The sun. [volume] (New York [N.Y.]) 1833-1916, 1888-02-19

unless they see 1T to do 80. To meet the
existing evil, II It be ono, or for moro sdven-
furious purposes or from pure absurdity, va
rious tax bills have already been ntroduced
in the State Legislature.
Ono bill introduced by Mr.. FULLER 10
characterized by extreme injustice ana
folly. He proposes that whenever 1t snail
appear that O person is the owner OF any
property by law exempt from taxation, the
assessor shall set of 30 much OF this persons
indebtedness az shall equal the amount Oh
his ~non-taxable property, and the excess Oh
the mans debt over and above his individuaA
taxable property only shall DO deducted rom
the amount Of his taxable property. IN
practical operation Of this would DO to make
q man pay a tax either on q portion OF the
money he owes or on some OF his properly
which Is already by law exempt from taxa
ton, on tho ground that tho tax Ii paid on IL
either In some other place o. by some cor
poration.
Several bills have been introduced for the
obvious purpose Of taxing personal property
In the place wherever It may 30 found, OF
rather In q place where the evidence OF the
ownership Of such personal property may
be found. 80 q bill fathersd by Mr.. NOR
GAN provides that all personal properly
within this State, whether owned py lnoi-
viduals or corporations, resident or nom
resident, shall be liable to taxation.
Another bill introduced in the Assembly
by the same member provides that In case
q person possessed Of personal estate shaA
reside during any year In which the taxes
may be levied in two or more counties, his
residence shall DO deemed to be In the county
in which his principal business b have
bsen transacted; and this bill further pro-
| vides that the personal estate OF non-rest-
dents shall be assessed in the several coun-
| ties and towns wherein such personal estate
may be found or deposited.
Another bill introduced by Mr.. AoKER In
the Assembly contains the monstrous pro-
| vision that the owner Of real estate upon
which there is q mortgage shall pay the tax
levied on the mortgage, and that the tax
| collectors receipt for the tax 80 paid on the
mortgage by the owner Of tho house or land
shall be accepted by tho MORTGAGE or the
man who has loaned him the money az pay
ment for interest or principal duo on the
mortgage. We believe that bills to the same
| effect have also been introduced by MI.
| BRuNDAaE in the Assembly and by Mr.
| ERWIN in tho Senate.
The scheme proposed in these bills Is 30
outrageous that We presume there can be no
danger of its passing In any Legislature.
The practical effect Of the passage OF such
an act would be at once to stop tho loanine
OF any money on bond'and mortgage in this
city, for no man would care to end ten OF
twenty thousand dollars on q house II the
chances were against his ever receiving any
interest on his loan. The objection to Mr.,
MoRaAN's bill making tho place OF deposit
of personal property. or the place where II
can be found. the test Of taxation, Is that II
is wrong in principle. Personal taxation
must depend on the legal residence OF the
owne of the personally, and securities
should not necessarily be taxed In the place
where they may happen to be on deposit
The effect Of passing any such measure
would be to drive capital out Of this city anc
to force it elsewhere where it would be SAFE
against tho inQuisitorial efforts OF the as
SCISSOR and the tax gatherer.
The true remedy for all this sort Of thinf
was indicated by Mayor HEWITT In hi
recent message: Abolish all taxation Of per
sonalty and levy all the taxes on real estat
and corporations. This will in the end b
found more satisfactory to the communit!
at large, and it will impose no serious burdel
upon the owners Of the real estate.