The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1864-08-24

this floor doubt but this is wrong and
that it ought to be remedied, and that
speedily? By reference to the reports
of the several railroad companies Of tho
State, as made up BY themselves, it will
be seen that their receipts for the past
year exceed their expenses nearly twenty
millions of dollars, sum equal to twelve
per cent, clear profit upon the entire in
vestment. Now, sir, the banks Of the
Commonwealth for the past year have
declared dividends ranging from seven TO
eleven per cent. They have paid in tax
alton thirteen and one-balf mills to the
dollar. While the net profits Of the
railroads have been aQual to twelve per
cent, they have paid in taxation one and
one half mills to the dollar! Can auy
man claim that this is an equitable dis.Il-
button Of the burthen of taxation?
But, sir, when we take real estate into
account, this inequality becomes still more
giaring. In many counties Of this Com
monWealth, real estate is taxed for State
and local purposes to an amount fully
equal to three per Gems. upon its assessed
valuation in some counties even more
than that and the best Information that
can be obtained upon this subject, shows
that this enormous taxation upon real
estate results in the absorption Of at least
sixteen per cent, fthe entire agricultural
products of the State in taxes--sixtcen
per cent, Of produce, sir, while the tax
upon the products of railroads is counted
in mills, less than q fifth Of one per cent !
Thus the indisputaAle fact is presented
that investments IN real estate have to
bear much moro than q just proportion
OF the burthens o. taxation. The unmis-
taxable effect and tendency Of this state
of things, is to drive capital from invest
ment in real estate to Investments Of q
speculative character. Si!, it is notorious
in many rural sections Of the State, that
10 man can afford to hold real estate and
pay the taxes that arc forced upon il
It is my opinion, DR. Chairman, that,
considering the heavy taxation nov Ila-
posed upon real and personal property for
county, township and school purposes, tie
revenues necessary TO support the State
government should be derived maia-g
from corporations and upon this point |
cannot 90 better than 10 quote from The
report of the commissioners appointed By
the Governor to revise the revenue laws,
in pursuance Of joint resolution Of TIC
Legislature at the session Of 1852:
"Corporations il this State ago very
numerous and very powerful. They have
not only drawn within their coutrol ao
immense amount Of capital but they have
drawn within their power the entire com
mcrce Of the State. Almost everything
Is now made to contribute 10 the revo- !
nuos Of these corporations i ct owing
to their Intangible character, it is very
difficult to adopt a genera! system Of tax
ation applicable thereto. The franchises
of corporations are property and the Iegit. (
innate subject Of taxation. ID fixing a.
tax upon corporations, these extraordinary
privileges, their franchises, constitute tic
first grounds Of the Commonwealth
claim to contribution, end in tLa5 con
sists her right to discriminate IN favor OF
the public. The property Ct ofcorporaHons1
Is within the reach Of tho authority CT
the State. Now, in order to DO Justice
to the agricultural interests and the own.
crs Of real estate, the Commonwealth
should look to this kind Of property for a
large portion Of the revenue requisite foI
State purposes"
Now, Mr.. Chairman, the frst section
of the bill before US imposes taxation of'
two per cent. upon the gross receipts Of
railroads. The amendment (for The gen.
tIeman from Lebanon chooses to call Il
an amondment) proposes to tax fgeights
as follows: Products Of mines, tgo cents
per ton products Of the forest and agri-
cultural products, three cents Per ton ;.
and merchandise FIVE cents per ton; aud
authorizes the railroad companies to col.
lect this tonnage tax FROM those furnish
ing the freishts, and pay it over to the.
State Treasurer. This proposition sir,
except so far as it relates to merchandise,
simply casts additional taxes upon real
estate, To tax the products Of real a5-
tate is but another name for the same
thing. It simply affords Pgotozl behind
which we may take refuge, and under a
poor cover fight and XIII what we dare
not make open and manfQi war against.
The friends Of this amendment say it Will
put more money in the treasury than the
printed bill. Very likely it will; | can
not say it will not. But, sir, it does not
impose taxation where it ought to be in-
posed. 1t simply does indirectly what
we might as well do directly, Increase
our revenues by increased taxation upon
real estate and leave the railroads still
untazcd. 1t has this merit, however,
Tt makes the railroad cnr1nonios tax. o9fh-