New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-04-05
THE COURTS.
TEN MILLIONS SAVED TO THECrrY.

THE decisions made by the United States
Supreme Court Monday In tho Of the National
Albany Exchange Bank against Hills Receiver Of Taxes"
and Of Stanley against the Board Of Supervisors Of tho
County OF Albany, are Of especial Importance 70 tho
City of New York II Is estimated that these decisions
have saved this city alone not less than $10,000000
that otherwise would have been recovered back by
stockholders in the National banks, who claimed that
they have been illegally taxed upon their stock. The
Court Of Appeals OF this State decided in tho OF the
People against Doan (36 N. Y. 59 that stockholder
In National bank not entitled to have his debts do
Quoted from the valuation OF hs shares although such
deduction made to individuals assessed account
of other personal property This decision rendered
in the year 1867 and followed by the Tax Commits
soners in this city up TO the year 1879 II decided
in the OF the People against Weaver by the United
States Supreme Court in the early part OF $780, that the
statute OF 1885, which provided for the assessment
OF bank shares In this State, construed
by the Court OF Appeals, CONTESTED
with the Act OF Congress- which permitted shares In
National banks be assessed and taxed In the different
States where the banks situated. In consequence
of this decision the Tax Commissioners allowed such do
ductiOns to such shareholders In the year 1880 But
despite this fact most OF National and state banks
the City OF NewYOrk began ceriorar proceedings In
the Supreme Court TO aside the Of their
shareholders for that year The taxes imposed In that
year amounted to about S1,500000. The Corporation
Counsel made o motion before the General Term to
quash the certiOrarls but after the had been
argued, and before they bad been decided, Judge Wal
lace OF United States Circuit Court for the Northern
District OF York. rendered decision in the case OF
the Albany Exchange Bank against Hills which
had been tried before him, holding that the
Act OF 1866, under which shares in State and
National banks were assessed wholly
void, and that valid assessment whatever OF such
shares could be made Hereunder In this State Immed
ately after this decision announced the banks dis
continued the certOrar proceedings which had been
argued before the General Term and brought suits In the
United states Circuit Court for this district to set aside
all assessments OF shares in National and State banks
for 1850, and in these actions they obtained temporary
inunctOns, restraining the Receiver OF Taxes from
cOlcctin the tax imposed such shares Subsequently
Stanley, who the assignee or shareholders In the
Albany Exchange Bank, brought action against the
Supervisors OF Albany to recover the taxes imposed
upon such shareholders during several years This case
was heard before Judge Wallace, who held that the
action could be maintained and gave judgment for the
pantif for about $50 600 From the decree in the equity
Taxes In Albany from collecting the taxes Tor parc
lar year and from such Judgment for 100000 Tor back
taxes appeals taken 10 the United States supreme
Court and the subsequently advanced upon
the calendar and we're heard before that Court IN Janu
airy Last.
In the meantime answers interpOsed by Mr..
Whitney the Corporation Counsel, In the suits brought
United States Court to restrain the collection OF
the 81 800 900 levied in ew-YOrk in 1880 Mr.. Whit
ney having asceraned that the Albany had been
advanced the calendar, retained Wheeler II. Peck
ham, of the counsel in the Albany to represent
the City OF NewYOrk upon the argument Of the Albany
Elaborate briefs prepared in behalf OF the
City OF Albany and the City OF NevfOrk and the cases
now reversed the decision Of Judge Wallace in both