New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-05-05
A VETO BY THE GOVERNOR.
FEARS OF BUSINESS MEN REMOVED.

FEARS OF BUSINESS MEN REMOVED.
THE BILL TAXING FOREIGN CAPITAL RETURNED
TO THE SENATE WITHOUT APPRovAL-A BOARD
OF APPOINTMENTS FOR EEW-YoRK CONsID-
Erred IN CAUCUs-CONsTITUTIoNAL AMEND
MESTs PASSED DY THE ASSEMBLY.
Governor Cornell yesterday vetoed the bill tax
ing foreign capital, tho message reaching
tho Senate while the Joint Committee
were in the Executive chamber. talking with
the Governor about the bill. The amendments to
the Constitution in relation to canal expenditures
and biennial sessions were passed by the
Assembly. The bill to establish q State
Board Of Health was temporarily defeated.
Republican caucus was held last
evening to consider the proposed char
ter amendment, constituting q Board of APP
pointment for New-York City. There was some
opposltlOnj a second caucus will DO held to-day.
A SENATE COMMITTEE ASTONISHED.
TIE BILL TANING FOREIGN CAPITAL vETOEC-THE
MESSAGE SENT TO THE SENATE WHILE THE
COMMITTEE WERE IN CONVERSATION WITH TIE
GOVERNOR.
fFRoM THE REGULAR CORRESPONDENT OF THE TRIBUNE.l
ALBANY, May 4.-The question Of whether
or foreign capital employed In this State should be
taxed unexpectedly decided to-day, and in way
that surprising TO all. Counsel Of foreign bankers
who appeared yesterday before Governor Cornell and
made strong protest against his signing the bill, did
not depart from the city but remained TO
learn its fate; as the tcn-day limit expired
to-day. Upon the meeting Of the Legislature this
ing Senator Wnsow the chairman OF the Joint Com
mittee on Taxation who framed the bill. summoned all
the members OF the committee together and informed
them that It Obvious that Governor Cornell would
not sign It unless it amended to suit his views
1t would, therefore, bo wise, Senator WinslOw argued.
to recall The bill to the Legislature and amend 1t
agreeable to the Governors wishes Senator Forster and
Assemblyman Bradley opposed recalling tho bill for
amendment, declaring that they thought 1t perfectly
Just It reached the Governor. majority OF
the committee however, were favor OF recalling the
bill. II finally resolved wait upon the Governor
In body and learn his views regarding the bill.
At noun therefore, the committee TO the EXccu-
tive Chamber and asked Governor Cornell his opinion OF
the bill lie replied that he dul not approve OF IT. Some
dcsutory conversation followed regarding the amount Of
taxation It would bring upon the banks The Governor
seemed dsncucd to talk about the measure and ut last
frankly declared he did not TO enter into any
argument with tho committee about the bill, some Of
the committeeman having with some urgency argued
that Le should sign the bill. The committee finally
| withdrew from the room and returned to the new
| Capitol. undecided whether or not TO ask tho
| legislature to recall the bill. What was their
astoni.hmcnt to learn that during their absence, and
willie they were in actual conversation with the Cover
nor over the bill, veto message from him regarding
the bill had been read In the Sonate The message was
as follows;
10 The Senate:
Scuatc ~. 9}7 entitled an net to amend Chapter
~ -! tie Laws Of l-JJ entitled Al act amcudJtOry
Of The for the assessment ana collection Of Taxa
uua,' II herewith returned without approval.
III necessity revision ~. the laws FOR the assess
mru aud lection II The public II fully apprr
Legislature in maturing any measure which Will insure
| "A moro equitable distribution or tho buId' n
| ut taxation. Ih' present bI would not IN
my upluluu. proIUt" thS uJrc;. On th" contrary it
Vuu'G fa tu produce HUy material revenue, ana would
tctt To- iv. firin state large amount "t capital
riy u-c thereby giving great rchrf 10 tho borrowing
ru-ses and aniding additional facilities Tor coinmerca
trtu-aruous. our great metropolis has become one uf
th urucpIl financial centres or the world. ana within
fc Scgi, has attracted vas aluuuuts ~ caltal from
other CuIutiic, tho OF which Las TO great extent
We're thls bi 10 become law the first
result would be prye Onr people Of tile benefits
derived from the influx Of this iulegn capitn which
would sch other Iracts. AMI thus Increase the COM
urrcH facilities OF rival cities. ALoNZO H. CORNELL
S,inc " thr members OF the committee feel 80 az
crirvcd over tho Governors acton III vcto!ng the
hill white they were talking to him about it.
that they have proposed TO attempt To
pa,s Il over the veto. They might
rrrIaus rally a considerable body OF supporter--
inr mere IA great desire among the members t.
,nrn biIS r,iormmg the ttXAUa laws hut II Il hiSay
! IInc the Vc.O.
MoNTWEAL BANKERS MADE HAPPY.
MoNTREAG May 4-Thc news Of the veto OF the For
cgn Cilital Tux hlll by tho Governor Of Ncw-York
state gave great ABSTRACTION.