The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-01-22
10 TAX ON STATE BONDS.
,gE NM TO EXEMPT THEM rs
IDVLNCED IN THE SENATE.


Acc Made the fbectnt order Tor Monday
S,uht Next-Richmond County's Police
mi, l. Advanced In the Assembly.
np,Sy, Jan. 2l.-The bill prepared by
romp,roiier Roberts TO exempt from state and
scaI taxation all State bonds hereafter issued
as advanced to q third reading In the Senate
,.day. The only opposition II encountered
,.me from senator Grady, who was not sup-
.or,,d by his Democratic colleagues. Mr..
s,,dy contcnded that II the bonds were ex-
,mp,cd from taxation bidders in some
nc.Iiilcs would have an advantage over
nose IN others. In New York city the tax
n,e was . II. Exemption from this tax would
mount To paying a New York bondholder Just
a much In excess OF the 2 per cent. interest on
,e bonds, or. In all, 5.14 per cent. A bond
hrldrr IN n small town would receive little
mo-, than the . per cont. on the bonds. Furth-
.,morp. there was no means Of telling what the
TAX rate in any place would be next year or the
rear after. so that bidding for bonds be-
,.u,e a matter OF gambling m prospective in
s,.n,,, or decreases in the tax rate. Another
affection was that by exempting the bonds the
State would DO gaining an unjust advantage
aver the private borrower, who was compelled
m 60 into the same marke for his money and
,ould offer no such inducement as that offered
nv the state. The exemption was unneces-
nry. too, because the State could sell It's
bond. at par. as the law stood now. More than
ioy had been offered by some OF the bidders for
the new issue OF 81 900. 900 can Il bonds. Rus
,ll sage. one OF the foremost fnanciers of the
country. had recently stated that most OF his
money was Invested In securities which returned
only about +. per cent.
senator Ellsworth said that Comptroller
Roberts. who had had the bill introduced. be-
lsved that 1t would be impossible to float the
$4,000. 900 OF bonds at par unless they were
--...l IL aiso aaId that a. vaa IN. purna.n
Of the COMPTROLLER to reject all the bids re-
eelred for the bonds and to readvertisc them
After the present bill had been disposed of
one way or the other. In order that all bid
dsrs might he on an equality. Senator Higgins
aided that the Comptroller had told him that
m, higher bids he had received were all fakes.
sad that lie had been unable to locate the bid
ders. All the bona fde bids had been condi-
tnfe ed on the exemption OF the bonds from tax
senators Higgins. Raines, Lexow. and Guy
supported the bill. and pointed Que that In prac-
dee bond. OF this sort escaped taxation anyhow.
and therefore the injustice To- different locali-
t,s, which. senator Grady said the bill would
senator Niy moved to strike out the ~enactiug
clause. and when hts molten was oyerwhelm-
ingy beaten lie offered no further objection TO
thr sd yancement OF the bill.
MI. Whritnrrs concurrent resolution ex-
pressing sympathy with tho Cuban insurgents.
shirh va. passed the assembly; was handed
down. and senator Grady offered as - substi-
shri urged Congress to recognize the bellig.
etrtcy II the Cuban insurgents, and which was
made a special order for Monday night.
toy. Back, sen; IN the nominations OF the
Nhuh were recess appointments, and on motion
hrmed.
Richmond county was advanced to athlrd read
Ing after n vigorous flght against It by the
Irmucta's. Tn. bill provides for q new COM
ni..i"n "t two members. who shall not belong
~ The same political party and VINO are TO be
s%ppoiniel by The County Judge. the Sheriff. and
t., Di. riot Attorney, or any two OF them. This
gu t. the power OF appointment To Republican
rousr policemen in rank. but they can dismiss
item only ON written charges. and their action
.rryie sable by the courts.
New YUrS led the attack on the bill. which
thty said WAS an attempt on the part Of the
force. They said no charges had ever been
bmaeht agains, the present commission which
e"ud be SUSTAINED, and demanded for the bill
q committee hearing. Mt which residents of
staten island might he heard.
