Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-11-28

THE taxation Of classes Ofmen, and
the pursuit Of any particular business
Of life as a privilege, is a mischievious
error in legislation. 1t is as honest to
lend money as it is to borrow it, and
as honest to borrow as it is to use the
same money in agriculture, COM
merce or manufactures. There is a
public good in the union Of capital
with labor, and therefore mOnied cap
italists should be encouraged to make
loans, rather than punished for it as a
privilege" as a street pedler whose
business interferes with that of 9TH
ers, or a Snowman is made to pay a
penalty in the shape Of an extra tax.
The distinction should be carefully
made between regular and useful bus
mess, and those exceptional cases
wherein true public policy may be adj
verse to that which it suppresse5 by
taxation, and only permits as a par
ticular privilege. The idea of treat
ing all business as coming within the
proper limits Oftaxation on privileges
is a novel one, pecsliar to the present
style of government. But experience
has shown that such a policy ispernic-
ious, because it letters the freedom Of
all business pursuits affected by it, and
prevents enterprise, the growth of cit
les, and the building up of the coun-
try. Premiums ought to be paid, if
possible, rather than penalties affixed
to ali mechanical, mercantile and
business. pursuits, because it is
beneficial to the public to
build houses, produce machin-
cry and tools, furnish goods to
the consumer, and equally 50 to fur
nish money with which to carry on
these enterprises, and to encourage in
dustry by a free union of capital with
labor in all cases. These principles
are selEevident, and ought not TO be
overlooked in framing a system of
laws. A tax on brokers is a clog on
enterprise not less injurious than any
other. Private bankers are liable in
their whole estate-the chartered
banks only to the amount of their
capital stock. When men worth
large amounts become thus liable, we
can see no reason why they should be
taxed higher than banks, which fur
nish less security to the public, and
yet do exactly the same business.
With whom can monies be more safe
~ deposited than with the principal
brokers of this city? Our attention
has been called to this subject by the
following extract from a communion
ton, which we take from the Union
and american of Friday:
at the want of a tax on brokers is
the reason why the law of 1877 cannot
be repealed, leta law be made after
the repeal taxing them upon capital
invested at the same rate as chartered
banks are, or make specified tax on
the business. There IS hardly any
State that taxes a a privilege private
bankers. Their property is taxed as
other peoples, and in no other way.
In New York there is no tax. l learn
Philadelphia and Baltimore are the
same. Cincinnati, Louisville, st.
Louis and New Orleans have only
nominal charges. 1t is the policy Of
all business communities to foster the
money businessyas will be seen by
noticing all our large cities and Can
ada. And more particularly may
we quote Europe. Look at London, 4
Paris, Amsterdam, Brussels, Ham
burg, ETC., with their Earrings, Roth
chiids, and late Mr.. Peabody, with
the thousands of other great and mi
nor ones. See our Brown Brothers d
Co., or DreXel d Co and multitudes
in all our free cities. They are pow
erfui and hOnOred, not taxed or cut or
shut out from the pale of their regular
and accustomed business and required
to have a charter as here in Tennes-
see.
"And as no other State or country
does deny, is it not far better for our
State 10 abandon a policy which all
enlightened commercial States in the
civilized world have long since aban-
dOned-a policy, in fact, which kills
the goose that lays the galden egg"
for our community, and adopts policy
which retains capital and talent in
our midst, and builds up similar men
and names to those of other commu-
mites, who, by freedom of action and
laws, cause energy and wealth to To-
cate and grow in our midst, which,
by fostering, aid and assist all other
classes OF business among US?
lone mOre remark, and l will
trouble you no further. With private
bankers all their property is bound for
their debts and contracts. But few
losses have ever been sustained by
them-Whereas, as in chartered insti-
tutiOns, nothing is bound except the
chartered capital; and it is often diff
fcalt to realize more than a nominal
amount in case of misfortune, as evil
deneed in the result Of the late Ten
nessee National Bank, Commercial
Bank, and Gayoso Savings Institu-
ton Of this city, and the First Ma
tonal Bank Of Washington, ID. c."
Brownsville has twenty-five dry
goods stores, and some new ones open
soon.
The Nashville Banner Of Friday
says: "UndeF q resolution passed
some weeks ago by the House of Rep
r~esentatiyes, the portrait of ex-Presi-
dent johnson, ignominiously dis
placed during the reign of Radicalism
at the capitol, was yesterday restored
- ska old rNoaa - 4