The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1860-11-17
Supreme CoEst--GsEer~f Term.
Before Hon Judge 8ouney.


Ncy lo-IAe People, DC rel. me ssssS u ne Cbns-
Haonaertsh tH nc GUY OF NeD Port appeudrls, The
loas~lstone " Assessments and Tarss Of ne Guy and
sos.,y " Nev Fork, repcsdemo-rhe Bank of the Com
nonwesitb, the rea,Sr Ia this cxe banking Associa
city OF New York, formed under the act t.
authorize the busne& OF DaDkug passed April 49, 1885,
capital actually paid In amounts 70 $3.50 oo0 Of
which Of Slss, $50 81 invested Ia real estate,
occupied . banking house, &C., which sum being dc.
Quoted from said capital Dasaos OF Stol le5 L.
OF thu balance the sum Of Slo3ooo has been
invested by tho bank In United states ssooks u
ihe loan OF 1868, shicb stocks and the csr,ineatas
therefor IL nov owps and holds and the bank
CLAIMS thas said nocks aad tho amount Of toe capt.
Of the bank Invested theren, are, uader the
The Com Taxes and Il Of the city
county York denied the application and petit
ton Of said bark u have said sum Of si03 0oo 80 avesd
H. Unned Ssste sucks deaucted from The amount OF LIS
al iaole taxation for the year 1883 "A personal
property and decided thai such sum not exempt ~
emed and they assessed the capital stock OF TIE BANK
liable taxation personal property for the year 1862,
vi said I'M Of 1904 166 10 On relation Of the
~rt u issued W sAid Comm lssioasrs,
made return thereto showing tae ises aoose
stated upon which this Court, 81 special rerm In July,
1859 decided and Aoudged mat sAd AAsesseIt Dc GOA
TIMED with costs, against the regtor; AMI hum thai
decision appeal bias been taken 10 tae General Ferm
A. N. Brsdiord aud Irving PARIS for appeiAlts; r Z.
Andre ~ for respondents.
BossrY J-rae question to be determined IN this
very uesI imppr sADce, ana enouid reeiye pore
deliberate and careful examination tnan inc press VI
bue mess this VII permit 70 give ~ The
case however viii undoubtedly be carried 20 tho court
reeort for dual adjudication, and have, there
FORE less hesitation stating The conclusion Al which,
upon brief consideration. arrived Inc question,
my Dom depends entirely upon the co1sfi;ton 70
DO siven 10 the act IN relation 70 the as en %
Incorporated oan~s" passed April 10, ls51
s~s Of 1857, vol 2, CHI $50 land for me purposes
o. ibis dec son assume that all stocks of me Uaef
mens only that stocks cannot DC taxed,
10 nomine, but that individuals VINO are tne
owner, aod holders thereof caoot De taxed Tor tne
amount or value Of the same for personal pro-
ptrty owue1 By them. u Kents Com 81 Ell s2b,
&c Weston sgainst 0ty Of Charleston 2 Peters y ;
Rep 449 400, Mccullough against Stale Of Maryland
Uhet 3l5, Interpa .iona Life ASS society sst LonDs
sioDers Of Taxation, ~ aro. ana Thus reNsor (the
B4nk Of the Common veal. h) Is domestic corporasoa
created by and under the Of this ssste sure,t
20 us authority and Legislation the rtstu,ea OF ms
State relative 10 this subject, provide as foioEs-
sec. 4 All mcpeyei or stock corporations deriving "A
INCOME or pront heir capital otherwise -ns 90
liable 70 on their capital in the manner herein
sec 5 me PRESIDENT So, Of every sash incorporated
company sns before the nres day Of Juy IN each
year make and deliver 70 the ASSESSORS written State
Enent, specify ing
l. 10. real estate ar any) owned b. such company,
where situated, and tie suns actually PAID therefor
me capitA stock actually paid 10 aud secured to DC
paia in, excepting ibsreirom The sums psi for req. e
tate ana the amount Of such capital stcak nea BY the
State by any Incorporated literary charitable inst
lbs sl town or ward in which The snop. oe of,ne
which it 10 liable % 70 taxed.
SEQ The Assessors shall enter In their assessment
ros a. followf;-
In The nrst column the OF each Incorporated
company liable 70 taxation, and, under s nsue, shall
epey the amount OF It's capital stock paid IN the amount
pa BY such company for real estate then belonging " II,
wherever situated the amount OF is Surplus prodts or
undo excevdDg ten per cent Of i capital After
tpercirou OF eaid real eriso and
the amount Of az any) belonging 10 the STATE
Incorporated literary or charitable ius.isutions
2 In the second column, the quAnuty OF real estate
an rhNR Itx Yard al
thir, column, The actual value thereof, estmsei
,n other cares
Ia the fourth column the capital stock OF
every snsh company paid IN and secured W De Pad IN
sno OF All such Plus profits reserved funds aore
fao after dednc,ng inc sums paid oui Tor real e,ts
ineu belonging and the amount Of sok (f sly) De
longing state and ~ Incorporated literary And cDAr
table Institutions.
