New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-31
hencS ths applcatlon for peremptOry vrlt q mAn.

hence tho appncaJlOn i0r d Pol0Hp'O'g WIN - ~
The case was thoroughly argued and Judge Gilbert
rendered his decision yesterday The ueclOh-ue esI
Ing points Of which are given beowis OF considerable
Importance, similar involving several nilos VI
Judge Gilbert said: The first question whether the
certificates fail within the exemption contained ~ ISs
Act Of Congress Of Feb 49, 1862 That exemption exteho
70 all stocks, bonds and securities 1.-THE United
Manfesty they are not stocks" bonds" Are they
securities within the meaning of,ths Act Of COngress
Upon reflection, and contrary to my nrst messlOn
authorised to be given only for two purposes namely IN
satisfaction Of audited and settled demands and IN ds
charge OF checks drawn by isburslng Officers They
are therefore, merely certificates or ACKNOWLEDGEMENTS
OF n preexisting indebtedness, incurred I'm the or
SHdd OF he pubc faitS the Object Of granting
the authority to issue them was TO accom-
MEDIATE persons who had outstanding accounts against
the Government by giving them tangible and certain evil
dence that such accounts had been audited ana seIeo
and of the amount due, the Government derived no
benefit from them except relief from demands Tor present
payment ana on 70 the pubic creators
afforded the issue or tneh necessary 10 he en-
ment think therefore, they are not secuLleS IN any
higher degree than the audited accounts atu @ 40
which they represent The object OF the exemption uer
Consideration has been generally understood TO nave Deen
the facilitating the Government III obtaining ~" n
cases of property II this was the object and intent
of the statute, are preeuded by long estoHsneu %
i 80 te vrI bcyond what Ia necessary TO promote and
secure that object DBL Com 60; Trust Co ~ biaay zV
it Is also significant fact that Congress had granted
authority to issue these certificates Wheh the oa ag
I
not therefore, have been In the contemplation VI OV
gress. , a a., ,,o-a
"ecures in this connection is in the application OF inc
maxim NOscitir q SeiS.
THE sfatue exem DTS stocks bonds and other securities
of he United States Stocks the registered
representing portion of the permanent funded debt OF Ine
Government Bonds similar unregistered oDhgalOIs
and upon the principle referred TO, the securities must De
deemed the other Obligations of less personal 1Or Dnt
created for the same general purpose and having Jhe
same general uses. Broom Leg, Max $50 Et. seq
His Honor cited several authorities 70 sustain the
opinions expressed, reviewing the decisions OF Oter
courts I'm some similar and continued: The exep-
On OF the stocks and bonds OF the United states nom
taxation Is already severely felt by the people, in the u-
equal burdens which those who are not owners Of such
pfoperty sustain. construction Of the CONSTITUTION
which establishes privileged class OK pubic creditors
who though living under the protection OF the GoNer-
ment are mpted from bearing their snare OF us Du
dens ought 10 be very papabe before II Is adoPted
The power of taxation under our Government rs gem
eral rule Is concurrent The qualifications OF the
rule held by the Supreme Court OF the united states
I'm Van Allen ag the Assessor Is Wallace 800 are the e1
cusen of the States the taxation OF the means ana
Instruments employed In the exercise OF the tuhcOs OF
the Federal Government IL also held IN TINS case
that when this concurrent power exists althOugn CO-
gress may BY OF its paramount authority exeude
the states yet there doubt Congress may WITHHOLD
the exercise of that authority and leave the states nee
to act III am right In my construction OF the act OF
Congress eXemptng securities" from taxation, they
have not excluded the States from the power TO tax these
| certificates Consequently the mandamus must be
denied