, 1869-02-17

THE TnlNrNE, yesterday, contained
the IeclsiM Of the Supreme Court .!
Illinois, affirming the action Of the super
vlsors and municipal authorities OF Chi
cago in assessing State and city taxes
upon National Bsnk shares at their PSF
value. There were olher poiuls involved
in tie case; hut tho main one was ths',
iuasmuch as the real and pcrs onal prop.
eriy was asNssed fer Stale purposes q.
only one-thlrd oi It's real yallr, 1t WAS
unlawful and Unconstitutional TO tsx
bank sharcs NJ their full va:uc. The
Court sustains the act OF the Legislature
directing the assessment and tho collcc-
t!un ot the lax, and sus.atus the assess.
mcnt upon tho par value, affirming thai
SO long as all OF that particular kind OF
prortriy Is ASST tsscd in that manner the
ussetsmeDt IL valid.
While VIC in not stc how thr Justice NJ
The decision { I the Supreme Cnur. cna lie
questioned, there rtula!ns, nevertheless,
the iact that ,ncnty invested In blnk
shares is tsx.d fer Stale purposes thr"e
times ns much as real cs,a'c which may
yield lie same auount OF prn:t. Tue
oWner Of real estate worth 100000 Ia
assessed at $4,000, ard pays tax Of
slxly-lye cenls on each one hundred h1l-
lars, or an aggregate Tax ct e22l; while
hncthrr man having tue ss'nc amount OF
monty invested In bunk shnTes pnys The
same rate ol taxation on thr wIlolc value.
or tsx Of $3.50. The tax4!lon in Cal-
cage for municipal rurpos.s, IS uniform F.;
all kinJs q! p.optrty, resi-, p.Esnual,
stevks and 1noner, nrc aRstsstl nt their
full value, and the fectntEg lncI1n1lty
tint prevails In h:atg luxnsion tioes M!
txlsl In clty taxes.
Tho wtnne ln thla tns.scr u mt lu i1lt
law 0r ptscliru nj assessl,tg tank sfArr'
or other pf0pr,ty at 'lieif Iult raine. hui
LII TIT Hthtc syAlGnl Vi assessing utnprrly
al one.tlIfi or nnu.l,Rll tile real value
Until within thr last twn yrnia tlla sys-
tim WIS trrn lnurg Unjust. l"cnnsu thr
vuluaiious varlcl IN Rinlupt nit thu cum
tipu. 'Thtrp WAS nU unLlurnt ruiu Oi
g,l,tp. at4b, consequently, ihc burden u
tasntluh WAS nut GistatutC't tnifly. Htncs
tl4u l!uafu NJ Equalization )lss flren tstat,
tlalilt t1lrfr las lten s"tl,r degrees Ut mi
fniui,y ta'nhli.lit''. hit tbr F'iu'tanrn.a
Utttn a, n ul,n.if}l,i YNi'l TIM IN h'}ActE'
,n,r'. Tie .eason given inr t1,tz tnlv !
Hint tI.c rBnt!ilHtlnn ttQ'tIfra t1r r"ls'
tlrn annually Of Hsa'u tax 1T twu ,nsl
sIpuu ail t}lr real md prtArhaE rtnimf,,
ui iic hln'r, u E't to thp payment II VI
3nlrtrAt nn lAu dal,t nnt 10 LIN nx IN
rututmtn NJ OF sl'r pfInritn! j. III hatl .lH
AtHx Of TWO mills upnn 4 H,,c. l1'Dd vAilI
alton i,rs ,I,lrcH all The rAvtnuo tln, IA
l,r used n,ivnutsgnouAly tnr this p"rpos'
ArC To col ret lhrt ttnth that a'l'lt Won't
lu III lny up IN thu Ttch,nty kurll'
rlyenuc, md collect nm amonnt slnsI
The whole debt, principal nnd in.erts
within icw years. There Is Hon'e for
In the objection, but In point ni tacs to
stlon has not been rtjuc.d by the pr
cccdlng, because tic whole amt uat meet
snry TO have paid The debt could ha
brtr ral.rd In unc-,h,rt1 OF thu timr, ut
being ,tvtat.d IN ihtclrs.-lcnrsns b'u'
ot,ld have ccnpn,hixcd .wc'iEif'l5 CIV
lptcrcs. which the S,a,c Ens paid mud
now pby}1g.
It's hu1Jiy necessary for tic f.'gls'
tu.c to Interfere in tAis lnuistr now,
CAUSE pc have convrnli1n Called viii
Will rL,noa&! The constitution, and ri
y!tt That, hcncetor.h, NIL assessments
taxation shRli be nccurIlng ~ the c:
raluo Of the property, and not hy +
ouc-half or oncthird. II r1:c Of
mills bt necessary 10 furnish revenue
the Stalo under a one.tlirl va'u ~
what 50 just aud SO straightforward d
mskl the assessment at the real va
AID reduce the rate to two mills? I
will avoid all complications and lrfc
'~-1::o.. ard it is the only honest
equ1tab1e mo1. of ra3sinr revenue
State or municipal pufp,s>s. Tie {
vantinn will s,riL- s--- 49, -----.--
all arbitrary rate. Of taxation, and rt4
that, io1 State, county, to~n and
taxation, the assessment shall be b.
upon the iu1l cash rslue Of the proIe