The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-04-02

trial pursuits, the country have progressed In real
results the outbreak or the rebellion II Ia that
the expenditures government have stimulated
some branches OF Professionalism prontabie contracts
nave made some men rich who we're comparatively
poor-bnt still the fact remains that under condition
in society 10 there such absolute annihlaon OF val
ues az during state OF and that though wealth may
particular Instances, be aassed, Is but transfer
OF vaiuo from society in tho aggregate to ndviouas-
that debt accumuiaes the nation IN reality becomes
poorer. Under these circumstances, and in view
of the absence OF long Accumulated capital, who
docs not see that rate Of interest much below
that which pertains TO commercial pursuits can
only be obtained by the application Of exraneoue means
and through the production Of results injurious 70 the
permanent business interests OF the country uch IL
our present condition, sapernduced by the exclusive
issue of uncdecmabe paper money md The unsetement
by the Secretary OF the Treasury OF the rates OF interest
at which legal tender notes could be converted into IN
terest bearing securities. greater attenuation OF The
CURRENCY would probably induce the public 10 accept In
exchange for IL four per cent stock, whose interest
should be payable in gold but s effect would be dee
erIous to the body polite it would be for person TO
exchange the atmosphere Of nature for nitrous acid In
the ordinary process Of breathing.
In view OF the taxation which must necessarily follow
10 tho train Of national state and local already
cured. becomes OF tho highest that the bur-
thens TO be imposed should DO iusty distributed Even
If all tho property Of tho community should reached
TIC eXactioDs will fall upon many with a severity TO
Nlch our history hitherto furnishes no parallel That,
under system which may be DEVISED there will DO
inequalities Is quite certain but care should be taken to
guard against evasions, and 10 make the imposition
imperative against the Investments OF the rich against
the lesser but apparent possessions OF the mddng
classes. II the exemption OF the nobility clergy aud
Judges from taxation which contributed largely to the
Revolution Tho pubic debt rs with
tive chceruness, from general conviction that the bur
thens which 1t imposes are equally distributed among
ali classes and interests. Least OF all viii the community
be found 10 tolerate the exemption Of privileged class
either OF corporations individuals more deep
" Interested In the mai tenancc of public order and free
government than oiher-from contributing equally TO
tho imposed for the protection OF the life and liberty
Of the nation 1t is deeply to be regretted that Cngress
has carried the immunity annexed to investments in the
stocks and securities OF tho United States far
TO exempt them from taxation by or under state
municipal authority. The primary effect Of this
Of corporations The banks OF this State hold
aggregate capital Could this exemption, therefore.
be made operative in their case, IL ,coth a.
one hundred and nine millions Of dollars from The reach q
S'de and '0odJ tordtioa, and throw the accumulated
hu then upon property in other forms When II il borne
in mind that the aggregate amount OF the national debt
already exceeds two thousand millions or dollars, aud
that an equivalent amount OF property Is 10 be with
drawn from taxation.
public faith and credit from sch extension OF tho
cmptiou principle BY the recent decision OF the Court
or Appeals the banks and other moncyed corporations and
associations o. the state are held amennbe to taxation
under chapter 240 II the laws of 1868, or o
stock paid IN received TO be paid in aud their surplus
earnings (les ten per cea Of such surpus IN the man
ner now provided by law Inc paymeh. 2, she TAX I'M
parties TO the suit not from an unwingness TO
contribute Just proportion towards the public expenses,
but from the Inequality known tn exist other sections
OF the state In regard 10 the taxation OF investments IN
United states securities and the belief that the cor
poratiors established under authority OF Congress
would, under the excmnton authorized by that body
evade all for state and municipal purposes,
IL Is due to the distinguished aud able Representatives
Of the New York banks who appeared before the Bank
Committees OF the Senate aad Assembly 10 say that they
emphaticay declared their entire Concurrence In the
propriey Of causing all capital whether corporate,
ISOLATED or Individual to pay iis legitimate share OF the
should reach only the institutions of this state while
tnosc OF Congressional origin would escape with mpGni-
~, could not fail to be ata TO the existence OF tho
| former.
