New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-21
THE DECISION AND ITS EFFECTS.
TALKS WITH THE MAYOR, A TAX COMMISSIONER
AND BANK PRESIDENTS.

! TALKS WITH THE MAYOR, TAX COMMISSIONER
| AND BANK PRESIDENTS.
Mr.. Williams refused to pay the tax on his
bank shares the ground that National bank shares
should be taxed in the same manner as
all other personal property. An act
passed by the Legislature April %. 1866 provides
that allowance shall DO made for debts when the
| property assessed is composed OF city, town or
| other taxable bonds securities, but does
not allow bank shares TO come within
the provisions Of the Assessors have therefore taxed
nj their full par value without making any allow
ance for the indebtedness Of the holder.
The case OF Mr.. Williams carried through the
state Courts to the Court OF Appeals when decided
against him. He then carried 1t to the United states
Supreme Court who reversed the DECISION OF the State
Courts Heretofore the tax bank stocks has been
| paid In lump By tho bank officers.
Tho total valuation OF real and personal estate IN
this city for tho year 1880 is fixed az Sl00i0G0335
Last ye8r TIE rate OF taxation - IS pr 500 Of
valuation Befo;e thc decision OF the United States Su
premc Court was rendered the Tax Commissioners he
| ievrd that the rate of taxation for 1850
would be reduced TO 81 81 per 500 The vau-
| alton OF the shares OF the banks in this
city is about SOS 100000. The tax these was last
year about Sl.JOJ,oO0 II this IS IN effect wiped ont
the rate OF taxation other property. real and per
sonn Wal be raised 10 about 81 30 per 800
The bank presidents have already acted on the mat
ter coLlmoe consisting of SIX bank presidents, mas
been appointed ny me Clearing House, with power TO
upov counsel and project the rights Of the banks under
the decison The matter been brought TO the notice
Of the state Controller. and he has stated that ne VIII
submit the matter to the Attorney Gcneral .Or his oln-
| ION.
THE MAYORS WINS
MAYOR Cooper WIS asked yesterday what action the
city authorities likely To take IN the matter He
| said: Under the Law. Of 1859 any person could
| deduct Dis debts from the total value Of
! MS real cstat. and personal property. The law
| ~ le'p rioFN'l t'it "l' ,'A '..''
any bank Int INST thr holders or p"H Noc0 'no"' p'
assessed and taxed upon the vauo OF thcr shares, which
on"i -on.,y af the socahoder. IN the a..c-smrn o.
| urn,1dr1 lnat tus bank should DE taxed for its
rraal estate. aud tuat the value OF the real
" share. ana taat fte assessment upon me fioca-
holders ,no.I. no., o5 a -'', ''~riyi1.l Tha n
co.or. o, Albany a,se.scd Mr. Wl,ms oo s3s.25O
| o. bank Share. a,bod-h .if hiiH'm' ul.I. ~
| ud VI Ilat me "n,o.n' f ,, lifs a,I fG. ,.,
ni' n.y. ,t, f Wien ho Was not liable tor uss s--
meut
! a." inc '"'sl ol ,AtlEi1 . ~ '',s. ,,r,,,i,..
tat Iluk -.,.J -hnu not Pee assessed Iu any STAT.
90 iIt-irr rie laah ''Ler i,ten,,NI
| in ne u.''A us. .,, ,It, ,t r, ' H., ~ -.
off,ya'. avon iue valua.i not be greater Gro bank
stock than ON Other property. hut The yau'ion li'tt
shall NOT .Icl a- 40 o.. tax ou bank stock -fteI
La s.,rue! uy the Cont OF Appeals wts INVALID
/ .a ~ ....reG tue pamun the s'inn 'tinc
|NFI b b
E,r .n,res A. Il allowed 10 tAoso lad noueyed
! capital othcrwi-c .t''. ,,...,.-,,.
hank stock snail o. taxed ." "tl.r f'ptti' ootn as
Co t'r aud y'railon. ana not T"l '' W. CO.
! lun ".c.Der ,Ao 7'i.' ,tN -, Inc a..a..ors
ncd ia order 70 I.'' from bank .g".s-,
! Tic ra,.r coa-. would poe 20 pas' 7tair l"~ tx
rniy nnilo.hnH hurn ",'' ,1I ,r.'' 49, ,''.
as~'-r'" -. I'D ~" c.... " IN %, 900 .},- %.
! winch naua -.aic- are o'@ '7-'.'D ,.' g .v ',u
] ID
/ &C. ur son 90. ," 'r...i ,r,t.rt. I'M Tia.
| Doc .A' f-.O'tt.,' '' t'' ,. ,I rr ,la Icy
/ case 30 .ni. 'iiu'' ~ prs '.t ~.
| SOMA. y - ' 49, 49,, ~, nr -,a, 10. ,'. .'.c,
/ 90. ,,'t .,D ,.n- .t-',,llr p.f. ION d. tro
f''" - o. re- ..., d, .'ir, p, d.. ,ov, f..t.,
e1S'O',', 'l '''." d. ,,, ~ tb.., ,.ict,..r.
VII N.s .,if,, ',f'd inr matter g. tlc Corpofa-
lie "H", U.S. ,r ' ali, |.,d,r ~, ,,.,i', -,
| t''" ,i,.. ~, la an anon. Involved
TALK Win TAX CoMNssIoNrn.
/ one ~ thc Tax commissioners III IeR''" 10 war
~ -, ro ta,p s,il. L ",s f,,J,
VIC ""'" i'-'''' ,..l,.
| Bur ''" u seems 10 ID. " - Oh '"' '',,' WV
taA'' on Ms "'"' ~ '
personal property. lll4 LAW ""lon ms "''" "''+''"
itutlonal said tha wc slou not tax Inc banLs
I,r.l, ,u t..ir ,.lI bat provided Tor tho taxation
Of -torFhoirrs. Under th~ plan "' t-'t'>r1 up"n
! a'7""VV"o J." NH'lonH. "tV .tl ~, trc ,,ri.i'a
.i,t yr, An. likely 10 lose SIS 900 600 ~ TX i'e VA
oull bank stock. whcitas we 'tI to'G 0Iooopoop q"
! FAC bank ri'fN. l"'N' 49, ~ ,,l,i
rro'eriy' lnS,1 nnn 0oo 0n"anar,cr or mi. we
! nov are u.ciy ~ lo-p-th,t Ia. ~ pr cent on
about $oOuOOoOO or III f"Inl hnD,. = si-o.oo' q,
III u.utl. VII ny y, y, IN M, i,creas.d
" Yea ht result WI n' ." ~ 'o W. a., - -
We have hguitd Do W. n"l ~ ,, w., 90 ~
control OF tho iul T4e,uuo,NO.' ue rare ul
taxation will be about - rs 49,, Ht,' ,
| 2JS last year. The MRhc-t rate during inc last Ten
| year, wns2 0i or 80. nave tufR!itrh "uca
Bat matters are IN an unse tea STATE ana u MAY DC
| tnat way viii be devised 10y "tiiCn we , oah
| get claim on some OF thlN N"u"hA oanA
|
| Corporatlon Counsel to-day 10 u law could DC
drawn 10 present to tie Lrcisatnre. re dlulcuy
Is this oar a-sessmcns were made I'm Jauu1ry under
ths unconstitutional law. aud II II not hko} mat an
cr DOst Glc0 a br passed.. that this year We c