The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-12-10
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of its passage, he said he thought it was
unobjectionable, he could see no role in
IL, etc and labored long and earnestly to
But thought I could see hole in the
bill, and large one too-sufflcient to let
so much out that there would be nothing
left
take different view of the subject from
Mr.. F., and those who argued in its favor
l do not look upon it as double taxation to
tax the stock of the corporation. If the
stock is paying stock, why ask should 1t
not be assessed in the grand list? But we
are told that it is necessary to fill ware
houses in other states, with goods for sale,
and such goods are taxed there, and to the
amount of several thousand dollars, even,
as Mr. +. states, to the AMOUNT of ten thou
sand.
Now suppose the tax to be one hundred
per cent. of the grand list. Then to pro-
duce the $4,000 of tax, sum mentioned
by Mr.. +. it would require Sl,000,O0O
| Zone million dollars) worth Of property.
and If 200 per cent, why half that, or
100000, a sum beyond the whole of the
capital stock. So you see there would be
nothing left to be xedhere.
But suppose the capital stock to be $780,
00C, and the real estate including the ma
chinery, to be worth $4,000; that would
leave of the stock $4,000. Then if
100000 was outside of the state, there
would but $50. 000 remain to be taxed And
can see how easy it would be for the
company to place enough goods out of the
state to balance the whole of the stock, a.
ter deducting the real estate, so there
would be nothing left for taxes in the state
except the real estate.
But for all this-is there no roit left?
ID les not the company make dividend to
the stockholders If there were no eXpen-
ses in manufacturing and selling the goods,
, the price they bring would be all profit
But goods cannot be manufactured without
expense, and they cannot be sent abroad
7 | without expense; and the taxes that are
there paid on them, / look upon as simply
| one item of the several expenses, and
| nothing more. To be sure the aggregate
o is larger by just much as the amount Of
5 taxes. But is there not still profit! And
# does not the stoca still pay dividend
And if SO why in the name of reason ought
it not be assessed? There can be no ques-
:. ion but that it does pay all expenses, and
if leave heavy profit, or how have the own
!. ers amassed so vast property? Why sir
you might as well deduct the price of sucl
IS goods as are sent abroad to be sold, from
o the stock of the company because they pait
v for storage, for that is also tax. No
| levied by government, to be sure. hut still
a tax te the compvny as much as the one by
C the government.
g So can see no force in the gumen
! | used by the gentlemen on the other side
know something of the way that bill go
IS through the house, and l know that 1 votet
h | against it, and would again if had an op
,. | portunity.
The bill was acted upon in the house OF
a Tuesday Nov. "a, think, and was read th'
# | third time. if / am not mistaken, when
motion was made to dismiss, and was car
ried by decided vote, so the bill was dis
Il missed, and | hoped ended
e, But in the hurry and confusion of tn
pr last part of the last night of the session
when many members were absent, aud con
~ sequently a very thin house, it was dug up
Il the vote to dismiss reconsidered; ayes GS
n | nays 81. So the vote was reconsidcred
n. and the bill passed.
ELI b. HOLDEN
ie North Clarendon, Dec 9TH 1874