The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1861-04-14

rHK BANK or THE ooMMoNwgALra-A QUESTION or
TAXATION
sz u-TAe Peorle at the retrtsoR OF the BlHk y nc
0Gsso~UozuA, SPpeIsss The Commissioners 9 fhoA,
empsR tes1s Ii appears, from ne statement Oh thls
oase, that N the year 1850 the bank, By It's Pses'n
submitted 70 the Commissioners a Taxes and Asses
nnts, the statement in writing, As required oy hH'
thas Us cApal stuck actually paid In or secured 70 %
paid n, s7ss coo; that the sum paid iof i'' req
estate, ou0sst,ng Of a backing house ana io'' was
e1Ss So 81 which, being deducted from thu amoanso
o.Dtal stock Left balance OF 1851 ,165 10. 1t was
sru.e ia o. tho last mentioned sum $iOS oO was IN
vested In stock OF the Uni ed staees, ana soe oank
cls,ued th, the sum invested In such Stocks was cx
emnt sr,<. A. that the assessments should be
made accoriiagy. The Com nissio1e de1'ded agAnss
The cain al bans, and e-sessad the bank for che
arnot on It's csItal stick af.er dodnotipg the ,uut
paa Tor the 1s~ae. the bank removed The case TO
the supreme CoaIt By eelgaTt where the decision o.
the ailirmedb BY the Court ~ Special
Term. The bapg shen appealed to the Gene al tsrm,
where the uogment ailrioed VITA costs ON these
the stste.
Mr. Brsdf I'd coptended that there were two casses
corpora, ons ways favor
by the State and taxed oay the acsua value OF their
stock and nUeyed atoms creStd by SPECIAL char
tiers and taxed on their noninal capital. BY onasiug,
therefore rhst bth oil ahoai be taxed thu aosuM
value OF their sock not intended to increase the
burdens, but the oo~trary 70 bring moaeyed CORPORA
turrg temperatures bad been alwsys regarded Corpora
nons are no ioug~ sonopoios cxsn9 by great end pe
cua piveess they present no barrier 10 composition,
but lend dressy give acsvity To trade tho employ
ment Of labsw snd mo cheapness q production Ii was
not possible, the, efo'e in VIE, OF no great utility Of
banks In the promotsn Of commerce., tho laws were
modified not to promote tae ready formation
q such r,one.ary Institutions, and therefore
n could not be possible that the Lesisis
ture intended N draw tighter the roins OF taxation In
stead Of relaxing them In relation TO such institutions
And n these GAYS OF revolutionary propsgandsm dis
organizing governmects and dssoiving Of securities II
win be foaDd Crate I'll and refreshing to resort to the
sound paiticai philosophy and constitutional law Of
Chief Justice john Marshall.
Ex-Judge Bronrcp Corporation Counsel, and Mr.. II H
Anderson appea e for the Tax Commissioners, and
tended OF the courts below ought 20 be
affirmed lie cocisoa Of the Tax Commissioned w. In
osnfc city with az, nsmuch that banks and
other muey and stock corporations deriving ns)me
profit their capital otherwise liable TO taxa
tioa on ,her capital and Mis- 80 without reeIa TO the
manner in which the capital has been invested, and
though part OF tn. capital has been lost The sum
psAd fer delucsed from the amount OF The
capital, because the real estate Is taxed a. such.
The o-Ot OF the laws OF 1853 and 1851 not 10 dim
nsh tbs barcens upon moneyed corporations but 70 IN
them sube ting 81 EN- 70 tax their surplus
fxss bsy the capital whore they had any such
PLUG exoeed ng ton per cent OF tho capital And such
surplus Large g night BE- was no. ofors suoleo. 70
mlaniss commenced ~ far back a. 1898 Before that
the charged the owners u the stock and
the changed because considered tLAt
wss easy - evaAe the paym Of the The learned
earnestly confessed that al the decisions 6 the
u this Stale, and Of the tnsns by the Legs
atnre 1879 showed conclusively that all stscks Of
bank ana Insurance companies subject TO TAXATION
e., part L. Ian noneycd or stock cor atoms
deriving income or profit from their capital shall be
liable 70 taxation their capital In the manner pre-
scribed."
Firsl-Ths real estate and the sums actually paid
therefOrs
sThe capital stock actually paid IN and seoured ~ be
paid In exoepsng thereom the paid for real estate
and the Of such capital ste held BY the State OF
Mr.. Bradford replied for the appellants. Decsiop ~
served