Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1866-11-23

recovering from the fatigue and suffering Of expensive
and lTotraoted war, has concluded to borrow somt
money Of some Of his renegade boys, and then set
| them M ia banking on HE credit, he paying these
same God forsnken and psuio stricken stockholders
3l0 per cent interest the very money with which
they bought the bonds deposited At Washington As a
base OF the operations, that II they should fail to
make anything At all In their desperate Efforts to help
the business Of the country by this banking they are,
II worst comes to worse, At all events, sure OF that
interest the capital invested.
suppose he LEFT the illustration just A. he did in obc-
dience 10 lw OF taste set wn by the nsst auhof'
ties never to run Illustration on all ours lest you
| run Il into the ground
Next we are introduced to certain marble quarry
which corporation are endeavorng to develop with a
dabc aud praieWOfthy zeal for the proper and
very desirable euds Of both public and private advantage
and skfully deneates the struggles IN operating to
! get the stock On the market at par value
will not step behind he scenes and attempt to show
the working Of the wires BY whon al asst ihey work tn
stock up par the gentleman puts IT, get
IL is sufficient for my purpose That having drawn so
a'eel' our sympathes aud appfehensions on their
own half It appears that the hour this corporation
gets Itself up by the side Of The OH and profitable con-
/ Germs and pays dividend be it ever tu tm,l, one
eighth Of per cent the Sta steps in ard dema ds
they shall bear AZ equal burden Of taxation with the
better and more reliable stocksi but here again we arc
not told that while these best paying companies are as
scssed 10 the list at only uh hoy peg sir per cent
mora dtridcgi, ibis new experiment and enterprise
goes in 20 the let At assessment not At rsf BY
means. but az rate Indicated 51 the amount ~ money
equal 90 the OF dividend u the case nent ed
al ~ per share OF 500 aud moreover that tn 81 is
liable 70 st further fcduc ion for any amount the cor
/ pofaton are taxed on al estate.
The genue olludes TO speech read the other day
aud says he could not very wei hear IT, is evident
from his failure to attack any Of its fundamental posi-
tons. / beg leave TO suggest that N the gentleman
/ fom Bennington had read his speech shrewdly sus-
poet we should haze had deyerauce from me very
loose statements and uucandd conclusions hurled upon
us 10 his avalanche OF words sul further beg leave
TO suggest THAI though by the perfection Of bis style
and delivery, and his command Of the house, We heard
every word and could almost have heard pin drop, /,
remains 90 be by the verdict of she ia and the
resul Of the vote in This house on he bill before IT,
whether not TIA. TOO vas a misf rfu "a
Mr. Ross q 81 Johnshlfy said this bill reaches
more railroad property Than has been mentioned by for
I mer speakers. The Passumpso road was paying div
dend NJ per cent, and would come INFO the provisions
Of this bill The groli for he exemption Of corporate
property from txauon that Of public policy These
corporations bring with them increased taxes 90 the
state n The expense Of lelsatono protect them the
expenses VI maintaining schools for The tduca ion II
the children Of those who stc drawn around them. the
increase VI pauperism and crime, which must be borne
by me state anu 1t was NOT fslt To- exempt ihe shaes
of the operations from bcAng their ISL share Of the
burdens. lie efeued 90 the stalemcnts Of Nr PARK "
bennington that this bill would drive capitalists out of
the state, and said the policy n the state she ud be 10
draw ihe 0irH as well AZ te capitol into he state He
referred the case Of the Messrt Fairbanks Of 81.
