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

dresms Of property and adyanc emtn, In wealth -
civilization. Then whore must the capital be foundS
There was alternative but 70 invite foreign canit.I
come among US and there was plenty Of h tbs'
would hazard the Investment, In the hope that sof chin
might in the end be made from H. II might af,e,
while pay profit TO the Of the capital And IL
might al be sunk II iuitess enterprise But Il sue
oswfu II would add to the prosperity Of the lorali,y In
which the money was expended and so enhance ~
wealth o. he whole state Take the case OF the Rut
land marble quarry, that had been cited by eeutlemsn
dhfing thia discussion The original projectors Of tbs
enterprise lost large proportion " the money Invested
IL being sold AZ very low figure party that CON
tnued TO Work It until became 30 valuable TO nabe
him to sell out 10 stock compsny for large pfoat M
hts Investment The material interests Of the town N
utand have been advanced all the while this prepara
tory work has been In progress aud the policy OF the
state should not be such to throw anything in the
way OF the persecution Of the ofk IN these Qharries
Tax the stock that invested and the lie Of the
enierpre that was jas beginning shed its benign ia
duences around IT, would be killed out and the cau.l
would be Withdrawn II was not unjust to The Gfmers
that 1t should be exempt hr just in proportion As hat
enterprise pr SPEND Just In ihe same proportion wpi5
the farming interests around It thuvo aud become pros
porous
good deal has been said about the railroads in the
state and b. had been intimattd that The bject of the
bill was 20 reach the Vermont aud Canada road ana
compel The stock VI q az road to paw taxes II ne rail-
lu,u properly vi We 'tae was paying large OF even
only legal rate " return. upon the ucy invested be
had no objection 20 me state xuV it n they saw ht to
do so bu' he believed the Vermont and Canada was me
only road that paid any 9rsidetabc dividend The
stockholders, and thlt ought 20 be taxed But this
other property that amongst u.s. and ad
yancing the industrial and manufacturing interests Of
courage and sustain these Interests until thoy suc
iently strong 10 eusbe them 20 so alone
Mon were too at 20 run on abttrsct theories in
the CONFEDERATION o. mpoi ant measures without taking
into the account attending ciicuus auces. Abstract
theories Ia this matter Of taxation. disfegafdiug all
other circumstances, could be made 10 apply The
cave that had been cited ~ the gsarn of Mas athu
sets, could MT apply TO the people u Vermont There
p anuiae'uers had sprung up al over the state aud
become n the leading, n not the leading features
Of The Satei while here 10 Vermont We are 10 our in-
fancy manufacturing has made uo substantial progress
and we need 90 foster and protect g. that mty be
br usht up TO an equal With sister State Of Nassa
chuset, eud derive Ga same benefits from 10 that the
people OF that state are nos deriving. Our young men
will be induced TO remain amongst us; shsll increase
n population increase ia wealth and all the m.tefiN
resources Of The state will be developed, BY producing
IN midst thc wealth and enterprise necessary
FOR its accomplishment No such idea n rrogress -
drove olt cf The State suited him. II had been de-
rsisey said thst Vermont was god State q eui-
CRATE from !" but Il correct poll pursued it
night just as we'll be taid that Vermont good
TO emgrate 90. lie did believe either that "a
liberal policy woudin any manner increase the burden
Z u taxation.
But he was opposed 20 this bill for more substantial
than any he had yet named. lie opposeu 70
the principle u the bl, which 70 tax the ,toek Of
the oofpurstons Our railroads and our banks wee
all represented by STOCK but not marble QuArrirs
and our manufacturing estaolthu cnts. They a-e All
Represented by property A mans certificate u the
stock he may happen 90 own 90 marble quarry is not
rroptfy, but only the representative of he iudiiual
provide ~ Oh taxation ~ DE prop ny, and afur hav-
ing taxed that property he akcd Of oytri candid man
what right hr ttae had 60 20 furhcr, and tax 'he
individuals This b. provides fof just that much, and
that, too, cr the nafkt rat4e OF such stock Those
stocks are liable 20 constant lactuaous iu Che markets,
which are Away a. me hraf cia eentef ana that 700,
from a. dependent upon the immediate locality
whore ihe properly b. rcatod. The mukst value might
a. times tec.me Unlisted 1 an tuulma nus tktfnt aud yet
the no der % that ai0ck uH so be- taxed The market
vA!le' however much Be mi. Dog become iohated
Tie referred 60 ihc ms AuCf of ih Messrs Faihankg,
that had been cited bf fhc gentlemen fr So Johns
bury They aye not corporation, and had no altk 20
be taxed but only ihcir properly Ltttbem apply FOR
"a " q d Do nd
then ihe property must bee taxed ME same now, aud
Lc stock should be- ron DO g. fancy and fabulous pr-
oe. ~ the matket they mun pay taxes on the iuhssd
value of that st Ok ON tle market lie unable q
see ine justlsc of such co re We should apfy The
same rule 20 cooperate as we as incorporate property
The tovn q ddisowy bad been in,iing foreign
capital 10 TO- and develop great marble interest,"
which would be CRAFTY 20 the advantage 4 the town
ana "heu he sac he attempt to force through such leg
islauon colttmp ated IVA this bill, and that
against the report ufihe commune Of this House. who
had careful considered thr su'Je5 be ict u na daiy
TO down 90 the door anu staie 90 the Il pse his
convictions as Co The bad policy u the measure and the
disastrous effects 10 sould have upon his locality,
ard he believed the would be tue hrQl Rhout tho
embarrassed hi dcbt a. 20 lc compelled 10 refort 10 any
such this he reit,d hat any such propo
siuon had been submitted IL adverse 10 the later
es Of the hole stale aud seo ing the interests Of
his voice alail 81
Mir PAX o. Bennington said be had not intended
thi' Dill, A. he bad given them his views ~ le gl upon
in remarks which hc had subniet Saturday. But
and he would attempt go be- brief. vhie he replied 20
ONE Of TOE agu tns .at had lten adductd BY gentle
men Who had spoken ia favor of ihc ullA aud va had
Attempted 10 feiuie me avg mentt advanced py him on
Saturday. He woult however say q th gentlemen u
tle house hat he had 10 fears as 10 ally successful at
"a they might attempt 90 make uu the Proportions
lai1 down hl BIN ur Or he positions hr had taken.
