Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1830-02-15

bs considered as the best investment, tor Is
wear, receip,s Of the ground REM gives inc
nure ha.er back his principal and six pei cent
,n,.,e,, and leaves him with an annuity OF $50
for ever after, without having cos, him one
con, p., this is not all There are helpless
widow, with children, whose only house is sad
aha with on Of these ten years ground rents,
which they are compelled 10 pay, with Inc adj
di,ion Of heavy taxes upon the value OF THIS
very rent, under The present system, while the
holder of that rent pays no taxes at all. his
surely canno, be right.
There is also a large amount OF stocks OF
various kinds, which yield profit to the h"ld-
ers, propor,ionate TO the general business OF
the Town, the value Of which must increase in
the same ratio as our trade and commerce To-
crease when The canal and road are completed.
And yet these stocks, together with large
amount Of other personal property, contribute
no, hing towards either the canal or roac.-
Now, hold i, 10 be strict justice, that one class
Of citizens should not be burihened win lakes
to make improvements Gf public nature ID
benefit another class, who pays nothing; on'
that all who en- JOY the ben 1T oil such improve
mcnts should contribute, in their JUS p, opor-
ton. 10 The making at them. This principle
being admi',ed, (and presume it will not De
conlrovered,l ii may not be amiss 10 examine
this subject more in detail, 10 see what would
be the eff CT Of such change in your present
system as would compel the payment OF taxes
on the several items Of property above referred
TO, in the same proportion OF other properly,
10 be applied TO the canal and road fund.
Your taxes for he present year amounted to
about Se4 900, Of which sum about $4,000
l., Al no dor A N
horses, carts, drays, licenses, Sc. To pay the
interest on the canal and road stock 1t will be
necessary 20 nearly double these taxes, unless
some other way, and means can be devised;
and i, may readily be conceived what distress
this would occasion to a large portion OF The
community. Now, The stocks Of our banks,
with tn. olhrr personal property not taxed al
This time, amounts 10 a. much as the real es-
estate, would enable you to pay the interest on
both your GENIAL and road debts, without in
cieasing the taxes Of those leas, able 10 pay
them, and who have heretofore horne The whole
bur,hens Of lie Town. And | would ask You
if this would not be an equitable aud desirable
state OF things!
am aware that il is commended, on the part
Of the b.nks, that the Common Council have
no right TO TAX either bank stock or ground
rents: But they might as well say that Coun
Gil has no RICH, to TAX either horse or day
The RICH, to do both is derived from the same
law | believe, however, Ina, ih' have not
only the righ,, but hist il is their duty, 10 do i.
Will MOI bank stock be as much enhanced In
value BY the canal aud road as real property!
Will no, thes" improvements increase the
trade OF The Town, and enable the banks 10 do
more certain. extensive, and prof able bust
nrss? and if so, is i, not just and proper thai
il should contribute TO these improvement 5!
Most certainly 1T is Are not ground rents
| crea,ed upon real estate, and make part OF The
holders personal properly, which is not taxed
at al? and will not the canal and road, by in
trea>ing our business, add value o this spe
eies OF pruper y, by increasing IT'S security? IL
SO, why should tney not be made 10 contribute
their proper ion to making these improve.
mentsl
There is also large amount Of other personal
property which has no. heretofore been faxed;
and why has It not? |. il not the same in law
as real esta'r? Certainly il is, and therefore
justice r, quies ii should be taxed as well as
real properly / is tue hat The charter Of
he banks ar derived from Congre ss, and il is
equally true, that if the Common Council had
To, the power to tax these stocks before the
right 70 give them the power, and they have
done so, a, will be seen in ,he annexed extract
from the Law Of Congress, giving he Council
power % levy TAX TO paw their subscription
To he canal BY this law, The Common Coun-
Gil are auhoriz O lay tax Of So 100 o"
every 300 If real and personal properly in the
Town Of Alexandria, for the purpose Of paying
their subscription Ia the canal No exception
whatever is made, and therefore none was IN
tended II follows that bank stock NAV ne law
fully axed; End THIS settles The QUESTION as 10
thsir ri hi. AS TO he rxpedien,y OF The mea-
sure tnat must be- set led by the Council:hem
selves, with whom am wiling 20 res, i,-and
as presume 'hls que s,ion will he settled by
The mex Council, must again urge the nec-s>
sly sud prop iety of judiciuu> selection FOR
that Off 4 SUBSCRIBER.
Extract from "9n 7cf 10 enlarge the po,cers of the re-
reral Corpora'ions Of tse District Of Columbia. ip
proceed Nay a, 1873.
hat tax at the rate Of ifty-eight hundredths Of
per cenum the assessed value uf the real and
personal estate within the Town of Alexandria, here
BY imposed and sssesstC "