The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1855-09-12
GomMaaifations...


ton for the present. Mr.. Wells. in speak.
ing ofmy reasoning says:
"The erroneousness Of his reasoning priu.
cipaliy lies in the assumption that promisso,
ry notes, oil themselves, constitute wealth.
Bu:, single consideration VIII shog
that thisis not the case. Wealth consists
only OF actual possession. Articles ofWealth
derive their value solely and exclusively
from the consideration thet they are the ev.
idence or tile to property IL de hands q
another. That a promissory note s noa
valuable ofitself, it is plain from the fact
that Il a man possess hundreds OF such AZ
are not colleclabie, be Is no wealthiet than
if he had Them not. The notes are in his
possession still, and If they are wealth, in
themselves considered, of course be shoHld
be made richer thereby"
Now it should be recolIected, that in say
ing that note is wealth, | coupled it with
this important qualification, 'a the maker
be solvent it is a thing Of value il is wealth.
Of course the note, if the maker be worth
less, is also worthless; but then you are not
required to pay any tax on it, because you
are not protected You are not taxed on
notes according to ther face, but according
to their "real value in money" If the note
calls for 800, and only be worth Sa5, you
listit at, and are only taxed for sa5.
Promissory notes are not ''the evidence
or title to PROPERTY" They are frequently
given by persons, who, at the time, have no
property at all; but dependence is placed in
their honesty and industry, by which it 10
supposed, they will, in future, be able 10
meet them. II is not the title to any speci-
fc property, but simply evidence Of con-
tract. by which the maker promises to pay
the holder, at some future time, specified
sum Of money.
| Wealth is defined BY professor Wsyland
Ito be "Any object Of human desire, which
is capable Of being appropriated Now
the value of those ''objects which crafty
human desire" is either intrinsic or .ex-
changeabie. Some objects have great IN
trinsic but little or no exchapgeable value:
such as air, light, water. The intrinsic val
ue Of iron is much greater than tha. Of gold
that is, it has, in ITSELF greater power Of
gratifying human DESIRE" Yet an ounce
of gold has hundred times the exchanges
able value of an ounce Of iron. Now it is
true, that bills Of exchange and promisAory
notes, have no intrinsic value. but then ii
the maker or drawer be solvent. they have
an ExcHANGEABLE value, which renders
them capable Of gratifying human desire. 7
and constitute ITEM -wealth--to all intents
, and purposes, property. For as said. be-
fore, they may exchange for gold and sill
! yer or any other kind Of property. III
lhold a note for $1,000 and exchange ii for
; 5000 in gold, am worth $780, Ihaya 50
s much wealth.
You take q distinction between the bank
!. bills, and promissory notes, but am una
8 bic to appreciate it. Neither have any in
trinsic. but both have an exchangeable val
ue. Neither are legal tender. but boel.
may be taken in payment Of a debt. But
), the distinction, if well taken. amounts to
! nothing; for you admit my proposition, that
government has right to tax, not only
bank notes. but bills ofexchange and PROM
: isory notes. For you say
: ''When and where did ever deny the
: right Of government to tax bank notes, bills
s of excl ange and promissory notes.
I Well, that being admitted, what remains?
Y Why you say. ''tax man on what he Is
y worth, deducting his debts" Let us see
D how that will work. Government finds
2 a man in possession Of a fue stock Of store
y goods, a hundred acres ofland, hundred
!. head Of cattle, and any amount Of other
property She Of course protects him in
possession Of the whole OF it. No one
dares to infringe his right. in any respect
) for the protection Of Government extends to
. every particle. She does not stop 10 exam-
! ine the account between him and his neigh-
bors, and then protect him only In posses
- sion of so much as would remain after the
!. payment Of bis debts. But you say hia
- debts should first be deducted, and he be
T, taxed only on what remains--on what he
= is actually worth. Is that not contrary to
; your own principle, when you say:--"The
J. right on the part Of government 70 impose
" taxes must be co-exensiye with the protee-
y lion aforded!'' 1t surely is, for its protec-
I I ton extends to ALL the property which be
IS has in possession, and therefore it has q
J. right to tax ALL the property in his posses
of sion. "a
ia There is the only difference between us.
le ! choose to carry out your principle. Now
d if the principle be a true ons, we need havs
e 20 fears, in following it to all its legitimate
y consequences. Ibelieve it is true one. -
a. It is the principle of taxation adopted by
lie all the States ofthe Union, SO far as have
i any knowledge. Yeur views were at first
plausible, but to my mind not convincing,
is believe we understand one another, and
'; liz l have been unable to convince you that
N / am right. + shall attribute it to my want
IL Of clearness. PUBLIUS.