The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-02

,iso .sa iss - $500 600 600 SS
ass b.. as there n' &C. COO 900 ss ssnn.ss =
S:Sp: q u: Of n Ne: Yo.s pay =:
hey pay a under me tar,n any no co,.c 49,
~ css snai revenue On the contrary The boIk
enter mo .osns duties collected rom arsclss wnscn
tea largely INTO genera. m,ssa .oo,sns Sssss
less ere, and ihe like. Does any one preesn9 teas
81 thaS four million: Of the people , o. Ne United
annually importsdY The proposition y itself an
ssurdy In fact assume sixty millions = the share
Of The national taxation which annually falls upon the
people OF New York. would probably Be much fairer
ssnsie than that OF the committee via hundrsd
and eighteen millions, which being allowed would make
tosl annual taxation OF hundred and twenty two
millions, instead Of one hundred and eighty millions
which 10 place Of being II per can't on the assessed ss
e5l- Is in fact but little over per cent Bot upon
what evidence, We would ask, does the Finance Commit
compute the percentage or TAXATION to properly
49, 65l as the true value OF the property Of The
the slightest experience In these matters know that
assessed valuations OF properly for purposes Of taxation
rarely approximate 70 anything like true valuesr Does
not every furthermore know that real property in
the State Of New York Is rarely assessed At over nifty
per cent OF its true value while the assessment Of po
sonal property does not exceed twenty-five per cent
This matter made the subject OF special i,lvesti-
CATION by the writer In 1884 and the results then ascer
taiaed and published were Of the striking charac
YER and July conhrmatory OF the assertions respecting
undervsiuations above made. Thus u appeared from
the report OF the State Assessor presented 70 the As
semby OF New York. January H. 1868, that the amount
Of personal property longing to citizens OF New York.
insured December II, 1860, in the various insurance
companies longing To, doing business IN the State
81 All 600 600 considerably greater than the
valuation Of all the and personal property assessed
ONE 'Ss sIas aaa Millions
in Of the official valuation Of oil the personal
| property Of the State for the year 1863.
Again. In 1868 nre occurred IN the city OF Troy
which estimated TO have destroyed from one
fifteenth twentieth OF the property Of the entire
| city. The money value Of the properly actually de-
| s,royed officially estimated by the Fire Comms-
sioner at 81 ia 600 ian amount exceeding oDehair OF
assessed valuation OF all the personal property Of
| the cityl; and this insurance was paid Of
$l306, 000 amount equivalent TO oneenth OF the
assessed value OF all The property OF the CITY.
An examination OF the census and assessment returns
OF OF the thriving agricultural towns OF New YORK
also furnished proof ond dspute that while the per-
County Assessors OF 1853 at Az The actual and
| real value was In all probability IN excess OF
ST. coo 600; the generally admitted value Of the per-
sona property OF a single individual In the town being
in fact than double the amount returned and as
We would also mention further illustration OF the
truth OF our position that by reason OF new valuation
OF the properly of the city and county Of Philade
phia during the current the taxation on the same
has reduced from 81 per 500 about 81 40
$780, showing that the assessment, OF former
about Of the true and actual value Of the
80 lar, then from 81 $50 ooo 900 representing the
true value Of Gil the property o. me slase Of New YORK
cannot than s. 600 600 000 On this basis the
relation OF taxation to property instead OF being eleven
per cent according the committees estimate. is only
about three per cent aud with tne debt remaining II
is this age from the increase OF wealth and
| population, will continually and rapidly decrease.
We're texpedlent this analysis might be much further
extended but sufficient, Is believed has been said TO
Justify the truth OF the original assertion VIZ that the
report and estimates Of the Finance Committee OF the
Constitutional Convention of the state OF New York are
incorrect do fairly represent the acua state OF the
case and calculated TO needessy alarm the taxpay-
ers we impair the credit OF both the State and
| the nation
We would not be understood imputing any but the
honorable motives to the eminent gentlemen who
have sanctioned tho publication of these Estimates but
we believe, nevertheless that they have been unwit-
tnely led into error. They have, 10 fact only pre-
sented the debt side OF the balance Sheet and have
failed recognize the real and great advantages on
| the other side. That their report has been made
subservient q weapon to assa the financial credit
OF the United States Is evident from the fact that has
already rspublshed and commented on BY some Of
the most American journals Of Europe 81 evidence
OF the approaching aud inevitable bankruptcy Of The
country.
That our debts national State and local. are sufficient
~ large demand the highest prudence and economy
part Legislators be denied; but they
not 30 large 70 Afford occasion, with honesty and
good management tor the slightest public uueasinese
Exaggeration OF national burdens would appear 70
have been adopted by certain parties on both sides Of
the Atlantic settled policy, With the aim and intent
Of procuring, through national the con-
sena Of the nation 70 an act Of psiiHnsa yiAny am
United States Commissioner Of Internal Revenue.