The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-08
necessity Iss Of paying unscrupuious lenders pre-

necessity OF paying unHcrupulous lenders q pre-
MUM for violating the law.
Should you not be prepared to follow the exam
pie OF Massachusetts,, Rhode Island, Connections
laws, can conceive no possible objection to their
modncation so far as to leave the rate of interest
10 DC nxed Dy agreement OF the parties on CONNER
or hyp0thecatlon Of personal property.
Respectfully can your attention to the reports
OF the commissioners appointed to revise the laws
for the assessment Of taxes heretofore made to the
Legislature and to the draft OF bill submitted By
denied that the existing laws for the valuation of
property and the assessment OF taxes are unequal
estate falls lar below its actual value:
that much the larger portion porto Of the per-
q as
not only prevents the introduction OF capital from
abroad but is rapidly expellng our own heretofore
loaned ON such security and transferring 1t to
States In which no such tax is imposed. The OBJ
lection to this tax does not come from lenders but
tate, who find 1t difficult to procure money for
improving 1t. In the CITY OF New York, where there
is a deficiency of dwellings, especially for the IN
that reason crowded into narrow spaces. such an
imposition is not only serious obstacle to the
extension OF the city, but Is In the nature OF an
excise on the health and comfort OF its inhabitants
While real estate is known 70 be valued at one
where they DO not escape the scrutiny Of assessors
altogether, are appraised at their full value thug
constituting most unjust and oppressive distinc-
ton between two classes OF property holders.
While New York has been clinging with t.
nacty for which it Is difficult to account to anti
commercial restrictions, Pennsylvania and New
Jersey have been gradually removing them for the
purpose OF attracting labor and capital The re-
suit OF our tnactiOn and their progress In this re-
spect Is illustrated IN manner which should give
us cause for grave reflection During the last ten
years the population of New Jersey has Increased
at the rate OF IS per cent and that of Pennsyl-
vania at the rate OF 81 while ours has increased
only at the rate Of 49, The natural advantages OF
New York, especially for commerce, far exceed
those OF other States; but they are not great
enough to enable US to contend successfully with
the rvaly OF neighb0rs quite as enterprsing as our
selves, unless labor and capital are encouraged by
laws as liberal as theirs. 1t vitality concerns us.
our ascendancy in population and wealth; whether
we can succeed IL retaining the title OF pre-eni-
nence which we have borne with the consent OF
our contemporaries for half century and whether
we can preserve our reputation as an enlightened
administrator OF our own AFFAIRS, II we have NOS
the wisdom and courage to cast OF the antlquate0
clogs and badges OF an obsolete civilization.
In conclusion cannot fOrbear to express nay
great anxiety to cooperate with you jealousy ana
superior wisdom, you may deem necessary to ac-
cOmplish the objects OF reform so lmperl0usly de-
manded by our constituents. We come together
sustained and hOnOred by larger majority than
the people of the State have ever before gtveA to
their 1t Is my sincere desire, aud
am sure 1t must be yours to respond to their con-
fdence by maintaining the public credit by reform
ing abuses OF administration, by econ0mizing the
means placed at our disposal for the general good,
by tightening the burdens OF taxation, by cherish
ing the institutions and establishments which min
lister to the wants of the people, and by deYot-
ing our best abilities TO the Advancement OF the
prosperity OF the State. JOHN A. DIX.