New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-01-05
VIEWS OF ISAAC SHERMAN.

A''Ar'-N
appear to be just and practicable He then explained
system OF taxation He said he recommended an annual
State tax of per cent the value OF the shares
and on all the surplus less ten per cent OF National
banks this state, and the same amount OF tax on
State banks. trust companies and insurance companies
organized under the laws OF this State; and alSo TAX
Of four per cent on the gross premiums OF foreiSnm
surauce companies equivalent for the tax pro-
posed upon their domestic competitors Ihese taxes
would yield annually not less than 100000 TO the STATE
Treasury lie also recommended tax, for the oeneht
of the Treasury OF cities and villages on all gas CON-
panes 70 the Of four cent the value OF all
gas sold. With these exceptions he favored an exclu-
ivoly real estate local and state purposes This
plan is an embodiment of the principles OF taxation
enumerated by George II. Andrews in his recent al
dress before Committee Ways and Means OF the
Assembly
EQUALITY UNDER THE PROPOSED SYSTEM
All this State being equally taxed, all the
products of lands aud all things manufactured held,
sold stored consumed lands, will bear an equal
pressure according 10 the vaue OF the nds
occupied Tho products OF other States could have ne
advantage on markets. for these products must he
taxed u other States personal property or through
the medium of real estate 1t is proposed to tax uni
formly all he corporate rights OF all corporations hav-
ing an Office and doing the business of receiving de-
posits exceh savings banks which arc or may be
limited in the amount OF deposit from ono per
Sod and do a non-competing and different bust
banks The present restraining laws prohibit foreign
corporations and domestic corporations, other Than the
Doneyed corporations proposed TO De taXedArom oOhg
regular business Of receiving depOsits. Individuals
cannot lie considered equal and immediate competitors
with banks OF issue and deposit with Insurance CON-
panies The capital and funds of bank or insurance
company funds, and must be retained to meet
the obligations of corporation, aud cannot legally be
appropriated for individual specula0ns, any other
than the trust banks aud insurance companies
are required 10 make public reports which inspire con
hdenee aud the tax II not excessive as TO DO more
than value OF the special corporate advantages Will
work no injury encouragement TO banking aud In
mrance Many other corporations, from the nature OF
thelr business and especially manufacturing corpora
lions, have important advantages over private In
dividuas A newspaper published by corporation
has material advantage over q journal publls he'd
by Vidusls and to tax the ons lite vaHe and OK
supt The other would be- Oaous Discrimination 1t is
possible however, that some otb5r corporations than
rhese enumerated might be taxed without invading the
rule OF uniformity among direct competitors. Taxed
gas companies can have favored competitors except
by some new invention new and more abundant dis
eoveries OF petroleum other cheap illuminating ma
tera The removal OF personal valuations under the
proposed changes will he less than $20O0Ooo, or less
than per cent OF the present valuations In the entire
State; and at the present rate Of annual elimination Of
personal assessment the change IN few years will pro
duee valuations on the few moneyed corporations
fully and uniformly assessed than will be derived from
the entire personal assessment under the present fading
and receding personal Assessment law. Foreign and
domestic insurance companies will be equally taxed
upder this system, and the rule OF uniformity and pro-
porOnaity intended TO be fully established all the
classes OF thugs which subjects of taxation. These
few things will be, in effect, the economical tax col
ieetors and Will cause the taxes through the laws Of
equal competition, TO permeate all other things There
are certain fundamental maKiDs 10 taxation which
equality Justice. morality and the principles OF free
NJ
TEN State and local taxation. Proportional taxes on
an things OF any given class will be e0ualized on all
property.
CANYONS OF TAXATION.
l. In order 10 burden eQuitaby and uniformly all per-
sons aud property il is necessary to tax primarily
all persons property within the taxing district.
Taxes, like nature a0hOr vacuum and If equally and
uniformly imposed all things in the same category
field Of direct and immediate competition will be diff
fused secondarly by the natural laws regulating
petition the cost OF consumption and the cost Of
eucon Taxes aud profits by the operation Of the laws
Of human nature constantly tend to equse themselves
man is always prompted TO engage in the most profit
occupation and TO make the most profitable invest
ent and since the emancipation from feudallsm, with
sumptuary laws, legal regulations OF the price OF
Rbor and handlse and other arbitrary govern
mental invasons OF private rights individual judg
and self-nterests have been recognized as tho
best arbiters OF the profableness OF given in
vestu ent or occupation The average profits there
FORE Of one form Of Investment OF OF one occupation
must, for any long period, equal the average profits
Of other Investments aud occupations, whether
taxed or untaxed, skill. risk. aud agreeable
OF occupation being taken into con
sderaton Natural laws will. therefore. always
produce an equilibrium OF burden botween taxed and
nntaxed things and persons There is level OF profits
aud level of taxation by natural laws, as there is
bonds unwlsey taxed per per annum, and
tins tax collected uniformly at The time Of payment Of
evident that the purchaser Of these bonds in the
dueed price would realize the same rate OF net profits
remuneration aud more or less than Is real
ICED the present untaxed bonds lie not the Gov
DOndhOlder who enjoys the advantages Of
United states Government. which is really exempted,
and which the tax must fau in the reduced price OF
rs bonds, IL O tax is permitted TO be imposed Taxes
form an important part OF the cost Of ali productions
distribution and consumption and represent the labor
performed in guarding aud protecting property at the
expense Of the State Ia all the processes Of develop
ment and transformation. aud will always be difused
end disseminated eqglts6ly s1d uniformly BY the
expenses Of production They Str. produce TO TO
os OF ncadns ta1es enters into the
cost production and the cost Of production including
ssass 1normiy levied on thugs Of the same Class by
the laws Of oompettion supply and demand, and the
slperyadDg mediums OF labor, VIII Dc distributed;
they fall finally not In proportion to
his consumption OF oven article but In proportion 70
his aggregate consumption ME Astof bears alternate
burden OF taxation land cannot be made 70 bear more
by any laws that con properly DO termed tax laws,
consumption beaTs TO the aggregate consumption OF all
Others 10 his circuit OF Immediate oompettten As 70
borrower. g the sta.e and CITY Treasury
cells than the original cost OF whisky;
dealer imported goods IKE Mr. Stewart. Keeps on
nsstic for sale the farmer charges taxes Ia the price
OF produce the landlord In his the lsoorer in
che rate Of interest be receives the la In bis fees
and the manufacturer in his goods Bible printed by
4tsh Whisky ana tobaeeo AZ paid by he printsrs