New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-21
tnxea. I, wI proluce marked improyement IN eyery

taxed it will produce marked improvement III every
Have you any system to PROPOSE
g have thought Of several systems, but my impress
sion is that the system OF Pennsylvania Is aDou Tue
the tax on corporations and the Local aA1s
from real estate There no question that II the wnoie
personal property In the city was taxed the same rs
bank capita the ratio OF taxation would be reduced W
ODehalf, II not more"
W A. Thomson. president OF the Merchants Exchange
National Bank said that there was no oueetton that ine
tex bank stock removed by the decision 1t DID
from the start that me law taxing Natiomai
bank stock was unconstitutional The law tA11lhg
the capital of tie National banks was HELD
by the United States Supreme Court to be I'M
constitutional. Justice Nelson. who delivered the
that the individual stockholders were liable to taxation
aud acting this law was passed by the Legislature
been unfairly treated all along There was disposition
TO tax them on ali sides The National, state ana CITY
the capital of the banks, and this. too. while
the rate OF the interest 0ad been reduced from to
per Excessive taxation had the effect OF driving
capital from the city lhe Legislature would probably
be asked to pass law placing bank stock on the same
wOud be OF no use for this year The assessments have
been made by the Tax CommiSsi0nerS ana no
law passed by the Legislature can be made
retroactive. Then the stock held by foreigners
and nOn-resIdents cannot DO taxed and there Is
books and show the is of shareholders and the mum
Der OF shares held by each
All that the Tax Commissioners do is TO send out
their notice TO ozens to come up and make oath as to
the amount Of their personal property ana NIX an amount
those VINO 10 not make their appearance Is
that there the lists OF shareholders OF Dank stock N
former years But will he OF comparatively little
because tue stock constantly changing hands ana
mucn OF 1t Is hypotheeated Tor loans, III tue same
way that other stO.ks bonds given collateral
for loans. The law was unjust IN many Respects The
rate OF not dec ared by the Tax Commits
siOners n September October. The holder of shares
in a bank might have received mis- July dividend ana
sold shares before the rate OF taxation eEtab-
hsned. AID toe bank would have TO reserve enough
from the dividends to meet { il coming tax.
The Clearing House has taken measures TO protect
the banks. Counsel have been empIoyed ana thes
have written To the STATE Controller, asking for his
oplnion on the matter he has IN n, turn
There is another gu --on which has been discussed by
the Clearing House COmmittee-whether, AS this law
has been declared unconstitutional. tue banks
the amounts thus Illegally paid. THIS will
fully considered Dy the counsel employ cd 10y the cO9-
mittee ana u ~ atrted upon lest case WI soon De
brought III the United states Courts, the ONLY
which have jurisdiction over The National banks.
Inc amount mvOved would be. VI course, several NH
George H. Pott-, president Of the Park National Bank,
said: 81 have not had time TO read The decis-
extended opinion on the subject But 1t seems
10 me just decision We nave been over
hr did lot Own. The STATE lids been -etng more from
Ks tlau It las been emitted 10 There Is no
ol,ou aud refuse g. pay the tax any longer.
-uch step viii OF COURSE ilaAc "A difference OF tue
amount o. the tax which Is -l2 per cent 10 the stock
holders. In Other words We 7hdh pay - p't
the stockholders hsnt II on. Ia some r.
hf.rcts n seems ms broad Is 70 ls long. But many
OF NrwYoik bank stock live out Of tie city. ana
The CITY Will consequently be the loser. AGAIN,
stock oge;ucr by making oath that then dcbs exceed
tlrlr rSOutl property. 4nc loss To AcN-hotA ia Tie
tax income Dtcausr az this decision must bo iMg',
J No. ia some other way. Yet 70 seems
Just The claim OF friends II the banks j. thai TIE
oi ser property }, not Sill DONE Low they c.u az
i've a. any iU5t way oi tNyluc thl7 lax