New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-04-09

public burdens resting onssIl saSh bojiss OF usa
and by requiring their contributions TO- t1e ms'n.e
nance and support Of the Government 70 be paid ei
recty 10 the State.
1t msy he said with truth thst as the rs a,urs
acting IN bth.f Of the entire people Of hs ss,s Ia,
granted to Bsnkog, Insurance Insurance. aud Tfus.
Csnsl AND Railroad Corporations, ana sssocs.i
1uasi corporate, taochses for the bsnei. Of ALL IL IL
just that the taxes which are charged upon ani pail
BY them should In % the benefit OF all the peo pie
Of tbe State. Such plsn is respectfully recO 4
msDded.
There will be little difficulty in charging such a
tax upon the capital stock surplu' cspitsl rsssrve3
fund.- aud surplus pr Ats OF Banks Insurance Trust
and Canal Companies chartered by the LeZislat1re,
or organized ss corporations under our lsSs and
upon the erD0unt OF CAPITA sctuaily employed snd
INVESTED within ths State By Corporations ch4.tersi
in Europe or in ot er States ard trarssctng corpor
ate butiness hers Ia the opinion Of the c)mni!.-e
tax Of oDe anos quarter per cent upon the capital
stock Ct these institutions within our borders IN lieu
Of ell other faIss, may be properly imp ,sed
AZ rether the capital stock, Dor The moneys ia
vested indicate the pecunisry value of a Railroad,
il would not be juf 20 adopt 10 reference to tbs the
criterion Of that il taken in reference - Bsoks
aLo Insurance Companies la respect TO them. Their
annual earnings arr What indicate their pc lnizry
worth and fix TIE value OF their stock IA market A
charge Of tEo aDd-s bali per cent upon their
ipgs, 20 he psd into the Treasury, would 10 the
opinion Of the GLmittee sub &C. them 10 ~ heavy
relative den that suggested above FOR Backs
erd Insurance Companies All sec,ions Of any Of ssid
rBilroeds which hey ond our borders sih not be
subject 10 the burden.
Thee spsessmeDts arc recommended TO bs made ss
a substitute for. and TO be 10 hen Of all other taxes
utOp the corporation chafged whether State, county,
Iicpsl otherwise aud ia lieu OF the 10 al taxes
thus 10 he diverted ints the tate Treasury aud - a
compensation for The oes It recommended that the
people AZ the Sts'e be relieved frOs the existing d.
rect ts1ts which levied for the support of G)vern
meDt.
Itis confidently believe that changes ike these in
the direction and application Of tbs taxes sd upon
corporations will have the effect slZng t0s bar
oe0s ana the expenses Of Government aud except 10
few ccslites, will give more general satisfaction
thin TIE system now IN fOrcs
Tbst the present system of taxation upon corpora
tiO-s ia irDperfee. Is very generally admitted Inc
nts Cf this report farbi1 extended exposition OF
its radical defects. In many towns through shica
raiIoscs svtre the taxes levied UPON those corpo-
retlons sufficient and they have been frequently
applied 10 the building OF schOOh0usea, and IN tive
instances within the kuO Tledge Of the committee OF
churches without taxing the property OF the citizens
OF the Districts Dore than nomDslly and only 10: the
purpose OF wsring the terms OF the local aT while
accent oi.ricts through wAich no rsr0ad passed,
the citizens Of necessity were required to detfay all
such expenses
Local take, for other purposes have been assessed
railroad corporations in the same unequal manner
inequality which appears very striking 10 conGec-
ton h the fact that railroads augment the value Of
adjacent property by the cheap@ned transportation 10
market ara By The increased demand they occi'ion
ferring fuch benefits, made to bear most Of the
burden Q, the local taxes
Similar instances abound to indicate the inequality
suG il Justice ef the local taxes imposed on Banks anu
Insurance CompaDies; but the limits OF this report
will not admit their enumeration. They will readily
occUrto every member OF the Senate
In order to carry out the views expressed 10 this
report, the Committee report bill containing the
lowing provisions
l. Capital stocks, surplus capital, reserved funds
snd surplus profits of banks, bsnke's, insurance,
canal, iron and coal companies whose business is
wholly or partially in this State, to pay one aud
qusreT per cent. per snnum, in qusdehy nstaments.
.. Railroads. except New York anc Brookly n City
rosde, two ard and half per cent. Ga actual earn
mgs il quarterly instali nleDts.
'Seclious 3 T. s. 6 :, and detail toe manner
Of sscertsinng and levyng assessments, and the da
ties Of officers Of corporations
TO- E1emp.s the c)rpora'ions aud companies
taxed by this act from any other State or local tax
y hat1ytr.