The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-07-06
ss. ...s For the Dispatch.
The Tax Fill and the Constitution.

AIMING the redeeming features of the new
Constitution of Virginia none are more
striking than those which relate to the
equality and uniformity of taxation.
For twenty years past or more the com.
mercial classes in Virginia have been pro-
testing against the devices by which taXa-
ton has been laid, in most unequal proper
ton, upon their shoulders. At last this
new Constitution has recognized the folly
and Injustice of all the indirect and ingeni-
Gus modes Of discriminating against the en-
ployment of capital in business operations,
and by repeated provisions forbidden any
such unjust and impolitic taxation for the
future. .4. 4.s....f
For the information of merchants, manu-
facttrcrs, miners, and all citizens and capt.
talistS who employ their money, either us
individuals or us members of joint stock
companies, in Cuisines operations" we
insert the sections OF the Constitution
adopted for their protection: ..s.
"Section /. Article 10.-TdIation and
CHARACTERIZATION, except as hereinafter
provided, whether imposed by the State,
county, or corporate bodies, shall be equal
and uniform, and all property, both real
and personal, shall be taxed in proportion
to Its Udtue-to be aSce1tGine6 as prescribed
6y laap. No one species of property from
which tax may he collected shall be taxed
higher than any other species Of property
OF equal value. -.
"Article 10. Section 4.-The capital in.
vested in all business operations shall be
assessed and tGred as other prOpertu.
Assessments upon all stock shall be accord
ING to the market palue thereof"
Under these plain and positive provisions
it evidently becomes the duty of the Legis-
lature to assess all capital employed in bust
re- nnI oil ptn.lr in injnf OF .l-
companies engaged In Cuisines opera
TONS" exactly as other property is
assessed, and to tar the assessed oalue. of
the same at the rate applied to real and per.
sonal estate generally. a.f
Taxing sales of merchandise, or 9rOes re-
cfipS from property which may be assessed,
OF dcidenaS derived from stocks whose
market value may be assessed, is ut an end.
Capital need fear no longer rs it enters Vir-
ginia to push OH her commerce with the in
terror and with the marts across the ATTAIN
tic, or to dcyelope the treasures hidden be-
meath her soil, or to multiply her manufac-
lures, or to combine In the various forms
of Joint stock companies for the increase OF
her wealth, that the iron hand of partial
and hcavy taxation will be at once laid upon
it and the devices of hostile legislation
invoked to destroy its beneficial results. .
Now, business capital and all stocks must
be assessed first, and taxed afterwards in
the same ratio with other property, and in
the same way; and all stocks must be as
sessed and taxed only GU their market value.
At last the usury laws are gone, and
money can be borrowed at far less cost than
formerly, and can be had when it is wanted.
AT last the introduction of capital is IN
vited on equal terms into the State of Vir-
ginia, and protected by the Constitution
against that antiquated and short.sighted
policy which formerly seized upon 1t as the
legitimate prey of taxation IN the vain
hope that other sources Of revenue might
thus be relieved from their due proportion.
If the demands Of the. Constitution are
respected by legislation or by the courts o
new era may be expected to dawn upon
the business interests of the State, and as
they prosper the basis of revenue will be
permanently enlarged, to the relief OF the
landed and all other property, In the future
distribution Of taxation. MERCHANT.