The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-04-08


ward with all possible despatch The first stroke the
madc February TO- and has progressed steadily
SINCE From four 10 five hundred men now en-
ploycd In tho heaviest cuts and on the bridges and
rese work. The chop ng and clearing for the track
completed and there every to believe that
the road will be In running order by the FIRST Of July
The receipts OF the Western Union Railroad during the
first Of the present year amounted 10 $40 407
against $50 for the time In 1S65-iucrease,
$7,04S.
Tho following tho tcxt OF the recent decisions Of the
Supreme Court in the brokers' and bankers
Tie Jnird Sofes pIIini6s IN err, Rseyt L. CSf.
ting dl-In 10 tho Circuit Court of the United
States for the Southern District Of New York
Ar Justice Grer delivered tho opinion OF the court
wolves the construction Of tho ninety ninth section OF the
o 30th June 1854 The act Of 1864 Is entitled An
provide why's and means for tho support OF government
ether p II imposes specific taxes upon
large list Of articles manufactured sold and prescrbcs
the mode Of lag aud collecting them. In addition
10 these imposes certain taScs all persons carrying
on certain "trades Professions enumerated. The
persons whom this tax assessed receive what Is
called 'licon-e" which Is the evidence OF permission
exercise such trade calling In consequence OF pay
mnt OF this tax or duty. Among these Is the trade or
employment Of broscr mentioned In The ninth paragraph
o the seventy ninth section OF the act Brokers
rcqu rcd to pay ity dollars for lie nse The act also
defnes the broker In be zone whose business IL Is
negotiate purchases sales of stocks, exchange coin,
money, hank notes, pronssry not other securities"
Ohcr species of the genus broker arc Indicated BY the
x'to the general m well by special definitions,
rb as ''pawnbrok rs, 'taic brokers' SC, &c Be-
SIDES the tax aid by auconeers and the different spe
c Of broksr under form Of License permission
40 prosecut, Tier trade, business or profession,
they were required TO pay certain duties on
the ssles niadi by them respectively Being
By means Of these licenses brought within
tho cognzance OF the officers and into quasi
oica relation with them, they we're required to make
urns assessments and collection OF these dnties'
uuder certain penalties. iy the 90h section 'all
brokers and bankers doing business brokers' shall DO
subject " ray tho following duties and rates OF duty
upon the sales OF merchandise. produce gold aud silver
bull ON. and foreign exchange &c, aud stall also BE-
subject TO oil the provi ons Of he act Tor making re.
Now, the ninth paragraph o. tho 18th sccton atsr
dohnns broker 10 he one whose business u Is, ~
broker, to uegot purchases Gales, &c, required
made for commits. ion" Ills ciause M sHt have been
construed " forbid licensed broker purchase or sell
stocks, &C. on his own account so that his salos bling
thro gh the nterpos ton OF another broker might
b, made labo 10 tax But II has been construed 10
lease him from the necessity OF making any return Of
scs made for himself from paying any TAX such
sales but there no good reason w,y thsc transac
prodt should not be liable the TAX or day i'm
posed those made ~ him for other parties Besides
S ton ssye srsss opp . ains
passed on the 81 OF barcb 1865 TO amend the Of
SOL June, 1894 Among other things u amends tho
after tho words soher securities" the words for them
slves other" and by striking out from said para
thai all Ills ansac.ions are madc for a commi~ on"
Tho intention OF this amendment might have been
better provided for by an amendment OF the ninety.
ninth section, but Il cannot DO doubted that the meaning
Of the TO subject sales made by broker for
hmsef 10 the same tax ~ those made for Others Tho
definition OF broker viii now read In the section 40
ndcd whose business W. n broker, TO negotiate
purchases sales of stocks exchange bullion, coined
mensy bank notes. prom,ssory nos, or Ssns, securities
Congress subject tho sales mad by brokers for them
selves TO the same duties ~ thoeo made by them for
Others, cannot adm Of doubt though u must DC adj
mted their intention Ia RI her obscurely expressed.
The Judgment OF the Circuit Court ID, thcrefore reversed
and ves,Te de awarded.
TIE CnSed States P'amtf IN Erey o. Havvy ftsk
oiin error TO the Circuit Cosrt OF the United States
Tor the southern district Of New York Mr. Justice Grier
delivered the op MON OF the This prcsentse
question not considered decided In the Of I'm ted
staies va Cutting The DEFENDANTS In that case were
brokers and were held liable to pay the duties
and rates Of duty prescribed by the ninety ninth
section OF the act OF March 3, 1894, wbssher the
sales we're made for themselves or for othe1 In
cra business SUCH ne returns and paying duties
and tascs imposed by Law upon their capital aud dcp0s
ia A. such they negotiated and sold Tor the United
states large amounts 81 government securities Az The
same time they bought and sold government securities
for themselves and not for others or for commission"
Are they liable 20 pay the duties imposed by the ninety
ninth section upon broken and bankers doing business
az brokers In addition 70 those imposd upon them As
bankersf The hrst paragraph OF the seventy ninth
ton. which concerns bankers dlsing ushed from
brokers, Is az iollows:-
Bankers using employing capital not exceeding the
sum Of ni,y thotsnd dollars shall paw hundred dollars
Ing my thousand dollars for every adiounl thousand dol
m or and s. or ss
bank hsyns place % business where credit. opened
p.d % mss mon ss.s =, .s
where money " advanced loaned socks bsnds bullion
s 90 Or rhsrs stocks bc"a
discount sale shall be regarded s.nker under this art
The iiosh section presctibes Ne additional duties DO