New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-03-05
STATE FINANCIBRING.

The Ercning Post doses the 'pensive pub.
lie with Mr.. LoosIs's Financial projects,
which ii presents and commends as follows:
"The whole sum needed for the Canals and for the
Administration of Government is taus 81, 5sS 900.
Under the accurate vauston OF property, tor
which the Committee report BILL the taxable property
Of the State will be assessed AZ, il Is believed, from
a. 10000 90 10 81 i0O0c00O0 which stsx OF one
mill and two tenths will yield from sl,6lOOS to
g. $50 COO
This 10 arysr amount OF tax than ever raised
in this Stxe and tbs Committee say justly, II must al
fall upon the real and personal property OF citizens and
principally upon the former the House ain rcs 70 ~
determinaon, evnced in its vote on the resolutions Of
the Committee not 10 make LAe Railroad dHd BdHS1Hg
Corporations Of he Sac pdrtia! shar1s Of ne sErdtH
A tax of 5l5 per cent upon the gross earnings OF
Railroads in the state would yield $4,000 and TAX
Of ~ per cent Banking capital would yield s'ooooo
with these aids the necessary general levy on property
would be reduced 20 seyen-tenhs OF million
The reasons why the State has special clHn IN rs
moments Of necessity, upon the contributions OF BANK
inc and Railroad Corporations, are well put by the Com
nit,ee These profitable franchises are derived from
the state he Banks assume an attribute OF sovereignty
in furnishing circulating medium The RArosdstske
property valuation. by law higher than that which
prciec;s the individual The tax proposed u more
EQUITABLE t propositions less onerous and less inu
rous to trade and travel 81 tar as Railroads are con-
cerued, than relevy OF tolls
If The Post had any confidence in It's case,
how could il venture such representations as
that we have placed in Italics That state
ment clearly assumes that Banks and Railroads
will bear no part of the new public burthen,
unless Especial tax is levied upon them. Yet the
exact opposite is the truth, as all do know. A
general Tax will not only fasten upon Banks and
Railroads, but will bear far harder upon them
than on other property. Let citizen have
5000 invested in Land, $4,000 i'll Mills and
Machinery, $4,000 in Bank stock, and $4,000
in Railroad stock, and he will find the two lat
ter reached by the Taxbill quite as certainly
and taxed az least as heavily as his Land Build
ings. &c. Banks and Railroads are taxable
matters, and it is popular to assess them more
heavily than farms, stores, &c. Then why
should TIE Post represent them as only to be
reached by special enactments'
But The Post urges that Banks and Rail
roads have profitable franchises" We an
swer. Some of them have; others have not
To reImpose tolls or their equivalent on the
Central Line of Railroads might be justified
by the fact that they have been rendered emf
nently profitable by the State Canals, which
have drawn most of the Commerce, Travel
and transportation of the State TO their vicini-
ty, and studded their whole course with cities
and villages; which they have requited by
drawing Off a large amount of business from
the Canals. They make large dividends, and
can afford TO pay tolls on their Freight. Bat
to tax the Ogdensburgh the Hudson and other
improbable, non-paying Railroads, to enlarge
our Canals, and 50 draw business not TO but
away from them, would be most unjust and op-
pressiye. Profitable franchises, you say the
stockholders of these Roads obtained No,
Sir! they have expended many Millions of
Dollars of their own money on enterprises
which did not even promise TO reimburse them,
but which have immensely increased the value
of the Lands and other Real Property in their
vicinity, and its power to bear taxation. And
now you propose to Tighten the load on these,
by doubling that imposed on the stockholders
in these beneficent but Improbable enter
prises 1t is most unjust, neighbor and you
ought to condemn it