New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-01-29
NO TAX on STATE BONDS.
THE SENATE PASSES THE CONTROLLERS
BILL TO SUSTAIN NETWORKS CREDIT.

BILL TO SUSTAIN NETWORKS CREDIT
Albany. Jan. 2S.-There was another light calendar
in the Senate this morning and many Senator's were
absent Senator El.sworih's bill exemptng State
bonds from taxation came up for final action. and
Senator Grady moved 10 recommit 1t TO the Com
mittee on Finance with instructions 10 strike the
enactng clause. He declared that IL was discrim!
nation against the individual borrower. and he
thought that the Limit OF exemption from taxation
had been reached II this bill pass 1t would
place an additional burden upon the taxpayers.
NewYork would have 10 bear i5 per cent of this ad-
dtional burden though her citizens did hold
a dollar Of these bonds.
Senator Krum of Schoharie. also opposed the bill
The measure proposed TO exempt all bonds hereafter
issued from taxation. AS first presented 10 the COM
mittee. 1t proposed exempt bonds heretofore is
sued. bui he was thankful that the provision had
been stricken out This. he said. the first time
in the history OF the State when it had been consid
cred necessary 10 throw sop TO capitalists TO in
duce them to buy State bonds. What was the cond
ton that required this departure from al precedent
bonds. the Controller tod him were less than par
but there was one bid for the whole si.c0OcU at
sbanS o. G 1 o. cent "h proVs @ 'ass the
from taxation This bidder knew that under the laws
What right had ne TO anticipate that these bonds
should be exempted from taxation?
gle bid there stands syndicate a trust IN whose
interest this legislation Is proposed This bin is in
great of the people
Senator Cantor said he understood Senator Krum
TO be anxious 10 preserve the credit OF the State.
but II this bill did not pass the bonds would have
to be sold below par. and this would not place
the credit OF the State in n very desirable light.
He contended that there were no per cent bonds
In existence which were subject TO taxation.
Senator Guy thought that Senator krum
right In the general principle that IL was wrong
10 exempt any property from taxation. But the
State about to issue 10000 Of bonds. and If
they exempt from taxation they would bring
% OF per cent more which meant saving of
NJ he Z
bonds would be bought up by Wall Street syndi-
and sent out OF the State. and would escape
taxation anyway.
After others had spoken. Senator Ellsworth
closed the debate reviewing all the arguments
presented and the circumstances which, he said.
demanded the passage Of the bill
A rollcall was then ordered The call proceeded
slowly and occupied nearly an hour. nearly every
Senator explaining his vote. The DILL finally
passed q to II. follows:
Yeas-Rrush. Burns Cantor. Chahoon. Cogges-
hall, Ellsworth. Ford. Gallagher. Grant. Guy Har
rison; Higbie: Higgins Humphrey. Johnson.
Raines Stranahan, Tibbits. Wieman, Wray-os
Nays-Ahearn, Bracket. Daley Patterson.
Foley Grady. Krum. Martin. McNulty, Munzinger.
Wilcox-ll
Senator Guy introduced a bill increasing from
$4,000 sS50.UO0 the appropriation for constructing
the new Harlem River drawbridge In NewYork
City
Senator Grady introduced a bill enabling Assem-
blym4n Timothy p. Sullivan to take the examina-
ton for admission to the bar without passing the
Regents preliminary examinations.