The Monitor-register., 1897-01-22

The tax question, which is one of
absorbing interest all over the State, has
taken on additional Importance locally
because of an issue that has arisen
between the FIRST National Bank and
some of its stockholders, on the one side,
and the Mayor and Borough Council and
Collector Davis on the other side. The
issue was raised over the right of Mayor
Richman as assessor, to place valuation
of $500 per share on TIE capital stock of
the Bank. The last stock sold brought
over $500 per share. AT the annual meet
ing of the Board of Assessors of the
county, it was decided to assess the stock
of this Bank at $500 per share, and all
other bank stock in the county at the
same ratio. 10 accordance with this action
Mayor Richman placed this valu-
alton on the stock of the Bauk when he
mi ade the assessment. The Bank off oials
| objected to the valuation as excessive,
but when the Borough Council met on
the third Tuesday in August last, as the
law provides, to revise and correct the
| tax duplicate, no complaint was entered
on behalf of the Board against th:
alleged exorbitapt valuation. Instead
they waited and appeared before the
Commissioners of Appeal and asked to
have the assessment reduced. Failing
here they then appealed to the Borough
Council for relief, and that body, un W isely,
as it appears, under the circumstances,
| voted TO reduce the valuation on the
stock. Subsequently an effort was made
to reconsider this action, but without
success, and then followed resolution
"authorizing the Borough Collector to
procure counsel In regard to the collec
ton of the tax assessed on the duplicate
of 1896 - At the meeting of Council on
Monday night representatives of the
Bank were again present to urge redress
| for their grievance, when a resolution was
adopted agreeing to compromise of the
matter if the Bank officials would accept
| it.
These are about the facts in the case as
we understand them. Now the action of
the Council was unWise, because the law
clearly provides time for reviewing nd
correcting the duplicate and as clearly
imposes penalty upon the collector for
any failure to make full and just return
on the tax duplicate after it has passed
iuto his hands. and especially after a
return has been made to .justice of the
peace, as was done a month ago. The
matter was thus clearly beyond the
control of Council, aud while no one
can blame the Bank officials, or its
individual stockholders, for seeking TO
have their taxes reduced, yet their method
as excessive, is as clearly in another
| direction. Failing to present the matter
to the Borough Council at the proper
time, they had recourse to the State
Board of Assessors, at their recent meet
ing at Salem. Mayor Richman, we
understand, laid the matter before them,
and they justified his position.
The whole question is one of vital con-
Germ, not only to the Borough of Woods
town, but to the entire county, for if this
reduction is to be allowed here, it means
a similar reduction for the other banks,
and the shftiog of this burden to some
other class of property, and surely the
erhnrdaned farmers are not abla tn
take Oh any more.
The only just course, now that the
issue has been raised, in order that all
rights may be equitably conserved, is to
have the matter determined by eompe-
tent tribunal. For principle is invoiv-
ed, as to the right of the assessor to place
valuation on property. If he is wrong
the extra tax ought not to be exacted of
the Bank, and if be is right, of course
they do not want to evade it. Neither do
| they want to be placed even in the
seeming position of debating what amount
of tax they shall pay, because of the evil
effect upon the individual taxpayer.
The number of shares of capital stock
of the Bank taxed in the Borough is
467, which, at $500 per share, makes
$1401 90. The amount in dispute is st06
per share, which makes $595 02, and
60 ceuts on the dollar of this amount goes
for State and county taxes, it leaves
S36S 81 to be taken from some other
| channel