Johnsbury, who paid taxes on an the capital invested
In their business but the nonresident capitalist could
come in aut under act Il Incorporation do business
ffcft of al least per cent greaet han hoy, be-
cause Of the exemption fom iaxes We should never
allow capital 70 ride So 10 speak dead head Of taxes
iu The State. Whctcvr capital is taxed equally. tacfe
would be prosperity aud people would gather together
and lhc Interests OF he particular locality well a. Of
the state. would be promoted He hoped the bll
would pass
MIR rout Of Rutland ssid the constitution Of the
stte provided Tor ,qla taxation q al ptopcftJ except
such as vas used f public and teifious uses. Cofpor
property could be Exempt the ground OF puD-
lie benefit, for capttN was invested 10 IL for private
uses, ard priystc benefits and th. re- was no class
OF business tut more or less added % The srand
list, and yet we lax such business 40 he could see no
propueu in exsmpuuf corporate STOCK tom taxation
scr OF 1854 dice minauuF iu vor 90 non-rcsdCu
car alst tut flund ttmscyCs ). U u1e Boo respect I'd
~ ttr supteme Court dec atirg BE- unconstitutional and
in 1863 .hcl enacted statute more sever even ihan
the one under conieIanuu- III same difficulty exists
in this State unless We pass This bill lie thought that
wherever ita invested 10 hC state should otal
it Just por ntou OF the taxes o. pay The increased *
peuses af paupcnsm aud crime ana other EXPENSE Oh,
sane as other ITap.fB, lie reviewed several state
effects Of the passage 81 his BILL and denied them ir
almost Iesptot. he claimed that be passage Of
the hil would be ntht 90 his own town tkuta
whore there were large corporate interests that would BE-
exempt hom bearing their just propUruars ~ the bur
dens u taxation unless me more tuit gent provis
was enacted than Already existed On the statute books
What true 4 one town, would be equally true In
Tpect 10 the whole state he thought ne tgisla ure ia
cu] bound 90 pass the ti and he had failed 10 zee any
valid objections brought forward b. gentlemen who
were tosed TO
Mr. Pasmalse Of Bristol was opposed to the bin a,
teud.nt 90 dse away rom the state he tey capital
Necessary 10 develop rasouIcts and bu Id Ia oui
midst The rnAnuaetu utcresg that had 81 much ad
ded O. The prosu ciy and The ven ~ the state " Mas
sac usetts lie refIfel 20 he avs ofNtw Hampshire
Rhode Island and Massaohuse Is as particularly fAyora
and that thcy had proved II immense benefit 70 thtm
stimulating industry ano ncfcatg wealth a. ihfit midst
No state could prosper as state, pEd no town coul
increase ia popuiuou OF wealth. Mess there were ~ an
ufictores IA their midst and whirc none existed We
sh uld nGtlg but dtA and I'D gtauon Of bulness
other busns interests would ped and suuy ed
anu young men would leave iOf some " live place
de thought suicidal policy ia the state TO step b.
aud hcpto crush cut the My means wi hin reach
to promote our onward pfogtess and the future prosper
Mr. Hathaway Of Moretoun said thAt he had suffered
tho Of aN
as well as the gentleman from foutrey his invest
ment had all been swallowed up boy wealthy boudho dors
lad they come IN and ak O. have the money they had
invested IN purchasing his ttoek EXEMPT from taxation
For be wanted 10 'aked AMI obge the poor man
u bear the greater propo ton Of the bdsns Of H.
while the zen man could cWn SHARES H. corporations q
an indehniie amount and never be reached by taxes
lfhe owned farm, - must 20 into she is and be taxed
but he came money vested ia stock in corporation
would be exempt. and so long !; exempt, so
much he greater would be the tax other KINDS Of
property lie vas 10 favor Of this bin because he be-
eved 1t would help 20 lessen the BURDENS aud taxation
that we're borne by the poorer classes.
Mr.. Stewart OF Mddebury said that his duty 70 his
constituents and The interests Of the locality in which
he lived, req iifed hat he should state his concu
sons upon the bill the passage Or rejection Of which
Of so much importance, only TO his own locality
but 20 the whole State Iheleadng interest Of The state
agriculture; we are more especially an agHcul ural
people. and attention has heretofore been turned
almost wholly in that dir con But Il does not require
the fostering care and potec ion OF legislation Il could
take care OF itself Appropriations were for awhile made
by the State legislature for the Agricultural Soci
ETY. bat after while they withdasn and the ag-
rcuural interests II the STATE ef take Of them
selves and still It prosF cred because IL had grown 10
such iganuo proportions hr it did not need the foster
ing care Of the State II vas very proper inquiry
what effect This bill would have upon the agrlculturaI IN
tefosts the State and here he must differ with the
geutomsn ft0m st. JUhnsbuy whtn he said that agTi-
culture needed 10 be sed aud protected by the State
The establishment Of manufactures enhsnced the agfi-
cultural interests q any 10 atty in creating local mar
kets near at home, and 10 drawing around them men
and capital vhch essential 20 prosperity Where
ever manufacturing mining aad other corporate inter
ests most develjI ed there agriculture has become
the most prosperous. Matt have become prosperous
and wealthy just Ia proportion thy have turned their
attention 10 manufacturing In France, as soon as
their manufacturing Interests became prominent then
the country became prosperous. In England, far
the manufacturing interests developed, mud sg-
rioultuIe 20 60 haid in hand with them and become
prosperous aso Ills mistake for gentlemen TO sup
midst shall do il at the detrimeut Of az icuitue
for IL inevitable that they must 90 hand in hand
and Ia proportion increase the first just in tina,
proportion wg build up and protect the latter.
Every man who had spoken in favor Of this bill had
urged upon this house the proposition that property
ought 20 be taxed equally, and that unless some Law
could be passed TO reach the shares Of corporate bodies
could not SECURE equal taxation. He was willing "a
admit that property ought 70 be taxed equally, aud il
measure o1u be proposed TO tain that desfab e
end, II should have his hearty suppot but how was II
with the taxes 70 support our national government
Every Is willing TO sub nit 70 tax coffee
on tea and tax almost every article Of foreign pro
duoton that into his daily consumption, because
he deemed h sound national policy 10 have IL Our
tayes should 81 be levied best promote the publ