Pore Department was necessary because OF
ats committed while the Democrats, under
Nicholas Miller. were in control.
Nr. Finn', iuotiun TO rocommit the bill for q
htaring was lost. ~ to 81. and the bill was ad-
The Lexow resolutions. for the appointment
Of - joint to investigate trusts was
n=adr n special order in the Assembly for Mon
day night. IL is expected that the light against it
will t- led by Assembly man Robbins, who in
uoduced the antitrust bill Of last year. and who
will take the ground that the purpose of the
resolution is 10 hang up all legislation hostile 70
separations.
Assemilynan Nixon. as Chairman Of the As
ttpblv Ways and Means Committee. intro
dnced the annual APPROPRIATION bill. This
nrssure always carries the regular nppropria,
tons each yenr for the State departments and
sAie Institutions, and IL always prepared by tho
Chairman Of the Assembly, Ways. and Means
s sS@% asrfss. as.i s ssoa' S. 81! Ic Se .ooe. f fRRIDr Sss4e.
Ssasure appropriates about $500, 900 less than
last year.
Among the largo number OF bills introduced
bday were these:
Senator Guy-Authoriring the Commissioner of
twenty. ioaTtS Wsras Of New YORK. S,ty 10 e snn
siue, = temporary bridge over the prouI kiver at
~hrar Wrstcnesi-r avenue.
senator rora-rI ohIoltlns the distribution of ad:
vrrtisins matter In letter boxes or mail boxes of
E'nouses or apartments In New York city except
aue,trran statue OF zen. sIncan at Sesrysourg.
sn.tor wi-nAn-Taxlng all street ~surfa.e rail.
Va = corporations In Brooklyn 8 per cent Of their
SENATOR salivan-Hl. bill Of last year permitting
o. ls,atrd railroads In New York city. and also
Emitting the free use OF reiephones and free tele.
senator Ahsarn-Hls bill of last year lncorporat.
Msss brias. bs,Meso ' ,hs Tw T1apd anird 70 w eoni
M" hSt. s,ty ana Long Island City; ma
s:iiis Jerome sssna! in Ss% York ' sIsy. for
tiih, is SpPi sHcn.s srm Fins las. years bill
'Tnseing The rates Of inrerrst charged.
y. slhor-Approprlating sY5. 900 for the pro.
n,aaos ot agriculture 10y tie College OF Agricul.
"ssof Cornell University.
~ heis+y-Approprialing siSe. 900 for build.
.hh mi roNements at the Craig Colony for
at ~herer-FlXing AZ . cents the rate OF ferriage
ri No. passenger Oh the ferry operated between
w." second street. New YORK city. ami Astoria.
h., Auslr-AuthOri.Ing the construction OF eI-c.
rnsrs subway. In New YORK city betwse the
Al, atatn. custom House ana the Sub.Treasury
hSnsY once huIiiiHgs for the purpose or ligbt.
"a nuLllhgS 10y electricity.
h aEutI-AppropciatIrg $40. 900 FOR build.
Ot,hss improvements for the Thomas Asylum for
~ anu Destitute Indian Children.
ma nAnD-AutLorIEirR The New York City Com.
a. slh small uoIrs.
M psito Tvslns--Appr Jpriatiug $50, 900 for tn. com.
VI knsII, " tue twenty third Regiment Armory in
New ~EaIrv-Naking the rate OF ferrIage on the
eomr,..uoIh ana EHst River Ferry l cent during
M II'Tpu hours ana : cents at other times.
~ ma a.. /, a~unlFan-haking II u misdsmeanor to
|W "vnr, IN Theatres
w kss' NMs HrHIcIny tho rate Of ferriage on the
COMMITS hhd Grrenpo.II ferry 20 I cent during
Mr. NJ hulIN ana 2 cents nj all Otner tines.
lnoas, vhhhri-lncrrasn 10 $500 900 the
pnaehs. '"'ht i"ll for the construction OF the-ap.
al ftk a., we mara avenue drawbrldge in New