The New York herald., 1871-02-17
STATE TAXATION.

r:r. Wells Report state Taxstion---Jnofsi-
cheney OF Personal Property Texes-Disas-
tlcus Effects ON Manufactures aud Conn
merce- New Mode Of Assessment.
ALBANY, Feb. 16, 1871.
Mr.. Wells shows IN many ways aud by numerous
cases the following:--
Ftyst-That State or municipal taxation Is now In
all the states unsyscmatic Deedessly interfering
with industry, uncertain Of collection, in many cases
oppressive and otten particularly in New York
state so Durdensolne us TO drive away capital and
make many industrial enterprises Impossible.
SecoNd-That among the chief causes for these
vices In system OF state taxation s the attempt
made to subject personal property OF every Kind 10
taxation.
Tatrd-That the attempt to tax personal properly
has everywhere failed, because or the evaSons OF
capital that 1t has therefore been form Of taxation
NOT injurious to industry where 1t was actually
levied, but partial, ana thus UNJUST in its bearings
because II could not be collected fairly and generally.
F0uqfh-ne exhibits the different ana contrary
decisions OF courts in different States concerniD. the
pace where personal estate may rightly be taxed
showing an astonishing degree Of confusion
FJu-lle shows the practice OF other countries
Great Britain, France, Prussia aud HCland-or not
attempting TO tax personal estate and exhibits The
important results Of such exemption in favor OF
the industries OF such countries against our own,
showing, Tor Instance, that the State and city
taxes OF New York discriminate against the building
Our state and local taxes would be 3 27-loo
per cent on It's whole property or accessible capi.
tal, while, 4 the company were English, It would
the rental value OF its offices. THUS, without count
Ing at all the taxes oil our general government our
local systems OF taxation fatally burden industry.
The Commissioners suggest two 'outline coolest TO
carry cut the provisions they recommend for secur-
Ing personal property. The first OF these provides
tnat tho capital stock and property Of any corpora
ton OF this state, organized as q trust company
ferry, plank read or turnpike company, savings
bank. fire or marine insurance company or bank,
company to receive deposits or make loans anu the
shares In such banks and ali foreign insurance com
panies doing business in the State, snail be taxed as
ut presents and every private banker shal be taxed
on his capitA employed aitd on no less sum than
Onetourtn or his average deposits; that no other
personal property shall be taxed. AL lands shall be
assessed at oncnalf OF their value and all buildings
at their full vaue.
TDo second outline code provides that the COM
paIIes named in she previous code shall be taxed
heretofore, except that such companies may deduct
from he Total OF their capital and reserve the as
scssed value of their real estate.
OccupierS or real estate, as owners Or tenants,
and not as lodgelS, are TO be assessed sum equal
TO three times the annual rental value Of the prSli
ses, this sum to be added to their personal
ment, ana the tdx upon ii TO DC collected in the
manner as other personal axes. nul no orllsr Il
personal property shall be taxed.