The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-01-18
HOW q State may 1njure Itself

A proposition submitted to the virginia
Senate looks TO the possibility Of the repe"'
of the Federal tax on tobacco and the iess-
ing Of a tax by this State upon that az 'i.'.'
This would be disaster to the 'iiss""
tobacco interest. The tobacco raise" eise
where. being free from State tax. would DC
aid without tho tax being added to the
n,,ce Of II. and the Virginia tobdcco-rasser
wou,d be compelled to pay the tax imposed
by Virgins. So serious burtheu placed
ppop the producer Of this staple article
would be uncomfortable.
The Federal tax Is imposed upon all to.
bacco In the country, and operates every
where equally. The producer is not re-
CURED to pay tia. tax. 1t is paid by the
consumer.
This is good illustration of the operation
Of laws of the States conflicting with one
another. If one State authorizes interest at
6, another 7. another 8, and 0, and 10, there
would be disturbance in the distribution OF
money, aud some States would be injured
in the confusion that would ensue. Among
States living under one government and
maintaining intimate relations with one an
other there should be uniformity with re-
gard to all matters that have bearing upon
the general commerce Of the country. a
State may seriously iniurs itself by adopting
regulations different from those prevailing
in ne:ghboring States. If Its rate for money
is lower than those established by its neigh
bors, money will flow out across its borders
to find better compensation. 1t cannot act
independently of the policy of the adjoining
States in settling the value Of money any
more than it can, without injury to itself,
tax the results Of industry That are exempt
from taxation in the neighboring common
weaiths.
We do not think there was ever palmer
proposition Yet men are constantly assert
ing that we would draw money to Virginia
by lowering tho rate Of interest, than which
there was never greater paradox. When
men hoist valuable property to be sold to the
Ioaccst bidder then the capitalist will lend his
money to the lowest bidder--wiII t,ke It to
tie State which pays the lowest interest
not until them.
Undoubtedly the price of money should
be uniform throughout the Union. A GER
tain rate should prevail throughout the
States; such rate to rule in the settlement Of
all accounts and in all cases where it has not
been agreed that higher or lower interest
shall be paid. How that is to be done we
cannot see unless it is done through the
Federal Government.
That Government has all the banks under
It's control. and should control the value Of
their currency everywhere. Should 1t do so,
that will settle the question, and we shall
bear no more charlatan pa!aver about usury
and about the money-cbangers kicked out Of
the temple. TO take anything for the use
OF money was usury in the time Of those
moncy-changers. and therefore the man who
charges six per cent, as well as the man who
charges ten or fifteen, would have shared
the iate of the "kicked-out had he been
present when neither integuments suffered
such wear and tear.
The tobacco case we'll illustrates how I'M
equal regulations among the States operate
TO the serious injury of some Of them, and
how State may cut the throat OF its own
industry by badly -digested legislation.