The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-12-14

IsJ.y Hesrs J.soSs 500, being claim on the house
al william street.
The BOARD adjourned to Monday.
BOARD OF SUPERVISORS.
APPoMrMHNr OF TAX COMMISSIONER.
yseial ing Of tins Board was convened for the
puvposs Of appointkOg Tax Commissioner TO succeed
H. Gssses H. Purssr whose term Of Office expires tho
Cd Of the present year. Alderman A. ]. williamson OF
~ Second ward received the appointment by vote Of
II to
SnB C1TY FIRE INSURANCE COMPANY.
The following nm unicstion was received from the
Cbspsatisa Counsel -
OyueE or THE CogHsu. THE CORPORATION,
No. 81 CBAhHEss aR,yr. Dec 3, 1866.
70 nB BOARD or SpPERysoRs-I have received the
ISOLATION Of the Bosrd u Supervisors referring TO the
Cssnsl 70 the Corporation the petition Of the CITY Fire
| p .y1E rsS from ..1s ,ss and
sapta stsst Is $4,000; that the of their
las profits we'd tunds 10 per cent upon
n sssl Of Incorporated hank that they have been
assessed upon the whole Of their capital and
pua profits reserved funds, and they pray 70 be
hsvsd the assessment Of much has been male
ypcn their investment in the bank stock tne ground
ss such se:s !, part Of tho capital o. an r. "a
Apita Their petition thus raises the question whether
Interpretations caa be taxed for such portion Of their
capital profits may be invested In the stock other
Interpretations paying taxes upon their capital.
fs!atien Is subject merely Of statutory enactment,
hin the trne meaning and construction of the statutes
Without reference 10 any abstract considerations Corpo
ssgisal" lR s., 1871 an edit. And Il has been con-
sqssny held In obedience to the strict letter Of the
statsts that no matter whether corporations on the
oos hand made large profits, or the other had sunk
portion Of their capital they were yet liable - TAXATION
n either ease the exact amount Of the capital
Uea, Paige 401 1t appeared that the bank had
plus IYsA Of $40 0C0 and above ta capital and in
N:x e Yo 10: .p or the
taxed upon the amount Of their capital and the
courts sustained the taxation Since these decisions the
kgsatuIe has amended the revised statutes by enaong
Ast corporations shall also be taxable their surplus
. 1885, and under s
recent statute that the City Fire Insurance Company has
hesn taxed upon Its surplus profits.
In 1891, Mr. Emmett then Counsel to the Corporation
(docRuents $780, and in 1882 Mr. Bronson then Attor
ssy General Senate documents 1882, No los : gave
0st, In their judgment corporations we're not taxable
any portion Of their capital invested in tae stock Of
these opinions that according the Revised Statutes
6elo cited ccrporatons taxable upon the amount
insisted that the Of the 4th title Of the
18th chapter had the effect 10 put poraons upon the
same footing with individuals, by extending to corpora
tons the 18TH section Of the 20 title of the chapter
wAish relates to the taxation Of individuals TIE City
Fire Insurance Company take the same view of the
"a title adopted BY tho 9th section Of the 4h title, they
are not taxable for any portion OF their capital or sur
ss funds which may be invested IN the stock Of another
tax paying corporation. There two to this
a,gunent:--1 That the argument was urged upon
ths COu't Of Errors in the Of the Farmers Loan
COMPANY and after full discussion both by the Bar
end the Bench rejected by the Court and secondly,
MIST the 9Th section, upon which the entire argument
has alone been based has been repeated by the Sd
tsn Of the net OF 1883, chap. 11e.
il very clear therefore, in my judgment, that the
taxation upon the City Fire Insurance Company should
not be RENTED Although ouble taxation will thus
- imposed upon portion Of their assets, which may
appear to be unjust yet 1t must be borne in mind that
the rules Of taxation arbitrary that the mortgagsi
property of sdivduas suffer a similar injustice by the
double taxation the bond and the land and that the
has granted to corporations in certain cases,
valuable mmunities from taxation which not
tended TO individuals. Respectfully submitted.
ROBERT j. DILLON.