New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1859-07-16
supERIATTvE INACCuRAcY.

suPERLATIvE INACCURAcY.
The Delta Of yesterday morning has long article
headed Comparative Accuracy A. is quite often
the case with that Journal IL own showing s the su
perlAtive 81 inaccuracy. The strongest Of Arguments
are valueless when founded upon premises that have
no logical existence. This happens to be the fact
with regard to the article In controversy Grant the
Delta's premises, and 1t makes good showing
Prove that the Aforesaid premises are unwarranted
(aa Ne shall) and its arguments are not worth thu
paper upon which they are printed.
Previous to the last municipal election We had fire
quent occasion TO set the Delta right. With thu
most astonishing fertility and remarkable persever
ance il Numbered on from day day, and seemed K
gather encouragement from each diurnal exposure
we felt constrained to make Of its shortcomings
long comings and general absurdities. One morning
it said, speaking Of municipal taxation, that "the
banks pay tax on their income, and the stockhold
ers in the same institutions pay their socks Thi:
gross error we at once corrected, and commented
upon it in this wise /:
Here is error number two {: the Delta says, speak.
ing OF the taxes on corporations:
The banks pay their income and the stockholders 4
the same institution pay on their stocks.
How our neighbors could have fallen into such an
ABYSS O uumltlRateO eTrOFy ~ ACtuAlly hst0uSuue'
However, it is but on par with their whole course
in this independent controversy. Error has fol-
lowed mistake-and blunder error, from the begin
ming. Now for the truth. The banks are not taxed
on their income and the stockholders are not taxed
on their stock. By State law both are exempt from
municipal taxation The stockholders pay tax on
the income derived from their stocks.
The above is true. At the time considerably
more than month has elapsed-we examined the
matter sufficiently to convince ourselves of the gen.
eral correctness Of the point in view and spoke &C.
cordingly.
There Is long advertisement in the Crescent from
the City Treasurer's office notifying delinquent tax
payers to settle up. We, in common with other pub
lishers are not responsible for the correctness or in
correctness Of any advertisement which appears in
our columns. We put them in print as they are sent
10 US. Yet, from this advertisement the Delta seeks
10 convict the Crescent Of inaccuracy in the matter
If municipal taxation upon the income Of banks as
corporations! Nothing could be more preposterous
han the conclusions to which it arrives through an
lrticle Of nearly column in length.
The Delta names several banks that are published
Tor nonpayment Of taxes. If our contemporary had
looked into the subject sufficiently close to arrive at
proper conclusion, it would have saved itself the
trouble Of writing long article to say nothing Of
udicrous exposure and it would have found that
The " banks are not taxed on their income and the
stockholders not taxed their stock. In impu-
ling ignorance and naccuracy to its contemporaries it
has only succeeded in convicting itself of ignorance
and inaccuracy. y@
In the first place, according to the Delta's own
quotation from the Treasurer's advertisement pre-
cedng the list Of Names there is nothing said about
bank incomes bank stocks or stockholders Of banks
The term "personal property however, may include
al this, but not in the sense the Delta would imply
Says our cotemporary:
It will not be pretended we presume, that this tax
IS due upon any other property but the income or
business Of the banks. The banks pay tax on their
real estate, for which they not delinauents and
Ibis demand upon themis for what their stock yields,
which is their income to be divided among the stock
holders Who according to the admission Of the Cres
cent, are taxed on the income Of their stocks.
1t is pretended " and openly stated that this tax
s not levied upon the " income" Of the Banks for
he very good and ample reason that it could not be
levied There are laws prohibiting any such proce.
lure and If the municipal authorities have made
mistake it does not follow that the Crescent is mac
urate, or that the courts will not mete out adequate
elief to the damaged parties.
We are inclined, from our present UNDERSTANDING,
0 think that an error has been committed. From
he consequences Of that all parties concerned
an easily escape, and no one will suffer injury. The
'oard Of Supervisors if our information be- correct
citing upon the advice Of the late Finance Commit.
ee, sought to make the banks agents to pay the
axes due by their stockholders upon the income de.
ived from the stocks held by them, the amount so
ad to be deducted from the dividends declared from
ime to time.