Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-04-26

lands is levied on al estimate OI HciF 'aiIH'
which in most instances IS very greatly belo"
their real valu,--and slaves may now he
stated at an average value OF three hundred
dolIars, so that in fact lands and slaves do
no; pay cue third of,he tax imposed on stock
in trade, and your committee believe cor.
responding taxation prevails in all the South.
ern and South Western States. Besides,
no regard has been had TO the product;ve~
ness Or unproduc,iveness Of this stock IN
trade Goods may nave come to iang
market, when it might be ruInous 10 sel!. II
they arc kept for better ,Imss--it they are
not forced on the market, AMI are at th':
end OF tie year found still in the hands OF
the merchant, they are again compelled TO
pay the tax, Will, in the mean time interest
and all other incidental expenses are accu-
mula!inp on the investment. In payingta
on la,d and agricultural capital, it is paid on
what almos! without fail yields an income
or profit. In paying it Oh commercial cap
i,al, it is paid on what may Or may not, in
the fluctuations of trade, make either prof
or loss. 1t is scarcely TO be exp c:ed
that large socks of goods, in the face OF
such tax, can ever accumulate in the
hands Of our merchants. Your committee
know that i, has produced this evil and drive
goods from us, which otherwise ~oNid nave
remained here to seek market. 10 sc.
cure the trade at which we aim and 10 which
the South is justly entitled, large stocks OF
goods arc Indispensable. The foreig mer-
chal. q d our brethren at the North, must
be encouraged TO bring their goods here to
await sale, with the full assurance !hatthey
shall be subject TO no taxation until sales shall
have been effected. Then may we expect
TO see our warehouses filled with all kinds Of
commodities--the merchant OF Manchester,
or Leeds, or Lowell, Will not hesitate to
send his goods 20 be stored here. The i'm
porting merchant will not have his capital
diminished wlthout,he certainty of being
able to make profit to replace 1t. The
merchant, who comes from the interior to
lay in his supplies, will have no need to 60
TO another market to find an assortment, or
To make his purchase here, burdcned by a
tax from which he derives no benefit. II
is uot easy to estimate the impulse which
such state of,hlngs would give 10 our trade
--how much II would both encourage the
importing merchan!, to have always on
hand large stock Of goods, and attract the
merchants from the interior to our Empori-
u:ns l; would encourage competition Of
bo,n sellers and buyers in our markets, and
which could scarcely fail 10 produc the
most favorable resul's:
Your Committee believe that by a differ
em mode OF laying taxes on The commercial,
the Southern and South Western S ates
nigh, avoid all The evils which your Com
miriee are persuaded, have arisen from the
mode hitherto pursued without any diminu-
ton of revcnue- Let the tax bo inpnsad
on income Of the merchant, on the i.l~
tcrest which he derives from the capital in.
vested, and on the clear profit which he
makes. The States may well depend on
hi, honor, on hrs ambition 70 hold or rails.
his standing among his competitors. on hls
desire TO maintain his crcdit--tor faithful re.
turns of mis- income. The risk may be that
he will ovcrestlmaie raiherthan under value
il, and moderate equitable tax on IT. your
COMMITTEE believe, would assuredy make
up for all thai would be lost by abandoning
the prevalen, mode of taxing his capnai--
and they submit two resolutions, which, if
carried out mo advised legislation, might,
they trust, aid US efficlcn ly in the grca, OBJ
Jecl in which we are now engaged.
Rosofued, That this Convention earnest
lyre:ommend o the respective Legislatures
of the Sou hern and South Western States,
so ,ofIa,ne their Legislature, as 10 encour
age the accumulation Of Commercial Capi.
tai as the Southern A antic and South Wes.
tern Sea Ports--in other words, to make
these ports EmrorIums of Commerce, and
so far as may be practicable, free ports,
where the objects Of trade may be- collected
AMI remain exempt from all S,ates or Cor.
pora,Ion taxation, unll sales of them be ef
fec ed-and that the taxes then be levird
only ouly on the iutercsr Of the capital in,,
vested in such sales and on the net profits
derived from them.
Resofved, That, in tho opinion o. this
Convent, on, the object the las preceding
resolution, could be best effected by exempt.
ing capital employed in commerce from all
taxation. except an annual tax on the inter.
IS; aud profits derived som the capital SO
invested.
Col. BLANDING then rose and stated tha,
inquiries had been made in proper quarter
and that II had been ascertained that the
former Southern ReUieac had been suppor-
t'd Wi h 1900 yearly subscribers, a, IS
each, 500 of whom were from Charleston,
500 from the interior Of this Slae, and 800
from other Southern S ates. the city of Saw.
annah being the largest contributor ou, Of
South Carolina--that 1900 annual subscrl-