New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-11-02

and twenty-five millions instead Of one hundred anu
eighty millions which, in place OF being II per cent o ~.
Ie3s4s265l, is in fact but little over per cent But
upon what evidence, we would ask, does the t!naSc
committee of the Constitutional Convention, IN attep
ing TO compute the per contage of taxation TO propG
assume s639 1861 the true value OF the properly VI
the Stah OF New-YOrki Does not every one VINO III.
had the slightest experience in these matters know !a
assessed valuations of property for purposes OF taXao
every & know that re real property the
state OF NewYps Is rarely assessed at over so per cent
OF ITS true value while the of personal prop
eTty does not exceed % per cent
This matter was made the subject OF special nvestea
ton by the writer In 1864 and the results then ascertaned
and published were OF the most striking character ana
fully cOnrmatory OF the assertions respecting under
port Of the State presented 70 the Assembly OF
NewYork January ~. 1863 that the amonn Of personal
property belonging to citizens Of York. insured Deeeni-
Der 1860 the various companies belonging
to- doing business in the state, 1000 sum
considerably greater than the valuation OF ali the eot
aud personal property assessed by the state during the
year 1851 and one thousand one hundred ana thirty
eight millions 81 100000 In excess OF the Official yaa-
1863
Again, in 1862 fire occurred in the City OF Troy which
was estimated to have destroyed from TO one
twentieth OF the property OF the entire city, Inc
Officially estimated by the Fire Commissioners at
ian amount exceeding Onehaf OF the assessed valuation
Sa @ Is pad u an eauVaient
oneenh of the assessed value Of all the property OF the
city.
An examination Of the and assessment returns
OF one Of the thriving agricultural towns OF
also furnished proof beyond dispute, that while the
personal property Of the town returned and assessed
by the County Assessors OF 1868 at sS2 the actual and
real value was in all probability, in excess OF sOOOO
the generally admitted value OF the personal property OF
single individual in the town being In fact more than
double the amount returned and assessed Tor tne WnOe
town by the State officials. -
We would also mention as a further illustration Of the
truth Of position that by Of new valuation
OF the real property Of the City and County OF Phade
pha during the current year the taxation on inc same
has been reduced from per 500 to about 81 40 per $780,
thus showing that the assessment of former years was
about onethrd OF the true and actual value or the
So far then from 81 e3sOOOOOO representing the true
value OF all the property OF the State OF NewYork as Is
assumed by the Committee the true estimate eahnot DC
alton TO property instead OF being II cent according
and with the debt remaining as IL ls this per centage
from the increase OF wealth and population, viii c0nn
ualy and rapidly decrease. ,
extended but sufficient, IL is believed has been said TO
Justify the truth Of the original assertion viz that the
report and estimates OF the Finance Committee or the
Constitutional Convention OF the State OF NewYork are
Incorrect do not fairly represent the actual state Of the
case, and are calculated needessy alarm the tax
payers, well TO impair tho credit OF Doth the
State and the nation
We would not be understood as imputng any but the
most honorable motives 10 the eminent gentlemen who
have sanctioned tho publication OF these estimates Dut
we believe, nevertheless that they have been unwlt,
tmgy led into error They have in fact only presented
the debit side OF the balance sheet and have failed 10
recognize the real and great advantages on the other side
TO assai the financial credit Of the United states is evil
dent from the fact that 1t has already been repuDhed
and commented on by some OF the most antAmerican
journals Of Europe, evidence OF the approaching and
Inevitable bankruptcy Of the country.
That debts national State and local. are sucenuy
large demand the highest prudence and economy on
the part of legislators cannot be denied but they are
not large to afford an OCCASION with honesty ana
good anagement for the slightest public uneasiness
Exaggeraton OF national burdens would appear to
the Atlantic MS settled policy, with the aim and intent
of procuring through national encouragement the con-
sent Of the nation 10 an act or national Vlilany lam
yours most respectfnlly DAVID A. WELLS.
T. s. Commissioner Of Internal Revenue.