The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-05-23

suuerx 1t 10 blow At every Industrial interest.
Upon what policy Is u that wc select bankshc neces-
upon Thorn, which Affects directly every interest in
tho community?
Rank EAHxlxes
Mr. Mccarthy asked II was possible that all tho
dustres OF the country depend upon banks ana WITH
OH. shem ali business must fall the ground He said
them they would withdraw their banking business
from the state There is no possibility OF such . re-
suit Ia cverv city ,hore is a large amount OF idle
capital, and why should they want to place this in
cites ia other States where there already surplus
Banks Of grea, bensn 10 the or the coun.
try, yet they 10 the OF the stock holders
They arc IN no sense benencent Institutions and they
shond be treated in no way different from other classes
Of property. such legislation as this bill proposes Is
backward step IN HE business oil equazing the prop
erty OF the Stale The rate OF earnings OF the banks
TO be- Tho Comptroller says the average profit OF the
banks during 1876 was six and hall per cent and
that OF manufacturing mercantile aud other indus.
tres not hall That All classes OF business greatly
depressed ID, and YET you propose 70 take at least
ihroughfrom the banks and place them upon real es
tate.
SIR. Emerson thought IL no doubt true that tax.
aton upon banks was bnrdensome, but IL not true
that all other property heavily taxed II We
hevc banks what viii have in regulating the
tex on other personal property He did no. know
why interest should be especially relieved and
others lie thought real estate should be relieved,
ho would gladly support proposition which would
relieve all interests from burdensomc taxation.
DEFECTIVE FEDERAL LAWS
Mr. schoonmaker thought The log zeal elect OF the
is what should be done If what has been said by
OF the Senators DO true He said the evil was IN tho
federal laws because federal laws discriminate against
banks They tax banks and other prop
erty, while tho State laws tax bank prop
erty only In connection with taxation OF
MI other classes Of properly: and therefore
we should so 10 the national government Tor relief.
He would be slow doing act seeming unjust 10
banks; but here wc asked to discriminate IN favor
OF banks against all other species OF property He
sad The principal trouble IN Now York city was In The
action vi the Tax Commissioners, and ho thought they
ought to be indicted for their unjust discrimination
against banks IN their Applicant on Of the law.
The motion or Mr. Weilman was carried.
Mr. Wellman then moved TO insert provision that
the STOCK shall be assessed and taxed IN the town
ward whore tho bank is located, whether tho stock
holder resides there not Adopted.
The question then REQUIRED on the substitute offered
by Mr. jacobs
Mr. Kcnnadav was In favor Of some relief for the
banks he thought that view OF tho iacness OF
the and the fact that IL might not be possible
get substitute III rough tho Assembly, they should
that a measure put forward by The able mon having
charge OF IL there would Afford relief The substitute
lost
Mr. hammond offered a substitute which includes In
the Assembly bill lie, fre and marine Insurance
panics and applies The provisions 10 them to
banks. Mr.. Haminond's substitute was lost
Mr Wcllman moved TO reconsider tho vote by which
Mr. Jacobs substitute amended was lost Adopted,
ani the substitute then carried and ordered TO
third reading.