| Your committee recognized 20 the fullest extent the
jnstice Of This demand for equality in respect
10 In ttQhtf I'm. fhae,s tnV I'm la
least from the loyal and law abiding character OF
the citizens OF this state, conGo, for moment believe
tbat they would patiently submit 70 seeing the hundreds
or millions Of property invested in banks,
psnes and other moneyed corporations Withdrawn from
axaton nor will they In turn patiently allow rival
corporations, enjoying the privileges with them
selves drawing their sustenance from the business
in the protection OF the State cooy rcpudatc tho obi
cations which the Law imposes upon their fellow citizens
Aud now that the tax upon the associated capital OF
local organizations - assured BY tho decision OF
the highest legal tribunal, interest sound policy and
strict justice alike demand that the eRisatnre should
assert va sovereign PREF osatve in bringing all classes or
persons within It's scope OF taxing powers. Ia
localities The rate OF taxation i already two and three
the amount OF valuation with every proba-
bity OF an Increasing ratio N the future II must DO
evident, therefore, that the corporations organized
under the ACT OF Congress evade this burden interest
and self preservation Will induce the state banks TO fore
40 their organizations and allegiance much
more profitable IN u character. 10 Ia under such cir
cumstances tbat the question arises whether
shall seek TO make our system Of tayaton elective
as 10 all corporations within the state, or whether
VIC shah smooth the way for the transition OF
amount Of capital from urdsr the urisd.ct on and
sdcration In yoved in their practical bearing upon the
| future can scarcely DO ogerestirnat-d.
The report continues ibis line OF argument at much
length taking strong ground IA favor OF the State BANKS
en,ogizlng them Tor the promptness with which they
responded 10 and came - tie rlef Of the exhausted
national treasury and tae Gnaiterng position since
| the commenced The report shows ia detail the
amount o. money that The State banks have supplied
tho government with, ana tLen shows that
ing that they have encountered the determined hostility
Of the Secretary Of the Treasury ard through him
friendly Congressional action rntl II has become pro-
blemacal whether they able 20 maintain ,heir cx
isence ~ state organizations against the oppressive
system that Il stands IN The way Of gigantic scheme OF
concentration by which the whcs banking capital Of the
country il 10 be brought under The dominant influence at
Washington, and, II not made sabscryient the ambi.
tos views OF financial Secretary at east 70 become the
football Of Congressional politicians. The committee
further hold tha. the government could well be
supplied by stable and tried stats banks a. By insn
tons battered INTO existence by favor from Treasury
Department upon special mmuutes Tor continued exist
encs.
The committee further hold thar the state has the rlgh,
10 tar tbe national banks: and TO bring them within the
purview Of state taxation upon tns point they invite
attention extract from Inc bank veto Of President
from The pen 81 present Chief Justice o. the
Supreme Court then acting az Attorney General
The report cisses in the following style
without, assuming TO Judge Tor o,sers in matters Of
business, your committee would yet express unhcsta
t,nsy tbs opinion thai when Of the madness Of the
present hour shall have been dsrstsd 10 the sober ex
perience Of coming events there viii be re-
Ges on the part OF those rho trusted their interests 70
the segis or state irctectcn.
Entertaining these views your committee beg leave 10
report adversely 10 tho passage Of the bill Of Mr. Bran
dreth to authorize banks banking IONS CORPORA
tons or individuals INCORPORATED BY or under the laws
Of the state OF New York 70 become banking associations
under thslsws cf the United siatse.
ALBERT ANnRuS.
aLtNANDER OLCOrr.
FDWARD n WHITE
JAMES 3. MURRAY.
The ccmmI,tse Is composed Of three republicans and
Que democrat
Trrovrs COMMITTEES.
Several reports made BY the standing comfnfees
OF the Assembly; but very few are worthy of notice.
The COMMITTEES Commerce reported cornplste the bill
authorizing the Of bukheads and piers on the
south side OF Hoboxea street. n The city Of New York 10
extend the same; aso 10 regulate the use OF certain
wharvcs ard slips IN the city Of New York, which sha
DO leased 70 tho Delaware aud Raran nsilrosd Company
also The bill relative 70 tho New York Magdalen society
ARMY AND NAVY SAVINGS RANK.
An EFFORT was made 20 reconsider tho vote ny which
the Army and Navy saving Bank b lost on is anal