, 1875-04-11

Cealed bY condUcE0fS. Ilere is 10 HeAn6 u
| knowing how extensively these sinful games
| have been played. Their prevalence may
| possibly be sufficient excuse for the law.
THE AMENDED REVENUE LAW.
The Legislature of Illinois has done one
wise act, the more remarkable because it is
! in the path of enlightenment and progress,
! and is corrective Of IN evil which was due
| to the Ignorance and demagogism of its pre-
| decessors The Revenue Law Of illinois OF
! 1872 was the embodiment of the worst prln-
ciples of taxation, applied in the most igno-
rant and reckless manner. The State has
| general lawa under which any number Of
persons may organize themselves as corpo-
ration to conduct any Kind Of business which
either one Of them might do personally.
These corporations under these laws have no
special privileges, Or rights, or inmunities !;
they are, in fact, mere partnerships, organized
under q corporate form for the better con-
venience of all the partners, because admit
ting transfer Of interests at any time with
out any interruption Of the business or
change of the name Of the firm. The Rev.
enue law Of 1872 was framed on the princi-
pie that each and every such corporation was
monstrous evil, threatening the well being
of society and the liberties Of the people,
and therefore to be crushed by the heavy
hand of taxation. Therefore, the State pro-
vided that these corporations, having invested
their capital in property, should bo taxed,
first, on their property Of every kind; sec
ond, On all their debts and, third, on the full
amount Of their capital stock. This legisla-
hon was considered essential to the preserve
ton Of the liberties of the people Of Illinois,
and its protecting influence has been pro-
claimed by five hundred demagogues on the
stump in all parts Of the State.
During the recent session, Senator Waite,
aided BY few reso1ute and intelligent gen.
tlemen Of the Legislature, applied himself
to obtaining modification Of this law, and
be succeeded. He has obtained the re-
enactment Of Sec 3 Of the Revenue law, with
the addition Of the following words:
Pforided further, That IN assessing companies and
associations organized for purely manufacturing pur
posea, for printing, or for publishing Of naws-
papers, for the improving and breeding Of stock,
and associations organized sh1ll only bo assessed
individuals under Ike circumstances would b as-
Ressed and moro; md auch companies and aEsoca-
ion1 shall bo allowed tha sa1os deductions u
lowed to iudTidu2ls.
This law is IN exemption of al the corpora
6ons Of the kinds uamod from the double
and treble taxation imposed by the act Of
1872. It embraces, in terms, all the
corporations Of the State except the
banks, savings banks, railway, horse
rnilwny, bridge, ferry, plank-road. shipping
and transportation companies, dock, life
insurance, fre-insurnnce, and towing COM
panies; mining and hotel companies, build
ing and loan associations How far mining
coal for use in manufactures, can be called
business Is matter Of doubt;
but this scarcely requires question, because
the Legislature has no power to tax one
private corporation in manner different |
from others, so TINT the exemption Of capitM |
stock Of the bulk Of the corporations Of the |
State must practically apply to all. Ta1a-
lion Of such corporations, both as to the rate |
and the manner, must be uniform.
The only classes Of corporations not |
reached by this exemption are the railways. !
These corporntons, however, have appealed |
10 the United States Courts and, under the |
decision Of Judge Drummond, of the Circuit
Court, are protected from the double ta1 by |
Injunction We may, therefore, accept TINT |
The capital stock u tax has, by the Legis1a- /
lure and by the Courts, been sponged cut
It Is to be regretted that the Illinois Legis- |
ature IVES not prepared to go a step farther
and repea1 that other provision Of the Reve- |
aue law requiring credits and moneys to be
ta1ed. In another article We refer to the de- |
:ision declaring money not taxable, and
oromissory note for the payment Of money
night well be exempted The effect Of our
:evenue laws has been vastly injurious to the |
Welfare Of the State. It has subjected |
he people to an unmercifm taxation in |
he way Of interest, and has prevented |
he employment Of capital here in the way Of ]
productive industry Corporntions are but
he aggregation Of number Of individuals
Eho combine their several small SUMS Of |
:apital, and with the aggregate engage in
business, and who separately would be 11n-
lble to begin such business Ths $4,000
+hus picked up from dozen OF twenty differ |
mt persons is at once applied to employing |
abor, purchasing lumber, and converting
hat lumber into doors, Eindow-sashes, and
'ther building material Another like sum
s applied to purchasing grounds, erecting !
buildings, buying hides, hiring labor, and
hides into leather Thus this
legal opportunity Of number Of men Of
mall means to combine their capital puts
lint capital in motion, hires labor that would |
,e otherwise unemployed, creates market
or raw mnterial, and, while adding to the
produced wealth Of the State, supports and |
maintains large number Of families, extend
ng it's effects to the miners Of coal, the man.
nacturars of machinery, and to the pro-