The Nevada Democrat. [volume] (Nevada, Calif.) 1854-1863, 1857-03-18
M. Rren,,. memorial stamp Tax.

t.
mitted report on the 9th inst, through Mr..
Brent, of Los Angeles. Since the organization
of the State government, there has been an av-
erage excess of expenditures over the revenue
of nearly half million of dollars per annum,
and the civil debt of the State will amount to
three and half millions on the first Of next Ju-
ly. After carrying into effect every reasonable
proposition to reduce the expenses of the gov.
eminent by cutting Of every expense not abso-
lutely necessary, 1t is estimated that an annual
deficit will exist OF three hundred thousand dol
lars. At this rate, unless some new financial
policy is inaugurated, the State will be sunk in
hopeless bankruptcy in the course Of few years.
In order to make up this annual deficit. and
bring the revenue up to the expenditures, new
taxes must be levied, and the question is what
property can best afford to bear this additional
burden, with the least injury To the productive
interests of the State. Farming lands are al
ready heavily taxed, so is the real and personal
property In the cities. The taxing Of mining
claims Is impracticable; besides, miners as a
class are the least prosperous Of any in the State,
and they could not well bear any additional
burdens.
Under these circumstances, the attention of
the committee has been directed to the inquiry
as to whether there is any species of property
that wholly escapes taxation The personal
property In San Francisco is assessed at little
over four millions Of dollars; but 1t is estimated
from reliable data that nearly thirty millions is
employed in that city alone in loans, twenty
millions of which is owned in the Atlantic States
and Europe, and the interest, amounting to
nearly five millions per annum, is sent out of
the country without contributing in the least to
the support of the government. The amount
of goods and provisions sent to this State by
foreign shippers, and sold for cash, is estimated
at thirty millions of dollars The money which
is collected for these goods is sent abroad in the
form of foreign bills Of exchange, and entirely
escapes taxation. by levying stamp tax upon
foreign bills of exchange, and upon notes and
mortgages much Of the foreign capital, which
now escapes taxation in this State, will be
reached, and made to bear Its proportion to-
wards the support of the State government
The Pacific Mail Steamship Company also
have an immense amount of productive proper
ty in this State, and by decision of the U, s..
Supreme Court, the State has no right to tax it..
The company collects near two millions Of dol
lars annually from passengers leaving the State
In order to reach the property Of this company
In some way II is proposed to tax passenger
tickets. We do not know what plan is contem-
plated to derive revenue from the sale of pas
sengcr tickets, and cannot speak as to its prac-
ticability; but the property Of the steamship
company has heretofore entirely escaped taxa
ton, and some plan should be devised to make
it bear its just proportion of the burden of gov
eminent.
1t is the opinion of the committee that over
sixty millions of dollars entirely escapes taxa
tion, and Of this amount forty millions Is annu-
ally exported from the State. The only way
to reach this property is through stamp duties
imposed upon instruments of writing. A tax Of
from property best able to bear 1t, and will
scarcely be felt by the mass of the people. In
order that the tax may affect capital, and as
much as possible exempt the laboring classes II
is not deemed advisable to impose stamp tax
ON notes and due-bills under fifty dollars.
Two bills, providing for the imposition of
stamp duties, are now before the Legislature
one introduced In The Senate by Mr.. Wcstmore-
land, the other reported to the Assembly by the
committee of Ways and Means. From cur
| of ,oI A.
give the preference, as whole, to the Assem-.
bly, bill. The tax is much less, but as 1t is only
an experiment, II is sufficient Should the sys
tenn be found to work well, such Improvement,
can be made In the details as experience shall
prove to be necessary. The bills provide thai
the act shall take effect in May This we think
is too early for the people of the State generally
to become acquainted with the provisions of the
law. The act should not go into effect under
four or five months after its passage.
In regard to the policy of resorting to thi'
system of taxation, there is, Of course, great
diversity of opinion. Maryland is the only State
in the Union which has. ever imposed STAMP
tax. This was done at q time when her finan
cial affairs were in desperate condition, but
the system worked so well that II has since been
continued in preference to raising revenue in
the ordinary way. We think II advisable to try
the experiment in this State, and if after testing
ID thoroughly, 1t is found impracticable the law
can be repealed
The following is the tariff of charges recon-
mended by the committee Of Ways and Means:
On any foreign bill of exchange, draft or Or
der, whether negotiable or otherwise, OF letter
of credit, payable out of the State
If above $40 and not exceeding $50 s 8
Do so do do 100 20
Do 100 do do $50 80