New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1860-02-28

We did not learn of any sales of stocks to-day.
The movements in the Legislature unsettled all
action in regard to the free banks. The impression
prevails that the repeal of the law generating the
free banks from taxation will not be pushed.
1t is very singular that there should be SO create
desire to tax capital by our authorities, when It is
wen known that we want money, alias capital, to
carry out and extend all public undertakings, that
is, the building Of railroads, the Inauguration OF
associations or companies for extending the trade
of our city through steamships TO Liverpool, to
Cuba and to Vera Cruz to erect and build manu-
factories for the making of goods out of cotton, for
the erection Of sugar reneres, for the building OF
more steam cotton presses and warehouses; in
fact, we want money and capital to aid US IN all
these great and varied undertakings yet our legs-
lators, or some Of them, are connecting measures
to drive money from us. Allusion is frequently
made to the great tax on real estate. Well, real
estate affords the most equitable and just division
Of taxation because it reaches every one's pocket
| and income who have house rent, room rent and
all kinds Of rent to pay. There are thousands on
thousands of temporary residents, operators and
traders who never pay any taxes whatever, and
they are only to be reached through the renting
process or through owners Of real estate Is there
any owner or proprietor of real estate who does
not every year in revising his rent roll take into
consideration the increase (if any in taxes? And
the great contracts for the paving now going on,
who receives the benefit and advantage ?-the tenn
porary occupant the six months renter we shall
term him, or the owner Of the property who has to
stand between the city and the real payer Of the
taxes, the tenants.
Tax the capital associated and invested in the
free banks, and what win be the result? 1t would
drive some of them into liquidation close COMPETE
ton in the general money market, and introduce a
monopoly of banking which would yield cent per
cent to some six or seven banks, and be produc-
tive of unheard.of returns to some twenty-five Of
thirty outdoor capitalists and owners of money
Half dozen individuals (agents of Northern bank
ers) would command the general exchange trans
actions of the State. We contend for free money
market let capital flow like the great Mississippi
free and without trammels or hindrance. We will
suppose that an owner of money has $4,000 in
vested in the stocks Of the jackson or Opelousas
Railroads; tax this investment or capital and the
owner might as well throw his money into tile Mis-
sissippi river as to be paying tax on an invest
ment which will never pay him dividend; that is,
for at least ten or fifteen years to come. Is there
any Justice in taxing holder of stock in the Jack
son Railroad, who, we may say, has taken one
hundred shares, paid up his twenty-five dollars per
share, and, from all prospects, if his hair is not
gray now, it may be pretty grayish before he re.
ceives dividend? And yet these twenty-five hun
dred dollars, paid towards the road, has tended to
the increasing and enhancing the value Of real
estate, houses and lots in some sections of our
city Is to SO get, and the capitalist, who has
paid his money towards the stock Of the company
which is comforting all these benefits, is not likely
to receive any remuneration return for years to
come. The shareholders of the free banks, SC
termed. are permanent residents not one in tel
are Of the compound speculative ssgenus y of the
day. The stock of some of these banks is held By
parties in five, ten and twenty shares all for loea
or permanent Investment, many of them property
holders who willingly pay and meet the regnla
assessment of taxes on their homestead and the
there are trust funds invested and funds belongin
to minors of the manor born. We say tax an
license all sellers Of merchandise by samples, ia
all itinerant dealers and traders, even if they d
pay room rent or for lodgings, but do not tax tn
mechanic, trader or small merchant who may hay
few hundred dollars invested in bank shares.