iAtt W0e inpttgHob afa toNd nor berctatea or gatH
sIytd he felt perfectly secure from thc attacks o gent
leDeL; and The rom me ia1t that he Ioslon
he had taken on This question vas from clear cluyic
ton ofdly To the bst iateres Of NE stare and not
a Nf
either one ~ay or th- other.
Ia answer 20 those gent' men who favored ;his bill he
SAD his greac.t 1lJeclon BE- was hat che TAX etiei
under IL would be based the income iostead q on
tho pro- syi aud be objected 10 taxation based on the
pronts OF Me business Of these corporations, instead u
ON the properly owned o. Them, ipr such TAXA ION ~as
uneq Ial and just. lie said there mistaken inn
pfe,siou given by the friends Of this bill that pr petty
~ clrpoiauDns was not aNt4 without we passage OF the
bill, which was not he Every dollar % property
owned BY the corporations whi1 this state % fared Just
ne ZANE 30 every dollar " any other Kind q property
Whom the state have done that gentlemen ought be
satisfied but they were not a mad introduced tins
oil, under the poYtDons Of which If Il pass he proper
~ itself being st taxed, must gain be taxed upon
amount that represented by the amour Of income
derived from and he illustrated the point by referring
10 the case Of MI. immund Of Md1t bltJ. he re-
fired 70 Mr. Hammond, he fad, because his
marked nsnee OF successful and energetic tndeavor in
the agricultural pursuits " the state He had large
property which set IN the grand list, will cay at
$1,000 more or less. and paid taxes that We
viii suppose that he raw hf, A. he had perfect tight 20
do 10 have his property and business Incorporated by the
state what effect would this bill have upon his business
Tue tcfty Is hrrt set ID Tue latf unG thtn
upon investigation II turned out thai he had derived
income from il Of say $1,000 Nov 5000 income would
be legal interest 500 600, and that would be the
sum which 20 tafe his corporate properly for
tiun. But II had once gone into the lst 600,
will deduct that iron the $50 600 representative
val snd We have $40 OC0 fictitious value which the
corporation must pay further taxes II he remained as
he nov is, without beng incorporated, one would ind
fault with his pIoiey gong into the list at $1,000
Was this justf Was this what the gentlemen would
have US believe is equal taxation Was there dis
cdmiuaiion 10 all this AGAINST corporations he would
leave 1t for geutemtu n mseiyts 10 answtr. The posi-
ton Mr.. Hammond would be placed in was just the pO-
siuon gentlemen were endoayOrng TO lace every copo-
ration IN the state in aud he would tell hsi the elect
would be very different from what bad btcu repTessned
by those who Enormously advocate the passage Of this
bill. The fact is, said Mr.. that corporations do have
70 pay taxes on every dollar 4 properly they have not
withltandirg the assertions Of gentlemen who favor this
bill.
He referred to the statement Of the gentleman from
ST. JohDsbufy that The introduction Of railroads manu-
facues and other corporate interests into the had
pauperism aud punish crime. But these, he sid, wue
but the Inevitable results Of inor, astd population and
increased business facilities and more cha gable
upon The corporations than though the same results
rad been attained without acts incorporation But
what did n.lemen propose TO doi You'd they fear up
al The ratHoddl m the sfae, and dfsycy ne Joretgn
capital thof ned bhf thcm, just 10 the sta we
puanoe that II cost by Of paupcrism aud CRIME
lie referred 10 the position taken BY the gentleman
from Rutland and said that the town Of Rutland had at