The sun., 1906-02-20
TAXATION or NON-RFsIDENTs.
The Policy Of New York, the Policy OF NO"
.yrrscy and The FEEDER ni Court Decisions.

securities nnd inst runcn,s Of credit. such NJ
state, municipal and railway bonds. corpora
tion bon Ia and shares. LromIsSory o'es.
mortgages Hrd similar paper evidences OF
loans and debts found nd situate wnh,n
her territorial nrea and jurisdiction wouln
drive the owners Of such instruments OF
credit to deposit them in adjacent states
just over the boundary line In order TO escape
New York taxation OF those Instruments
ought to promote studying and thinking oy
New York legislators
The first question In order is this: "Can
the keeping in another State OF fuch paper
evidences OF loans and investments deprlyet'e
State OF New York Of the power TO tax the"
II owned by n inhabitant OF New YORK!
ia New Yorker owns farm and tho i've
stock thereon or any other tangible article
Of property which Is physically In New jersey
no one pretends that New York can tax those
things because the owner Is domicied IN
New York and New York has Jurisd'ct'0h
over him. Why not? Simply ana soIely
because New York has not, under the Federal
Constitution. taxing jurisdiction over the
propertv. Her ia asscssors cannot overpass
the boundaries Of the State any more than can
her judicial officers The Supreme Court AT
Wushin gton has gain and again said that no
ad djudication should be necessary to esaolish
so obvious a proposition as that property
lying beyond the jurisdiction OF state 10
not a suoJect upon "n'on n ~ e,rsons
can oe leRu,inaley tNI I.sI. ~ ,orritorlai
jurisdctio Of New York are subject. al
though now not all subiec cted. to her taxation.
excepting Federal nstrumentalities OF gov
eminent and things exempt by treaties with
foreign States or by public law.
MANY ps,sons w i,,r,.diction
la"en .na' , We" ~ "a, Esw yorl,or
OF All tne pers'nai pl',e''n q. -. ,,,,sdio
owns "hereSeI " INA, oe, ~ :. nood. ,ho+
t.oh V! MS oo's '' ~ 80 - L,. ono
~" io'h 'anu'l .ina "a i.ho hi,ont. uben
Oh ~" ioih "oIi',."." 10 Yrtu hut
situated IN aho,hei o.a'e ~ " '.h ~. th. r,.os
set are peseersu WIN ] .Ne ''." ' IA. ,rhioh
ot 'aAa'''' ~ '"e'' u. nanar
hA' assu''',u ", ,'..c '..e "t,o ~. hond. ond
e''oehces '''eieo' as w. -. an.a, %.
ehalee. l'pn'.. wv, - h.vand oot.
are ho' " oe laNeu nno ~. so,.anad %
wnrre .hes nIe Iou.I' a -, ,,,oh,a wharav.r
Tue pous Va mn "" nv a", 10 s,,.,
IN any other ota.e' ne mas ms .,., To-
a lu,' eAp'a'!a.''.' y. '"e n, 1vhor,
s'E,n os " .o'.ps..n. ~. x..,,a,, traotisa
IN tnr seFen'', ci.a p.e, VI ~. A'
on lle Noh''o' VI Aa"o :. ,,. l.,
II an owner .. lne' ru'',.n's ~, ,n.t.r
notn'c'ieu III hun"!o anu n',p'
1nehts az ms "oin'c''e' .,..n t"e.' .s 60.
tlon Is huhalo' oue NOV u 'he 'Ae'' u''ie'' "'e
actually IN ch'caeo.
some OF the states OF tne mon. ap".n7
the antlauateu Reherai Propets To- es'
U'h' n'N' ne'u on W an an',en. u'e ,s,i..,
, N"n tnat mo'anie ar''c'es nav nv 'ooa!.y
"i their own o,n't '"ah ,n". VI 'ue ,'mt T"e
ana .nereiore ii''''o'e V'u'u .Is, L'S e aa ~,
inhabtnnts lot fho'apIe ar,ro'Vs '"'eu Us
them ana iocsll'ed IN Ne" 'orh. sspe,'a.!
II they were oeo's OF e''aeh'ee Vi ueo'' uue
for captal i"Hhen. =,
A lttle moro 'han tn'r'y years as' tho
Cniten states Snnreme court oeea" 10 p"'n'
out that snch thlhEs oahn't oe anu LOT .','
reason that the f"nerai constitution hau
forbldd"n them it decideo o. "alhce' s"'
fhat railway ponhs are tanRlole ProFr'y'
| ana II held by noh-res'd"h's OF fehnsSNa.''a
that State could not tax them lwenty-
sov"n years att"rward the court went iu!'ner
ann declied 'i75 l. y n 3o'. lhat oahh oiiis'
municlphl honds. notes ana mortQaVes are
in such concrete tanclhl' form that they
are taxable where found. Irrespective OF tne
| domicile OF tho owner mat was oniy seven
years ago. lhe DECISIONS repeiiso 'he CON
tention that corporate securities are not
| tangible property,
Such Instruments oi credit were placed on
the same aXabl' loot'nG as lahi. i've stock'
! carriages. hay and oats, IN" old rule when
mad" intanghle such now universal 'nstrn-
| ments of credit and investment RS corporation
| bonds and shares IN the ''od"rn world was
dlsreGarded That Ia judge made law, but
| nevertheless law which each state must OBEY
| Neither New YORK nor any other state can
| II II would tax under the present Federal
| constitution such Instruments OF cren't
| unless actually and physically within Its
| territorial area.
| During nearly hall century the state OF
! New York has not only vlnicatcd that lmi-
| tation on her taxing power imposed by the
Federal Constitution, hnt has steadily refused
| to exercise her conceded power 10 TAX III She