The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-01-16
CHI A r L E. S TON.
THURSDAY MORNING, JANUARY 1e, 1868.
City Taxation.

The Committee on Ways and Means have
made their report, and submitted their
scheme of taxation ard expenditure for the
current year. 1t is not necessary 10 review
now the grounds upon which they have
based their action. Ihe city is agreed that
no higher rate of taxation than that Of last
year could possibly be borne, and the Com
mittee was compelled to make the best OF
the means it could command. ANY pay
ment, in currency, of interest upon the city
debt was altogether out of the question,
end it is deeply to be regretted that the city
did 50 soon after the war resume payment
upon its debt Had the resumption Of pay
ment of city interest been at once deferred
until 1868 or 1870, Charleston would have
been in o better position than she now is,
and bondholders and stockholders would
have been as well satisfied as they are at
this present moment. It is useless to be
over-sensitive, and, when it is acknowl-
edged generally that Charleston cannot meet
the $500, 1000 of annual interest on the city
debt, it is best to admit the patent fact, in
practice, and not to attempt impossibilities
for the good of the public creditor. The
Committee propose to issue bonds having
thirty years 10 run and bearing six per
cent. interest, payable quarterly, to liqui-
date the interest due on December 81, 1867,
and this measure it is presumed will be
adopted.
The proposed taxes for the current year
are, with few exceptions, Of the same char
acter and amount as those in force for 1867.
On houses, buildings, lots, etc., the tax Is
two per cent, payable, however, in three
periods MARCH,, July and November. On
gross sales the tax is undetermined. The
tax on express companies is reduced from
five per cent to three per ceni. Taxes on
auction sales, carriages and gross incomes
are the same; but The tax on the value of
bonds, mortgages, judgments or other secu-
rites is increased from fifty cents to two
dollars on every hundred dollars. The tax
on commissions, gas companies, premiums of
insurance companies, dogs, horses and
mules, retail dealers, and commercial agen-
cics is unchanged. Tho capitntion tax
is reduced from two dollars TO one dollar
On hucksters, barber shops, receipts OF
newspapers, sales by non-residents, sales
of horses and mules, and telegraph COM
panies, the tax is the same as before. A
tax of seventy-fve cents on each hundred
dollars of the gross receipts of all tavern
keepers and liquor dealers is proposed.
These are the general features of the bill
as presented, but there is an indication that
some notifications will be made before its
final passage. One great question is
whether gross sales of merchants or only
stock in trade at fixed date shall be taxed.
Each side has its supporters and its strong
points. A tax on gross receipts is too often
a tax upon losses, and tax upon profits is
the most equitable plan. But tax upon
stock in hand would, in some respects, be
as bad as tax upon gross receipts, for it
will be tax upon goods unsold, which
are daily depreciating in value. Moreover,
it is difficult to fix a day upon which there
will be on hand an amount Of stock that
will be fair average for the year. Mer-
chants will not be willing to have their
stocks taken when at their highest; the city
will not be willing to fix date when stocks
are low and oil the choice goods have been
sold. 1t would be difficult to reconcile both
views, and, while admitting the hardship
of tax upon gross sales, it is considered
best that for thia year at least no change
should be made in the nature or amount of
the tax.