The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1890-07-25
D0LLARD'S DILEMMA.
The Board of Equalization Wait
ing for Hoboken's Estimates.

At the meeting of the Commission erS
for the Equalization of Taxes yesterday
Messrs. Van Reipen, Morgan and
Hamilton were present and answered the
roll call. Assessor Dollard. Hoboken's
Napoleon of Finance, was there too. The
jelly smile that usually plays tag over
his full round face was missing and a
thoughtful and worried expression re-
placed it. He looked as If he had just
had a twenty-four hour set-to with Ho-
boken finances and that he had been
knocked out on the last round. Mr..
Dollard meekly asked the commissioners
for time to get his second wind, when he
would do up those valuations In Hoboken
in fine style. He expressed no doubt as
to his ability. hut asked for few points
on banks. 1t was the first real scientific
'sgo' he had ever had at banks and he
found their counters hard to get over.
The commissioners very readily said they
would give the necessary instruction to
the young Napoleon of Finance, for they
did not propose that one little city like
Hoboken should knock out an entire
county.
Corporation Counsel Edwards, of Jer-
sey City, is an authority on contests Of
this kind, and as he is acting as the legal
adviser of the Board while Counsellor
Joseph Noonan is out OF the city for his
health, his directions to the Tax Commits
test were given to Mr.. Dollard to aid him
In his struggle in Hoboken. The Cor
poration Counsel advised as follows
MR.. DoLLARD RECEIVES ADVICE.
s'In response to the inquiry directed to
me by your Board through your clerk
81 81 Of far a
sors in exempsing from taxation the
buildings owned by the various National
Banks in this city l submit the
foiIowing:--U Under Section 80 OF the
general rax laws (revislon page 116l) it
is provided that every person shall be as
sessed in the township or ward where he
resides for all shares of the stock OF any
National bank in this State, or OF any
bank organized under the laws of this
State, owned by him or in his possession
or control as trustee, guardian, executor
or administrator; and in case said owner,
trustee, guardian, executor or admins
traitor shall be nonresident ol this State
then, and in that case such banks shall
be assessed TO the amount of such shares
so owned or held by the non-residents as
aforesaid, in the manner now provided by
statute in the case of other corporationy
mo other class of taxes Is SO readily or
surely collected as that on bank stock, as
the Institutions themselves look very
closely to their paymen. Under this pro-
vision the national bank or it's stockhold-
ers pay taxes upon all It's shares or CAPT
tai, part of which may be invested in a
bank building. Now, having once col
lected taxes upon the stock, 1t swould
clearly be unfair for the city to again tax
SO much of the same capital which hap
pens to be invested in tho bank building
This would be double taxation, which the
courts hold should always be avoided.
"This whole subject has been discussed
in the cases of Stratton vs. Collins and
North Ward Bank VS.. Newark. The
banks have always objected to this
method of taxation as they prefer to be
taxed upon their property IN the same
manner as ordinary corporations. They
have endeavored to have this method of
texation overturned by the courts.
therefore advise you that the banking
buildings of the national banks in this
city are not liable TO taxation as real es-
tate. Instead of marking the property on
your banks as exempt. l suggest. that
you place after 1t as more in accordance
with the facts the words capital stock
and shares taxed. Z"
THOSE ALARMING EXEMPTIONS.
In another opinion Corporation Counsel
Edwards said, THAT $500 exemption was
allowed every veteran soldier and sailor,
their widows, flremen, exempt Hremen
and salvage corps, and that militiamen
nnder another act are also exempt.
The total amount of exempt property
returned by the assessors is S474, $50 This
amount will increase each year ii the law
remains 10 force, and soon may reach fig-
nres that will be very alarming. 1t IS
probable that the next Legislature Will