The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-04-16
From the Chicago Tribune.
The Amended Revenue Law.


The legislature of Illinois has done one |
wise act, the more remarkable because it |
is in the path Of enlightmeut and progress, |
aud is q corrective of an evil which was |
due to the ignorance and demagogism Of |
its predecessors. The Revenue law of
Illinois of 1872 was the embodiment of the
worst principles of taxation, applied in the
most ignorant and reckless manner. The
state, has general laws under which any
number Of persons may organize them
selves as a corporation to conduct any kind
of business which either one of them
might do personally. These corporations
under these laws have no special privi-
leges, or rights, or immunities; they are,
in fact, mere partnership, organized under
a corporate form for the better conven-
fence of all the partners, because admit
ting o transfer Of interests at any time
without any interruption Of the business
or change of the name of the firm. The
Revenue law of 1872 was framed on the
principle that each and every such corpo-
ration was INDUSTRIOUS evil, threatening
the well being Of society and the liberties
Of the people, and therefore to be crushed
by the heavy hand of taxation. There
fore, the state provided that these corpo
rations, having invested their capital in
property, should be taxed, first, on their
property of every kind second, on all
their debts, and, third, on the full amount
Of their capital stock. This legislation
was considered essential to the preserva-
ton of the liberties of the people of Hi
nois, and its protecting influence has been
proclaimed by five Hundred demagogues
ON the stump in all parts of the state.
During the recent session, Senator
Waite, aided by few resolute and intelli
gent gentlemen OF the Legislature, applied
himself to obtaining a modification of this
law, and he succeeded. He has obtained
the re- enactment of Sec, 3 of the Reve-
nue. law, with the addition of the following
words :.
PrOUideS, further, That In assessing companies
aud associations organized for purely manuiactur.
Ing purposes, or Tor printing, or Tor publishing OF
newspapers, or for the improving and breeding oil
OF stock, the assessment shall be so made that such
companies and associations so organized shall only
be ASSESSED as individuals under Use circumstance
would be assessed, and no more; and such comPa
MES and associations shafl be allowed the same dc
ductions ns are allowed to individuals.
This law is an exemption of all the cor.
porauous uif tiIs kinds rs med from the
double aud treble taxation imposed by the
Get Of 1872. 1t embraces, in terms,a the
corporations of the state except the banks
savings banks, railway, horse railway, bridge
ferry, plank shipping and transpor
tation companies, dock. liie.insurance, FIRE,
insurance, and towing companies; mining
and hotel companies, building and loan as
sociations. How far mining of coal for sale
as distinguished from mining coal for use
ia manufactures, can be called a manufac
turing business is a matter of doubt; bu
this scarcely requirts question, because
the legislature has no power to tax onC
private corporation in manner ditferen
from others, 80 that the exemption of cap
ital stock of the bulk of the corporations o.
the state must practically apply to all
Taxation of such corporations, both as t,
the rate and the manner must be uniform