New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-10-22

appess in the People ex rel Ho,t sst the Commissioners Of
faxes s eep ~ IN wn,cn wa' ne ,. n;s s sne
actually situated another sete County nos 20 be In
c ,an n t' GLOW. th,resore rom The very
susge OF the ststutes that be Bank Of the
exempt sxtion such portion to be excepted from
the assessment"
While ,refor this decision 10 to be considered
trolling upon the question whether in assessing the aggregate
value Of tie personal estate OF individual or corporation
stock United States should be included si the ques
ton which has been submitted 10 formed no part Of
upon which that Cour passed when the subject
was before then distinction then taken between the
exemption from taxation Of these stocks under the provisions
ofthe Constitution Which CAV. CSn,. PV ,uc ,spon
specially enacted by act Of Congress- The learned Judge
the Con.tituon alone which is to be looked TO- for
Congress has passed law on the subject ana ,ns
no oiSS on the of To- the
should enjoy the advantages oil exemption rom
in respect to such oans but say ID he
any such statute the general grant power
contsined in the Constitution We are OF opinion that the
TO be exempt from ssraon cannot be allowed 10 prevail
Whateve therefore, may be the individual opinions o! the
members Of this Cont these questions decided ny 'e
in tb. case and only difference which exists between
th and the present is as 10 tie ehee OF the
bonds and other securities Of tie United states held by nd
vdua corporations or associations withe ,ae hnep Se,
Two questions arise IN regard to TINS enactment; -
l. Whether II constitutional such provision would e1-
Whe,Ser Congress can pass such limiting and
,c,ns ne noweIs Of the State in regard to taxation
Upon the first poiu. think there can be little difficulty.
Ths Act Of 1857 expressly excerpts io the persona property
to be valued and assessed all such part Of shah have been
exempted by law aud DEMO j. says 1T would be the duty
the Assor inquire whether any OF TINS property nto
which capital had been converted exempted by law
from tsxson. The bank is general rule assessed and
for all M property Of every kd bat there an exeep
nion the State have upon special reasons Of policy
declared shall be exempted"
under Of coming the conclusion that such de-
duction be made the act of Congress directing the ex
enpon Of the United States stocks and bonds from taxation
is valid
The which yaou, times have been decided in The
United States Court Mecaongh as state o. MaIyl p.
4i9 Osborn re. The United States flank e Wheat; 1881 snd
onsIs Tneh % oe or an J under II. United
States forbidden by the given to the General
SnSeI ts besew To this extent
The decision q the Court Of Appeals before referred to .
the United States stocks and bonds specifically and including
the value thereof in the valuation oa mans personal estate
cude the Federal from rcyertrg TO the money
markets ola particular State or loans though 1t might not
seriously affect the exercise Of the borrowing power el;e'
would be obviously hostile to the operations Of the
and again 2O7 FEEDERS, stock be taxed separately
specifically any amount which state Legislature or
se 10 seeking
be cheeusy driven out OF the msrse,s Of such State
II be conceded that the night to borrow by the
Congress the United States suted by the Constitution
and stocks to an extent that with the Govern
borrowing money In such State 1t TO follow
auch limitations they shall deem necessary
such loans available and that Congress authorizing
: on which the loans may be taken
If the e S9sT " ,s. II. BSws, 70 prevent the
there be doubt that Congress may the Of
may tax the sane terms on wIIoh the stock
shall be issued immunity from taxation throughout the
would impair tie ySe and thereby interfere with the power
OF borrowing may not Congress gay mat specific CT
TIE mower 10 borrow money and 10 issue stock undoub
lsdi
powers 10 cary Il effectively into cxefce IL cannot be
psce throughout The states in which l. 20
be exercised whh loans 70 be made
nor Of transfers may adopt the exemptions
which such stocks sha have IRON puohc burdens .onse,'
ssid specific shall De laid such stock and bond.
Of the states The power 70 90 80 would DO conceded
Courts Of this ssse II they can prevent .eelhe ta,suon
o,bd any tssetion il opiuion
essary carry oat the original powers to borrow money
the Courts to inquire. The discretion Is with them the
po"v l. With tbe and ~hen exercised by hem That 81
ell laws which h be necessary OF proper 10 cauy
In the United Fiber ct al (Crsncb 2s the
gh Of Congress to give priority to debts due the United
States 10 claimed andeT Tie general powef TO maze all
ary In that case was said Conges. mus, possess
the choice Of means aud must be empowered to any
granted by the Consti u,on."
as T1 'd me e end be IN .ad w t s
scope Of the Consttution all the which spporr
tied may additionally be employed cary into elect
Tie degree Of ito necessity is question Of legislative
Sisie Of Miyd IL %ie1 si5 Il l. .sd s.io.
power do depend the degree TO which it be
eci.ed n nay exercised ALL IL be eIclcied At
+ the will Of thos. III whOse hands II Is placed"
must be orPses ihen Congress has any powertO pro
any privileges TO those who buy the same tic extent to
which taxation may be prohibited ~ al Of discretion
be exercised by Congress and which be tie subject
Of Judicial limitation legislative di'eieion should moi b.
b. judicial deciions. IL the power and
net Of discretion In the Legsauie which be reviewed
by the Courts
II were Necessary refer to the condition Of public mat,
ters oronderng H. necessary that the General Government
should pocss every power TO enable them to aayspsgeouy
borrow money very ugen, reasoDs could be advanced to
show how tie light to exercise such power,
present time TO enable them to provide the for the
preservation OF The Government but 1t Il not neeessry,
under the views above expressed on these anettions
II IL argued on behalf si Of ,he Iesrondeni' that even II the
TO stocks Issued pfeyiou. TO It's pesase The ground upon
that BY such provisions the power Of Congress to borrow
aided and that 10 deprive that body the power
privileges be conferred, therefore would be impair the
power thus conferred by the Constitution. loss to
Sy the Of the coat Il 1pea that" a. to ali oe
ton with the other property Of individuals aud poraion
1t TO- then presented simple statute regard this
stock exempt from taxation b. the States passed
after the Government had any interest in Its value.
Without such interest should doubt. the power to exempt
such stocks any more than any other property om alton
Az declsatory act Of the views Of Congress t, ei. night
TO exempt stock from taxation would be Of value bat 1t
would confer power which Congress did not otherwise
possess the tight to exempt from taxation solely
tho necessity Of ING power In order to enable the United
sta,es rightly aid adysntageousy TO carry out the provision
OF the Constitution 70 borrowing such right could
not with propety be clsied In regard which
long before been issued and the consideration for which had
long before been paid to the Government Such prop
erty could withno propTiety be exempted fiom
on by act OF Congess such legislation necetary
than any other property which might be imposed
An objection taken 10 this proceeding that IL
brought room, because taxes had been posed The
proceedings against the Commissioners usstssOrs
their duty il completed whom tho assessment made
The taxes are imposed by the Board Of supervisors The
proceedings 10 correct the assessment the imp
OF ts1ea
1t said that there certainty that any tax would
| be imposed