The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-03-07
THE BAD TAX BILL
jersey City's Board of Trade
Picks 1t to Pieces and
Condemns Ii.
II MEANS SHEER RUIN.
Banks Could Not Operate and For
eign Capital Would Flee
From The State.


was held last night 70 consider three very
important subjects. Invitations had been
sent TO Assemblyman Mullone, Puster
and Potts Mr.. Puster was the Only
member who was present The at
tendance Of members was large,
and President Ringle expressed
his salts faction, thereat. in opening
the proceedings. Among those present
were =, W. Kingsland, J. d. Carscalien,
T. r. watson. G. G. Jewell II. w. Carr.
J. G. Lindsay. G.. 0liphanr, A. J. Cor
coran, J. E. Banks, L b, Ward. E. Il.
Vessels, Henry SteTens. Henry Pnzfer,
y. T. Cleary, Jacob Ringle, J. A. Dear.
Frank Stevens, Z. NJ Doane and others.
The subjects set for discussion were
these:
First-Tbe new Tax BIZ.
Second--1he Mullone Water Bill.
Ihird-How 10 induce manufacturers
to locate Ia this city,
In regard to the first proposition the
tax bill, Mr.. Puster was asked 10 express
his opinion He denounced the bill In q
vigorous manner aud prophesied ruin as
natural sequence to its adoption. He
referred at length to the amendments 70
II that he has submitted to the commit
tee In charge of the bill and decla red he
would try and have the Amendments 20
through with the bill, if il went through
at all. He went on:--
Il have suggested some Amendments -
exempt municipal bonds. l understand
that the Attorney General says this will
be unconstitutionaL l do not ses why
We cannot extend the exemptions beyond
what the bill already provides. II any
exemption can be made, then
more exemption is possible. II
our bonds are taxed. Jersey City
VIII De bankrupt. and no bank in
the State Can hold local securities The
only offset that can be made viii be to IN
crease the interest to 7 per cent Then the
New York brokers viii take all our bonds
and pay no tax, while the local fnstitu-
tons win get per cent. less the tax I
have offered another amendment that
will tax railroad property"
Mr. DEAR IN OPPOSITION.
Mr.. Joseph A. Dear was the next
speaker. He Said
ut is my opinion that this bill has been
produced. not with desire to reform the
tax law. but to satisfy few rich men aud
cranky demagogues on the one hand, and
on the other TO create Office and u
patronage
''It confers extraordinary powers, which
are always dangerous. Among these are
powers to appoint assistants at any salary
and for any length of time, to perform
duties without limit Il will create poll
tlcal machine, which every one in turn vii
AccA anu ruucL fIOl4- Inc OOlu tf1ls5luI-
ers are to be appointed by the Governor
and are TO hold Office at his pleasure de
can remove them when he sees MT without
giving a reason IL is clear that they
will simply be puppets in his hands.
The power conferred on the
Governor under this act is too great
for any one man. These commissioners
are TO have both executive and judicial
power and their duties are so indefinitely
described, the scope Of their discretion is
SO great, that it viii be difficult to prove
that any action they might take under the
act is contrary TO law"
Passing on 70 the taxation Of corpora
tions, Mr.. Dear said:-"In section sixteen
the language is bold and firm Il pro-
poses TO TAX all the real and personal
property OF corporations the same as
the property of natural persons The
personal property is to be taxed,
not in this State only, but every
where, without limit There are five or
six thousand corporations which have
been organized under our laws. large num-
bers Of which have no property in this State
and only have Offices in Iayior's Hotel
This clause must have been an oversight in
drawing the bill for is would inure, TO the
benefit Of Jersey City if enforced, while
all the other sections are against the
interests Of this city. But IL this bill
becomes law, every foreign corpora
ton organized under our laws will
have sto dissolve and seek some
other State for reorganization We would
loose the moderate tax now levied upon
them, which produces something like
would make it necessary to impose .
State tax at once"
GROSS NIQUITY.
NJ ]. D. Carscalien followed He ex-
posed the iniquibous provision for the saie
of securities for the arrears of taxes.
= 1,41 -. -
tax-gatherer may go into any b2nk or
corporation and demand the names OF the
stockholders, and the amount OF
stock held by each If these ara
nonresident the tax shall be levied
on the stock. The shares held by
nonresident may be levied upon and sold
for taxes, and the officers Of the lnstitu-
tion are compelled to Issue certihcste
70 the purchaser, at the sale, showing q
transfer on the books. Stocks and bonds
are largely held for use as collateral
or loans. A business man snywhere
mry hIy stock or bonds in any New Jer-
ssy institution, and byrrow money at any
bank here or elsewhere by depositing the
STOCK or bonds as collateral security fer
his loan. If this bill becomes law
the stock or bonds may be sold by the
tax collector though they are hypothe-
Gated loans in foreign banks. The re-
suit OF such a law would prevent any
rites. The possession of the stocks and
bonds wouid be no security, because this
bill provides that the officers OF the lnsli-
tuition shall issue a. new certificate TO the
purchaser at q tax sale"
In conclusion Mr. Carscallan SPOKE Of
the ruin the bill would work to savings
banks and censured it as calling for the
double taxation Of values.
After some more discussion, q resolu-
tion coudemning the bill was adopted
THE MULLONE WATER BILL
The Mullone Water Bin was next
considered. There was no discussion
Assemblyman Henry Pustsr re-
ported that ne expected it would
be brought before the House Men
day night for final passage, and that
il would go through The Board OF Traa e
after hearing these remarks adopted a
resolution TO do all in its power to secure
the prompt passage Of the water bill
The discussion on the topic OF how to
induce manufacturers TO locate here Was
brief President Ringle thought new
companies should be exempted FROM
taxation for a period. ordered that ihe
matter would be made special srblecf
for debate al the next meeting.
A Goddess Asssmbf4
n