St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1876-08-04

in accordance with its spirit. But the
effort to secure an enactment, however
Just, which contained amy such words
as exemption of stock from taxation
struck with alarm the ignorant and with
delight the politically dishonest, and :"
the same class which Saluted with the
cry of .'bloatcd bondholders' those who
had periodically loaned their money to
the government when it was imperlllcd,
seized upon this opportunity to instead
the public into IL belief that few pros
Ferrous gentlemen had converted their
money into stock and were seeking to
get that exempted from taxation. Bl"at-
cd Shareholders We suppose they VIII
Ice called. But " hat is the fact 1t *
only this. that for the purpose "f taking
others into their business the Mc>SrS.
Fairbanks found that Il corporation
would he more desirable than Il pant
ncrShip: Therefore each ndINldIIal :
share hccamr represented 10y 50 much
stock, nothing more and nothing less.
This large company at 81. JohnSbuIN
has branch offices in Boston, New York,
Chicago, Montreal in fact, in all the
chict cities of America. and. We think.
IN some foreign counties, with differ
cnt partners III each place, and with the
ch"f bHh of their manufactured goods,
which represent the principal value OF
their stock, stored there, cnj" im% the
protection of those governments, and
being necessarily subjected +" their
taxation. Would ANY honest man clam
that the property for which the stock
stands. should bc taxed there, and the
a. Al l.. AT N,.I\
worthless without the property, should
taxed if both were here! As we'll
might We tax Il mans fam and the
deed " hitch shows his title But 50
much Was said 10y a few designing men
after the passage of the act that Mr..
Horace Fairbanks thought public tN-
pIanatinn WAS adv i>;hlr, and he Accord
in"lN made one. which We published at
the time. Did the Argus 1t wa> Il
complete answer. and satisfied every
candid man. 1t i now worth while to
rccur to it. After Icciting the history
of the hill and stating the reasons for it
Mr. Fairbanks concludes ~ follows:
This is in harmony with the laws Of
most if not all of the states in regard to
taxation. Some of the states limit 10y
special statute the right of taxation I"
property ''Witlin the state. and others
prov idle that no statute shall hr 81 CON
>Irucd a. t" subject property I" double
taxation. 1t l. in harmony with the
spiIit OF our laws. by SEC. >, Chap.
-. Grn"Ial Statutes. Il person resident
. Ia the state l. not taNrd ON stock III any
foreign c"rpnratinn III the state WhcIc
. the CnIporalIon l. located.
If it i the policy of the law Ia secure
Il person against double taxation, who
/ invests III the stock OF Il foreign c"Ipnr-
alton. much more should IT Lc Ia secure
the same protection to Il person " lao l.
willing /" invest his property in ii COZ
p"lati"n in this state ard thus establish
and carry on permanent business
here. If an earnest and honest en-
dcINor To secure such protection to our
selves and others in like circumstances.
subject H. T." the charge nt Try in" tu
secure special exemption from taNali"h.
We aIr Willin" I" plead guilty and abide
the result. But il il l. simply demand
iug and securing what l. Just and rqui
table and that which initiates Il policy
which viii tend To foster and render
pei manrnt the manufacturing Interests
at the state and which viii my lie cap
ital to remain in the stale tnI such pun
poses 10y talr and just Laws. rather than
drive il To other states hN uuiIicndlN
not Ia >aN unjust legislation we al,
. willing /" have ON efforts To that end
bring upon rs the ImputItI"n "t having
attempted Ia secure an exemption from
/ the pay mcnt at ouI full share at Tia,
public burden.
BN organizing uudrI the general law
of the State nt New \ nrk. " here such
property j. taxed I" the corporation
which We could have done. a. We have
Large amount OF our property located
there permanently. We could have So
cured 1" ourselves 10y this legislation
and 10y sec. > above referred to. all ON
c"rp"ratr property except the real -
tate and machinery would have been
relieved from taxation here.
Except t"r ON strong and life Ion.
attachment I" the state and taInr>t de
sire for it> prosperity and that lis Law
should Ice Just and ruuitahlr and >ucl
~ to inv tie rather than To- drive capita
, from Il permanent Investment IN manu-
featuring c"Ip"Iatinn> in the state. ",
should have withheld these efforts an,
also this puhlic >tItcmcut.
1t j. unnecessary say more. Their,
nrNrr WAS Il c"mplrtrI irtutati"m "
= Islander than a simple recital at th'
facts and IN examination of the law
furnished in this case. And when ~,
) think ut the attack ~ the pay that mcI
get tor preserving and adNan,.Iu" ON
home, industries. and tnI ESTABLISHING"
definite pnlic> to Indicate To out>ld,
Il fl II
. lies here. they shall hc fairly treated
We have reason to blush for ON state
I Not content with this. however. the Al
gus resorts to cnaI>r personal abuse
accusing Nh. Fairbanks ot having beer
, liberal and public spirited III his tow
merely ~ Il bid for future VOTES. charg
. Imu him with being Il ncmhcr OF tn
North chulrh aS though it wcIra "a iInr
and Il Puritan. ~ though PuIilani>r
had not been the best heaven of tn
t American lump. and even disabling on
Il of his relatives tor the manner in whicl
; hr built his home. such things. Il
y course. require no answer. and the
only exhibit the dcSpicahlr means T.
which some men viii resort for votes
i THIRD DISTRICT. The convention T.
!, nominate Mr.. IIcndre'> successor is t
= l,c at H. dc Park, Thursday, Au". II
Il 1t has settled down into Il conNictio
!, that Mr. IIrndte will bc his own sue
r ccSSor. The suggestion of Mr. Edward
" name 10y the Newport Express. no
mcciin" with any enthusiasm OF eve
approval aS Mr.. Edwards is Demo
; cr,l the Express comes ont this wee
\ for GOV. Peck. Although it is prctt
[ MI tIIlI Ill IL 4.