Sc 10 Ihe capital stock or every company liable 70
taxatou except part Of il shall have been en-
Q. ped IN The Assessmept rn snail Lave been .x
empted by la~, together with IL surplus prols W re
fuoos TEN cent 81 lie CAPITAL Alter
deductrg the value OF It's real estate, aud Ali
shsss Of corporations actually o~nsd oy
unoer the 5Ae snail be sssssed ~ ts actual
va ne and taxed IN The manner other p-rs,asi
Urcer these statutory provisions the In
tbir has been made said bsanne ~ tue capital
tos 81 ibe isior, sn4 - sPpea y me y exact ~
sordanoe With those ryvlurn There nJ l.st on here
81 plus profits reserved funds OF u tn &C. al
To. (~hateyer may DO the neNn0s u ma.
pArMe srclr % above referred 10, nsi,her
does appear that any part a saio STOCK u-l1 ny the
state, BY ANY Incorporated literary or onIiaoir
lLs,i.a.,op, or vas excepted tn tie Asssssmeat
son 3, Wa nv law sxcmptra rrou taxation Bnt lhe
feaior inssts that deduction should have peen made,
Of particular part % SHARES o tse rtcc rs being
ior aus came exempt ~ s~ rrop lSsstop bst Of tae
% 03 from the aggregate amount a tue whole
capital invested W real estate, Tor the reason
(sic3 Coo) Of the paid IN Tor
shs.s " SID capital been By invested ia
.tsckr q United Staef and that gu uaed sssses
stocks are no, snets, 70 ..sa.os oy ss,e aa'so,as
Ihem upon the amount Of tbe capital
OF corporation sscertained In the manner pre-
scribea and not upcn any property purchased OF o'nsr
lee ob,~ped ny corporation, To wnich such c~osi
any thereof be inveetedexoepinE Only the
rial .s,ate ne BY the company which subject special
rues axaton and be Assssed 81 the pscs where
situated, whether IN ta9 ; sse or eke~nee aud 70 -
be that the statute psiiner requires mr. 81
thorzss the Insertion In any stateeat male under $50
referred ", OF Arco in or stAtemoat OF
The made by corporation Of any psrt Of ~ capt
property. excepting opis The part whcn hes
oecp used IN The purchase estate any speS,
dc.tiop u the property held ny SUCH corpora
ZION In my opinion lnese ; s'o.ss c'esy rsqunc ,nAs
ray rpon the whole amount Of the balance OF is
capital stecs paid In and remaining sser dcductog the
shares o stSk excepted or exempt a. above eatoned
notwithstanding porton Shoie n such De
lance invested IN stocks Of the Uuted States hsd
BY such corporaspo Ana tss conclusion TO nv iudg
m.ut does not cor ct ~iih The decsicn
British Coumer-ai LIE los On. W Com niset,uers Of
Fares ~ B~'b SIS That Lafc Insurance c'apany ~as
a foreign osypsraion, using govEloa Of 10 poverty
IN carrying business In this state, ant uuter tue
lava o. the state liable 70 taxation therefor II
assessment the properly neia inis
as- and up any shares portion Of toe capital
stock of the comt any under ts cnArtR Neither, ~
understand them the deaa~cs Of toe terms "c<pi
ta ssck or cacita gwen IN the op,rios IN ,os @se
Of the sutua hsarsnce oonpsny Of TAO sapsrvi
eo,s Er,e Com as In any rcspea, ucoosstcnt sitn
this eouciosion Bal urged or bensn o ths fsstr,
that the sad statutes this be tne true coustruoon,
are non sttu,onal in 40 far ,n-y rrcsids r an
thorze taxsson by t,te authority q part Il the
ial ock ~ the c~rporaiirn <hica invested "a
css OF the Uated stsus raono, ascent v ,nsi pro
position The state of Ne~ York hes by IL lave ueaL>d
AUTHORIZED the formation ~ tnn Ocunm~cath SAsx
and ether like corporations ssosns ~ them eersln -
err privFes and has sso provided ~ sv tor the
the capital stocs ~ every socn corporation
A - capital Of soy sun osypors
tun pail IN II becomes stock the sncjs-t ~, and
hanie TAXATION and view the law must daring
toe ptruance 81 The corporation remain - s,le 70
ts,sicp - sok irrespective Of ihs pfopsvts Ia ~hca
the money paid for the stock may b. iu~-~tet ov
may be OF such money ~ the oorp,rsion
Part of the for its stncs shs II
be Invested 10 stocks % the Tniled Ssts such
affect the right ~ tAxstoa, Tor the
that the sssermert o. taSss not The stcxs
~ tne United states other properly, 0Surj ~ he'd
the ,ton excepting only ia real eta but
Ax h.f.- NWnS.