New-York daily tribune., 1859-01-08

whole sum would be rsschsd without touching otAsE
per,onAl property In the possession OF the chsens
The State.
1t is c imed that an sectusl remedy fos the ircs-
tice which the defects alluded 10 prcdacss vssid %
furnished BY requiring every psrson to discover under
oath the character and yass Of HE property and that
States has proved highly effective 10 reaching TAXABLE
property. The Controller is incl ned 70 lavos this
proposition, provided the principle Of aeiscting from
the valuation q personal prcperty the dsot "t TIC
reasonably object to the proposed discovery Of all
property by him under the protecoa Il the
lass sn exposition Of his financial condition, made
compulsory By the penalty which It's oaissioh would
iufct would in many h. ruinous 10 his credit,
and might Justly be regarded IS an unwarrsntab'e
interference with bis private affairs. In answer 70
resolution of the Senate at the last session OF the
Legislature the Controller e1pn seed the opinion that
n order 10 sauaze taxation between real and persoaa
Mons rty no deduction for debts should be se from
the valuation Of the latter. This would relieve the
proposed discovery from the obnoxious feature referred
70, of compelling statement OF inSeoseuress, ssa
vonld il is believed, be the most efficient means OF
bringing 10 light very large amounts OF taxable proper.
ty. Kis objected, however, that its adoption wcah
subject property in some esses, to double tasenoe;
ana il is urged that person can opy 90 ,ne
owner Of property possessed TO the extent OF s value
beyond his indebtedness. The soupdness et snesc
obi, ctiors when considered with reference to taxanon,
is rot admitted; bat they true 40 to personal
they equally true as to real property, where no
deduction is allowed. The Controller IL unable 10
perceive any ust fer this discrimination sgHnss
real estate.
There are serious objections to extending the prnci-
pie Of off setting indebtedness to real estate would
produce still greater inequalities, and might very
largely reduce the revenle II all the debts could ee
resched for taxation, of tae objections would IN
part be obyisted but without an arrangement aufnof'
zng debts to be assessed to the debtor or t ma place
of residence and requiring him to pay the taxes upon
them only a small portion would ever be made to
contribute to the support OF Government, ana the
taxes which they shopld pay would fall upon those
who he'd managed their affairs with prudence and
incurred liabilities; and to enforce such taxation
against the debtor would produce endless litigation
between him snd the creditor and violate other es'
tsbEshed principles. On the other hand, no ahow'
al ce for indie btedness is made much larger revenue
will be obtained under the same ratio Of t.xa''one
wholesome and much needed check placed apon the
abuses of the credit system, and What most import
ant the burdens Of government wl be as equally dis
trbuted the system Of making property the solo
basis Of tsxation will permit. laberal exemptions
tLoud of be made in favor OF household fuIni'
ture tools Of the mechanic and teams aud toos Of the
farmer. 49,
There are uuquestiousbly other clements Of wealth.
which might with proprety be brought into system
Of taxation, ard il is claimed by many that the prtn-
,pe Of levyng ell taxes upon income Is the most Just
ard equal Of any at be devscd aud bus Tor the
difficulties of adjustment, it would seem TO present
strong claims to public favor.
The laws of other State or country Wnlcu nc uaS
been able to examine, impose So great bnrdens upon
real estate ss this, concludes the Controller. .
synopsis Of the Controllers statements a. to the
School Fund, the condition OF the State frsons, Nc,
wss presented in the Governors Message.
The annual reports of the several hre insurance
companies of tie State for the year ending the Jlst
day If DE cebsr 1857 shows the CRAFTY ing fact that
oil tie stock fire insurance compaees oi TINS cAtei
we're at the date Of their last repors In very SOUND
ard prosperous condition. and that the unusual and
almost Unprecedented financial embsrrAssmepts and
spread depression in monetary affairs In tho Fals
of 1857 which 80 dssstrously affected al classes Of
business interests did not to any serious extent emoa'
rn.s the stock insurance companies Of THE State.
These reports also show that there 10 invested 40
capital in tie various 6rs insurance companies, $lo.
73iOl0. The amount Of " sorPlus reported BY the
companies Is not mentioned, for the reason that the
great portion Of the "surpus would BE- required
ior reinsurance and the payment Of other liabilities
indeed the amount stated by some OF the conpsmos
would not be sufficient to discharge such liabilities.
The amount of cash premiums received BY SAID
companies during the year 1857, was &6,05l 304 NJ.
The gross amount of income from oil sources, inclgd-
ing premiums ard interest, is 1857 ,H2 62.
The amount Of losses paid during ths year, WAS
$2s9s l66 II. Dividends pad, $2,24o,aN12 ~: Amount
of taxes paid e243 062 70. Gross amount of expeLdi.
tur, g. including losses dividends taxes, and sh other
expenditures, {6, SIS. .953 ~.
The amount Of unpaid liabilities, consisting Of losses
adjusted due and unpaid, losses In process OF adast
ment reported but no action taken thereon; Losses
resisted by the compones, dividends unpaid, money
borrowed ard including all other claims, s,6O w.
A large number of mutual insurance companies wero
organized under the general insurance law OF 1872
Some of them were organized upon premlum.n nots
basis, and others were organized upon Whist has
been called a mixed capital, consisting Of premium
and stock uotes Nearly all the companies organised
upon the latter plan have failed, and involved the
officers, stockholders ard policy In profscted
and veIatious litigation, as well as In large pecnnAry
losses The strictly mutual companies that adhered
10 the premium note plan ard fined their business
within proper limits, and insured only hrst-clAss Do.
tached Iisks, have generally sustained fhenselves
creditably.
The amount of rsursuce business done in this state
by fire insurance companies, incorporated ~ other
States aid foreign Go, trnments, durg the year iSo,
il as follows Amouot of cash premiums received by
said comp .nies a 379 C98 30; amount o Losses pad,
$3.50 Il7 7S There are three Of the said companies
wbo losses have xceeded their receipsto the extent
ofs2n 81. The cash premiums Of the other compa-
LIES exceed the amount Of their losses e6b$ ,39.
II will be seen from the above statement that 70
COMPANIES Incorporated by other States and foreign
.rnments which have been nauthorzed by the Cou-
troler TO do business g this State, have made very
LaBtsome profit the large amount ct business done1
by them.
the Controller ~ transfer to such comp anes o. hAvo
made deposits in obedience 10 the provisions OF hw,
on such terms as would efectualy secure al policy
foders Of such company does not admit Of any
able doubt.
A law night be passed, says the report, requr:
ing the Controller 10 retsin sum equal 70 the amount
Of ell the outstanding policies, and snthonslng am to
transfer the balance Of the securities 70 tne
sppyipg for the came, it. in his Judgment he could DOL
60 With entire safety TO the remaining policy holders
There are only eighteen life insurance cornpanie:'
doing busness in tins State seven Of them organized
under the laws Of the State, and eleven sdm@ed ~
the Controller On their complying with chapter - o.
the Lava o 1851 and chapter 463 Of the Laws Ut IsSa
The life companies are required to pay y on nln9'
each annual report. That sum is NOT an eqoiyaent
for the amount experded by the State 10 Pnot!nx|
A 49,
law Of 1853 Each life insurance company DONG bun
nels in the State, shoah be required to pay sio In