, 1875-02-27

10 will bo summoned in rebi,ltal Of BEgc11xn's
evidence. Certainly, now TINT ho has dc-
clarcl his willingness TO testify antl tell R'l Ito
knows, the caso will not BE- complete without
lia appearance.
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ILLINOIS TAKES OH CREDITS AND DEBTS
We suggest to those members Of tho ILL.,
nois Legislature who are giving attention to
the grave errors and defects in our Stato Rev.
enue law that they consider tho consequences
of taxnticn ns on important consideration
in dovis;ng tax syatcm or III amend
ing tho present bad law. aroat Britain
is tho great ,nonoye<l nation Of ftho world, aud
it is duo to her system Of taxation. In tho
first place, all her taxation is for revenue,
and none for protection" Sho has no part
ncrship with privileged classes for division
Of tho taxes. When sho levies tax of ono
shilling sho gets it all, aud the people havo
but to pay the oue shilling while VIC, to raiso
one shilling Of national rovenuo, impose
tux Of q dollnr on tho people.
Tint applies to thu national system Of
revenue. In regard to domestic taxation,
tho revenue is produced BY tax Oh incomes
by excise duties in Tho shnpe Of licenses on
various occupations, including vendors Of
spirits, beer. etc.; on carriages md horses
on game, gold and silver plate, pe1dlers, pawn
brokem, etc.; OH distillcd spiEits, raco-horscs
and dogs, railways, sugar, stamps, lauds md
tenonlents, inhabited house tax, md vnrio-
ty Of miscellaneous items. It will bo seen
that, from beginning to end, there il not Q
NJ kox fos,
evidences Of debt or capital stock Of my
kind nothing Intangible or ahatlowY is tax
Cd. The tax on improved property is d ratio
based upon tho rental value. Uninhabited
houses aro not taxed, aud live stock
and tho improvements on far1ns ara not
taxed. The means Of production, such rs
implements and machines, aro not taxed, but
the thing produced, put in tho form Of in
cone, is taxed. But tho point we wisl, to
direct intention to is, TINT money, mortgages,
stocks, and credits arc not taxed. 4 cunso-
qucnco is TINT Great Britain Ia tho TREASURY
Of tho wor2a. Tho Government can borrow
money nt . per cent; individuals can borrow
MI they want ut por cent; tho Britisll buy
our 5-por-cont bonds, and aro ready to invest
their money in nuy moderate in.erest-bcaring
securities, England has not only Cheap
but an abundanceof It; money being JTe<, mud
ita use unincumbcred by any tax wlsaseyor,
productive enterprises Of nil kinds are there
by fostored and encouraged, and tangible
property, az consequence, is enormously
produced, and money il abundant at the very
cheapest rates Of my nation in tho world
England il, therefore, full OF cheap money
and sparo capital seeking Investment abrom7
as well ~ at home. There is no usury law in
| Great Dritain, but lonacr mud borrower agroo
On tho ratos Of interost just as buyers mud
sellers do On tho price Of grim or goods.
Now compare this with tho Revenue low Of
Illinois. Hero We put capital in fettera We
ter 1t in tho form Of money; VIC tar it il
csery form OF credit; wo tax tho property oi
n man, and wo ta1 tho pronissozy noto he
ga,o for tho payment Of 1t; wo tax the land
and wo tax tho deferred debt duo for it; VT
tux not only the horses and tho cows, bu
their Increase, tho feed on which they live
mud tue crelt givon OIL their salo wo sweal
our Assessors by apecil oaths to oxunin'
every mans pocket.book and llis 1odgors
to finl how much ho o.ces and how much i
owed to linn, and tax them oil. Wa trni,
our Assessors as sleuth-lou1nls to follow th
fnintest scont Of money, or credit, or aobt
We especially train them to discover wl,or
two OR half dozen persons combine uloi
capital to employ labor and produce property
and to mako sucl. examples Of those a
will warn otl.ora not to repent tho crimo. Il
England, every n,an IL at liberty to invest Iii
money In any busincss Or industry; the As
gessor hrs nothing to do with 1t, The mn
who 1outls another d hundred dollars to rul
claso tools, paya no taxes OH tho noto; lu I
linois, wo tax both t,ols mud tho noto give
for tlonl. We tax lilo substance in over
possible share, and then wo tax tho slalo,
Of that substanca to the faintoat traco, "
not only tax actiyo capital, but wo tax
twice, and sometime, thrice. 4 neceBsar
result il, that with us money IL dtar M
capital III scarce aalG men aro afraid to lon
money rnless they a1o paid almost double IL
forest,
Now, let us consider what would be til
effect it tho Inv Of 1llinois repeatillg the tn
/ on money aud oradit wee repealed. Thes
would bo no loss OF revenue that would III
, 10 amply compensated by the In
, uenBs relief to tile people. Thel
are probably at this time mortgag'
{ on laud aud other rea estssa III lliino
: to tho amount Of two hundred millions
t dollars, boariug m average rate ot 10 To
per cent interest. The repeal Of ali laws tn
t ing mortgages and otho' fornaB OF cred
i would 60 cheaper money il Illinois that oat
;, of these mortgages could DO replaced as ia
j. as 1t fulls due at from te . per cont. Th
Ii would ls tho rauission OF per cent yc
. on all the borrowed money in Illinois. II
o repeal Of all tax on tllo n'eso paper syilenc
0 Of property which IL already taxed, would /
% vito hi.her capital Tor invs4tnsnt In indu
It tsial oorporattous, sna would give III hnp