Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-01-06


Sou hall, Powell, Il, Van Buren, Tompkns Camp.
bell, Snodrrass, Pendlcion of b Thompson of B
Meredith, BIick Jones of B., Shelton, Fox, Brown o.
G Lacy, Marshall of G, Hancock, Bfondus, looson
Payne, Laake, Jones of e, Ed nunds, StovalI, Blue
f Ward, WINSTON, Miles NJ Rae, Pace, Gaaher, Turner
Lumpkin, Wallace, Hawes, Mayo, Garter, Jackson
Street, Banks of NJ Nicolson Cabell, Taylor, Dung
Rec OF NJ Oliver, Davis, VI Pherson, Criiz, Boil NJ
Wicher, Lanier, Cooke, Anderson Dey, Daniel OF t
G., Brawner, Eastman, White, Stickl'y benson, Mi
nor, Warren, Walker, Burweil, and VI Comas-I3
Dividends decl,red by incorporated JOINT stock CON
panies were taxed per cent prorded, that no coal
mining company shall pay such per centnm until Inc
amount Of such per cenum shall exceed the tax PAD by
it The assessed value Of coal lands and then oay
on such excess.
Mr.. EDMusDs moved to Gil The blank for the tax on
The interest of money loaned, &c with per cent.
| C-as year % per cent?
MIR GALLAHEa thought that by the bill, capital
would be taxed twice. Last year the interest OF money
borrowed was first deducted Though the tax 10 now
nominally smaller, it really larger by this bill lie
wished to be informed.
| Mr.. EDmuSps replied, that the holders OF Stale and
other stocks had TO pay per cent. the whole inter-
est, withou, deducng the interest on money due by
them to others II would not be fair to allow the pri-
vege to of bonds for money loaned and 10 re-
fuse it TO Of Stale and other socks In reply to
question Of Mr. Laner, in respect to The leaving out
the provision of last year taxing the interest on the
excess 500, of money loaned Mr.. E. explained,
that upon consultation with the Auditor, the committee
were satisfied, that much inconvenience and mscon-
siruction would be saved by lis omission II would
make d ference of only ninepence, and would save
great deal Of trouble. In reply 10 question OF MIR.
Daniel OF Prince George, Mr. EdmunJs showed that
the tax did not apply 10 money loaned by Executors,
&c, in fiduclary character, as the law expressly
changed the tax the estates represented by them
Messrs GALLAnER and TERBs explained Why the
provisions OF last years bull, allowing deduction Of
la nj on
ing none Iloaned, should have been retained
The blank was filed with two per cent, as follows
"On the interest or profits Of all money loaned out
by individuals partnerships, whether secured by
bonds, noes other securities and the interest and
profits Of all bonds, notes and secut acquired BY
pachese aGd also on the interest," profits or dividends
derived from investments in Stale bonds, bonds OF
public corporation chartered by the State bonds
certificates of debt or stocks of other States Of this
Union of foreign Sta,es two per centum all such
interest profits dividends which sill Ill have been
Cared during the year preceding the time fixed by
law for listing property by the Commissioners of the
Revenue"
Mr. CARTER moved to amend, after the word "rsve
nue." so TO levy the tax the nett amount OF IN
teres, after dduciing the interest money due 10
others by individuals. Mr.. e. defended his amend
ment.
Mr.. Cooke opposed the amendment.
Mr.. BococK said this Identical provision in the last
tax bill cumbrous and inconvenlent, that the
Committee, after full deberaton, had determined TO
strike it out. Moreover, they found that very little
money was realized from this source Of revenue, bur
thened with so embarrassing provision MIR. b. OPP
posed the proposed unjust discrimination against hold
ers of State and other stosks 1t was moreover very
rare that individuals who lent out money ct interest al
the same time owed any considerable amount. And
is only in of money actually loaned out tina, the
tax is laid. Whenever individual takes bonds for
merchandise, produce, other property sold &C
cordng the provisions OF the bill, he pays no tax
upon the interest received The provision of the bill,
reported by the Committee 10 exact conformity
10 the principle of tlxa,ion adopted in other cases
The who holds tract Of land valued At Sl0000,
pays tax upon the whole amount of its value, though
he may $4,000, and may actually be worth only
Il 600 So Of the holders OF Stale stock, bank stock,
&c. The principle of taxing interest has been ap
proved BY the country, and it is but right to make
CONFORM nearly practicable 10 the rate OF taxation
upon land, negroes, stocks, &c. He opposed TO
discrimination.
