, 1841-05-29
THE JOURNAL.
MAY %, 1s4l.
THE NEW TAXATION LAW.

O0
been extremely busy from all we can learn,
in opposition to this law, and lets no oppor.
tunity slip, to impress upon the people the
idea, that two of our representation in the
last general assembly, excluded the notes
Of merchants, from the operation Of the Law,
out Of a spirit Of selfshnes. and because they
themselves are merchants. We,do not know
that he makes this charge in so many words,
but he would unquestionabiy produce the
impression il he could, that the law is a bad
one, for this reason that the notes due the
merchants should be taxed; and he never
fails to illustrate his views by the case Of one
or the other Of our late representatives.
Let it not be forgotten that the State is
is in debt-and that money must be raised
IN some way to pay the debt, and to meet
the interest. Either the rate Of taxation
must be increased on property now subject
TO taxation, or new taxes must be imposed
on property not subject to taxation. Tho
Legislature thought it best to tax stocks, and
money invested for the interest and did not
increase the rate of taxation upon property
already taxed. That this law may be de-
f%ecrive in lis details, Is very problhle--Ex.
rerience Will soun demonstrate where they
exist. and future Legislation may correct
the defects. No one in this Country will
have the bo!dncss Ia deny that the principle
nn which this Law is based is correct. 1t
looks at money loaned as 81 much property,
and inasmuch as that property is the sub
lcci at the care and protection Of the Gov.
'framen'. reason and Justice demanded that
those who mike Investments of their crpi-
rnl in his way. Sr. uiti not be privileged
abrve tie rest of the community. The
bill WIS introduced by Ma. CRow Of ST.
Louis. a deed. d Wing. and The greit object
WAS Ia collect revenue from the brokers,
money dealers. and owners of Stock in that
.ci:y-But To level 4 statute exclusively at
them, when thousands were doing the same
character al business, only in a smaller de-
nee. was obviously partial-unjusi, and an
~tl-repub!ican. To make the Law general in
IT'S operations, all men who were lending
money for the Interest must be included, and
no doubt, there vas considerable difficulty
experienced. in 50 framing the provisions Of
the Bill, as 10 obviate all objections to the
details. We are informed, from a credible
source. that there were no objections 10 the
principle oi The Bill, and it was only to its
details, tha, any opposition was made by
members of either party. In truth it is a
matter of ast"nishment with Us, that a Law
of this character has not been enacted be-
fnIe this late day. by our Legislature. For
example take the case of 4 Broker OF ST.
Louis. lie has found out that the most prof.
liable business III which he cIn engage, is in
lending his money, and he therefore sells
every description of real and personal estate
that he NAV possess, and invests IL in money.
As realty or personality, it was subject to
xaiinn--as mpnpv-the proceeds of the
real and per>onll estate, II is not liable 10 be
taxed. The Government however, projects
the rights Of his money. rs much as j. pro-
tecis the right of his other property, and as
the object of taxation is the support of Gov
ernment, and Government is established for
the protection Of the rights of persons and Of
property, what reason can be gwen that the
money dealer and the Broker should not pay
tax rs well rs the nw ner nf real estate.
But =, 'ective as this Law may be, IL is not
liable L. ,he objection which this fiult
finder, ;.akes 10 it. He has miss
ed it at-1re or two, in their calculations.
The reason is as plain as a pike staff, why
the ne chant should not be taxed upon the
notes due him and bearing interest. and the
distinction is as broad as the public high
way, why money loaned for the interest,
should he taxed, and money that IS paving
interest merely because it is not convenient
Ia the debtor To pay the principal, should
not be taxed. The merchant pays tax upon
the amount o. goods he may have, and IN
addition to th,s, he PAYS 4 license for the
pririlcge of selling. the notes are gwen IN