New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-18
PACIFIC AAIUS DEBT ~ The CITY

A LARGE JUDGMENT IN FAVOR or THE CITY NOT
YET sATIsFIED--Eo ACTION TAKEN FOR IT'S COLI
LECTION.
A Judgment in favor Of the city was rendered
April 25 Oy the Supreme Court Of the United States
on writ of error brought by the Pacific Mail
Steamship Company. The suit, which was begun
in the Supreme Court Of the State, brought
by the steamship company to avoid tho
payment or part of the tax assessed on
the company's stock for the year 1874. The
assessment was laid on valuation Of Sj.7f9.51S.
from which deduction Of S10f250 was made by
the General Term Tue State Court gave judgment
against the company, which affirmed subse-
quently by the Court of Appeals. The was
then carried on writ of to the United States
Supreme Court. which sustained the pre-
vOus judgments. The case argued before tho
Supreme Court at Washington. on April %, 1879,
which at once indicated its decision. memorah-
dun of decision was handed down i've days later.
and judgment was entered Nav 20, 1879.
The Judgment amounts to-day % S13S,92j SO,
and remains unsatisied. II wa- sad Yesterday by
municipal officers that the company had made fire.
queut promises 90 pay the sun Dut that the pledges
mad not been fulhlled. Oncers OF the steam
ship company had promised explicitly that 10
should be settled on June ls TO which
date the interest had been computed. The counsel
Of the company bad called at the Tax Office and also
promised speedy settlement, bat the money had
not been paid. The city holds bond in S3JO,OOO
for the payment of the tax but II was SAID that no
effort bad been made 10 collect tie debt from tne
bondsmen. The bond was executed October Is,
1876, and was signed by members Of the Board of
Directors and by the president OF the Panama Rail-
road Company. The bondsmen are william Z.
Clyde, TrenOr W. Park, Charles q. Miller, Andrew
Boardman, Edward A. Quintard, Charles IL. Mount,
and Thomas J. Owen. jr.
The original tax was S1609S6 80, Of which tho
company paid IN 1876 about One-Lalt warrant
for the collection OF the tax with interest and costs,
was issued, and the officer levied upon
the steamship Colon. The company claimed
that the warrant and levy irregu ar
IN that they were subsequent To the SUNG
Of the writ of error IL claimed. also. that IN
consequence Of mortgages the steamship not
liable % levy and seizure under the warrant. A
proposition IN behalf of the company was accepted
the part Of the CITY for the security and payment
of the tax in lieu of further proceedings 10 collect
II pending the writ OF error The bond tor the pay
ment of the tax was gwen IN consequence OF TINS
agreement on October Is 1876, and Que OF is pro-
visions was the payment within thirty days or one
half of he tax. On the following day tae company
paid To the city $50, 000, and on December - fol-
lOwiagl paid S49,O33 70 with accrued interest ON
that sum- amounting 10 Sl2 9i3 81. The tax u
chargeaOle with interest az the tate of l per
cent month. The statement Of the debt
to June IS furnished 10 the company
makes the sum then due the city Sl37,j5O 80.
1t u Sl3S, 92j. THIS indebtedness had not been
settled Yesterday. according 10 the statements OF
officers both of the city and OF the company
The sgners Of the bond given 10 the city were
secured by mortgage on either the steamship
TOXIC or Picking, the other having been mOrtgaged
900 to the Panama Transit Company. The remain
Ing vessels OF the company were transferred 10 the
Panama Railroad Company TO secure the Liabilities
to that company.