Mr.CARrER commended that banking and other com.
panles had by law peculiar privileges and were on
different footing from individuals. Therefore, the
same rule of taxation could not be applied to them.
Mr. LEAKE commended, that an individual who bor-
rowed money, had the of said money, and should
be exempted from the payment of interest on mo-
ney loaned out by him. 1t not fair thus 10 exempt
him. and particularly for such
| Mr. BRoApUs proposed compromise which might
suit the views Of all 1t provides for tax the nett
amount Of interest," "ufte deductng the interest which
an individual shall have actually paid out to others dur
| ing the same period.
Mr. CARTER accepted The modification.
Mr. Lacy then offered, substitute, Mr.. Carriers
original anne ndment. Mr. Lacy argued, that our OBJ
iect was interest, and not capital which would
| be the effect if Mr.. Leake's argument were correct
We should not tax the benevolence of individuals who
borrowed money and then lent it TO friend in
sity The effect Of the tax BILL without this amendment
will be demoralizng and injurious upon the commun
ty By the amendment alone can we AVOID double
tax upon the came capital, capital not IN exist
ence We should adopt the true nd ratorsn principle
of taxing man according to his substance.
Mr.. Lacy's amendment was lost, ayes DO, noes 6O
MIR. EpmuxDs urged the slight probability, that lnd
vidua's no loan out money, should be themselves IN
debted TO others. This case was exceedingly rare
| Mr. L. replied TO Mr.. Lacy's argument and conend-
ed that person who borrowed money for others could
avoid the tax by letting he bond be in the of his
friend, and become his surety only. The present bill
could act injuriously upon none.
Mr. GALLAHER sustained the amendment Mr.. 6.
argued that the banks paid heavy bonus for their pr-
vleges and were therefore protected against undue
taIntion
Mr.. EpMuSps replied that the Banks paid the bonus
for the privilege of issuing to !.
| MIR. TEBBs opposed this attack upon the commence
between man and man. He defended the amend
ment .
Mr. Carriers amendment. as modified oy MIR
BRoApus, was adopted-ayes 81, noes 81
The blank tax on salaries and above the SUM OF
1900 was filled with per cent
y II.
inn provision taxing all money held by an individual
on the let of February, over and above the sum OF
$500 exclusive of what such individual or firm may be
owing to others, 12 cents every 800 OF such ex-
cess.
| Mr. w. supported this OBSERVATION-DISCLOSURES boarded
ought TO be taxed and the tax proposed was the same
as the tax on land.
MIR. DANIEL of r. c. opposed the amendment, as
operating with peculiar hardship on the mercantile
community. 80.
Mr.. GooDsoy thought it would operate as double
tax.
Mr.. WrrcnER thought the proposition would act
with equal justice upon all. MIR w. accepted mod''
fcaton which provides for the money in hand or OIL
deposie with any partnership, bank, &c
/ Mr. DASIEL OF r. Z. moved to amend, so as 10 ex-
empt capital in trade dividends of joint stock COM
panies l;oh
Mr.. WrrcHER accepted this modification which,
upon agreement, altered as TO exempt corporate
companies banks, merchants and aucuoneers oong
business under license. ,
MIR. GALLAuER thought the amendment not yet fuii
enough, as an Editor, who paid tax on MS press
mobi Dossblv have on the st of February an exec IS
over $500 on hand and it would be hard TO TAX mus