxation, yet II Is notorious that a
large amount of personal capital, having NO claims
10 exemption, escapes assessment. The law re-
quires that all real estate (as well as personally
should :" be estimated by the assessors at its fall
value, they would appraise the same in pay
ment OF just debt due from a solvent debtor"
In the city Of New York, and in some OF the
counties, full effect IL given 10 the law, by esIma
ting the taxable property at its actual value But
In many counties this plain and essential provision
Is utterly disregarded. A system Of undervalua-
ton has been adopted and carried out in practice
from year TO year, until II has grown into Gus
tom too general 10 yield to the force Of statutory
requirements. IL is safe 10 assume, that in a
majority OF the counties, the average valua-
ton Of real estate, as returned by the assessors I
less than one half the actual cash or market value
In some LOCALITIES, farms worth forty dollars per
acre, are assessed at twelve fifteen dollars per
acre. The Comptroller cannot but regard this de-
parture from the legal rule a dangerous abuse,
subversive OF public morality, destructive OF that
equality which should be preserved between indi-
yiduals and counties IN the imposition Of public
burthens, and extremely prejudical to the interests
OF the treasury.
Il is Of the first importance, taat uniform prin.
eiple OF valuation should be enforced throughout
the State. The justice and equity Of this PROPOSE
ton, are so obvious as to command universal
assent; and we cannot doubt that Il will be cheer
fully scquiesced IN by our citizens.
But while some counties reduce their assess.
ments 10 less than half the true value other coun
ties are constrained to adopt the same usage the
only means OF selfdefence, until al length the
weld to local Influences, and the force of
precedent becomes stronger than the positive in
functions OF the law The evil here adveried to
requires the early attention OF the Legislature. The
Comptroller would recommend that the entire law,
regulating assessments and taxation, may be made
the subject Of careful review and revision. In adj.
dition 10 the usual oath Of office, the assessors
should be required, after completing their assess
ments, to make a further oath that all the taxable
property 81 the town has been estimated at ts full
value, according To their best judgment. The Comp.
troller would also suggest that some new provi-
sions Of law are needed 10 egulate the assessment
OF corporations Much embarrassment has been
experienced by asse ssors, and by this department,
IN conse quence Of the nspplcablty Of the Revised
Statutes 10 new classes Of corporations OF recent
origin and velopement A comprehensive. equita.
bic and well defined fystem for the assessment Of
the capital 81 railroad, plsnkroad telegraph, and
insurance corporations, ~ deemed Indispensable.
II is thought proper TO make these suggestions on
The subject Of asse semenis IN this connection, be
cause 81 their immediate bearing on the future
condition OF the General Fund II may safely be
estimated That full and uniform valuation OF taxa
Die property throughout the State, would increase
ne proceeds o. the half mill tar from 100000 to
el5O,00o per snnum
In estimating the ability Of the general fund to
meet new appropriations, the Comptroller has not
lost sight ~ certain resources aside from the esti-
mate OF current receipts from ordinary sources
herewith submitted) which will be reai5ed within
the next two years The sale OF tax lands m ,de
IN lS4s included the unpaid taxes TO tie wear lsu
inclusive There is still due 10 the treasury foy
unpaid taxes non resident lanis. returned for
the years 1915, 1876, 1871, and 1919 the sum az
Sl6T, l35, besides interest thereon, rnountinr 10
about $4,000. The two years allowed for redeem.
ing the lots sold In 1873, having expired IL will be
the duty Of the Comptroller TO prepare for the sale
of these lands As early AZ pracscable II 10 intend
cd 10 hold the sale early In 1862, when the amount
above stated will be realized. There In also due 70
the treasury for advances on account of the tar
~ L. Il