New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-03-29

passage Of gunbOats 80 feet long to Lake Cham
plain would DO $3,770,l90. The report shows
strongly the practiea6ility and importance Of the
proposed improvement as means OF defense.
EVENING SESSION.
The Executive Session was occupied in debating the
bill 10 amend the Assessment Law. An Interesting
deb 10 occurred on the question whether personal
indebtedness should be allowed to sci against per-
sonal property. On the subject OF taxation, Dir.
Andrus spoke against the bill The present Assess
meut Law was sufficient, If the Assessors 90 their
duty and the only olset for actual Indebtedness Oh
paper made by the person claiming the deduction be
allowed.
Mr.. BARTLETT spoke against allowing deduction
Of personal Indebtedness lie cited from the opinion
Of The Chief Justice of the Supreme Court Of Ohio 70
sustain his position. If merchant be allowed to
dedHc. his Indebtedness 10 Obbers, Jotbcrs must be
allowed to deduct indebtedness the saIne 10 the
! English manufacturer
| Mr. PIERCE explained thai deduction was only
allowed for icdebedness to persons in the state.
| Mr. STETSON argued against taxation on in
debtedness 100000 may be oil the property ID
one town, and this loaned Oh notes. hat does not
double the property of the town, and the taxation
should not be doubled.
MIR. MEIER objected to taxing debts, for ii taxes
the energy, enterprise, aud ambition. lou tax
obber OF one eide vi the street who has SiU0,OOOl
cash. the same as jobber the other eide OF the
street who has 0btaiued 100000 credit Y0u crash
ont young men of enterprise everywhere in the
State.
Mr.. SEYMOUR spoke agains, the oiset except
for debts, being lieus particular property subject
10 taxation.
Mr. LuDINGTON favored setting of personal in
debtedness from real estate, 10 well as personal
property. go.
MIR. SNYDER opposed the whole bill Us incon,
gruous aud ineomI lete. He favored ~ onset o.
debts of personsl property. He desired 10 taS
cspitaI, not enterprise and energy lie deemed
the present law with few notifications sum
cient.
A rate was then taken Oh the proposition ahowing
deduction from personal property for rersonni ih-
debtedness which was carried by "a large minority.
Mr. PHELPS spoke agsinst the DIst feature OF
the bill, taxing foreign trade two per cent III inc
CITY of New-York. II a cargo OF coffee comes 10
Ney.York 10 be sold, il il 10 pap ajax. III the
lin does allow foreign goods to come here 20 he SOLD
without paving TAX Of two per cent, the Trade OF
New York viii be ruined. Ii the bill was rushed
through In it's present crnde 1, will work revolu-
zion ia commerce and finance and be ruiuous TO the
country.
A measure ike this should be perfected by mature
deliberations by men coaversant with al the interests
involved. He should at the proper tine move proper
amendments making the pressure equal IN country
and city, but lie believed there would he no danger
o: its passing.
Mr.. RAYMOND spoke egainst this provision ct
length.
After long debate progress was reported, and the
bill referred 10 a Committee Of Nine with instglc-
ton 10 provide that mortgages stall 10 ASSESSED
land, aud the smount OF tax be repaid by the mort
gage.