New-York tribune., 1876-03-25

"
may require stamps Of graduated denomination to be
affixed TO each promissory note evidence OF indebted
executed, which form OF tax, when put In opera
tion would probably enable everybody certainly a bor
rowers to realize the important truth. that tax I'M
posed upon credits in whatever forln 1t be imposed
always be paid, not by the creditor but by the
debtor.
Returning then 10 tho question whether credits must
be considered to be propcry" in the adverted TO-
II viii he remembered that the affirmative WAS main
tanned here in People agt McCrecry l34 CAL, 432 aud
upon ihc authority Of that case was assumed IN ftolls
ng as does the correct construction OF the text OF to
Constitution ITSELF IN respec, TO matter OF such great
and nstanty recurring importance as the ToAg @ IN @ VI
opinion to be determined by reference 70 mere precc
sn c Or TO G decisions ALREADY NJ a sas 10 &
founded certainly do not attach TO controversy OF this
character determination OF the general questiOi
wholly uenDaIasred by "nnl our predeecssYis VI Mp M,
ourselves may have said II seeii 20 have esSn & III
turbance OF vested rights, the overthrow o. rules OF
property supposed to III We been fixed and settled ON
which lie wSrd "property' ia used in the thirteenth
section OF the eleventh article Of the Constitution lbae
era sense no one viii Of course deny and that they fall
within tho true meaning Of that void as enipoyea ~
But. observed by Vattel IL does folio" either
logically or aaanateally that because word oseni. III
Is 10 bo adopted In every other section IN WHch
occurs" l,Ook =, chap. IL, sec. 255). ...,.--,...
show that searching TOR the true sense IN wHich
word has been used In particular Instance s proper
icct matter which the immediate conn.c-
ton III which IL used Neither pliloo8y nor cri'i-
cism OF themselves afford safe rules or the inoIpeta
ton OF the Language OF usosmcn used In establishing
system Of finance aud providing ior me nsca hcecsse
The m srtice * the Constituion referred il fol
lows Taxatiqn snail lie equal and uniform throughout
fSe b taxed ' in 1rspolica M PSP'' S ta val Value &C. Tits
provision Of the Constitution eeablisied the ear
should always be imposed upon an an Yaiolem
contrsdistagui,hed from SPECIFIC bes', ani may De
Stale shall be equally burdcned with the support OF ne
Go IL5 SihSP aciha i "n sad IN the
rphrgse synonymous and that each o theu aAe
excludes mere credits ls believed TO DO denon,tiaoe
turc INDUCED and ne coASluen. oe:les o sa, @
necessary or Its supply have reference TO tie 3cta a
c.n.,nt ioo.s or support These habituas vary tho
stat" !. popularity said to be comparatively rich or cora
lie Legisiature in making up t;e budgo;, must nee
cssariiy therefore look 10 the aggregate amount or
the tax rolls. TINS consututcs thc caple!y TO pay
which ia siways indi pen.a9lc for tbe stats.sn 70 ~
II supposed that the aggregate wealth of thc people"
thrr atnI cltity 10 pay :aAcs-if q: all made up OF
mere indebtedness owing by individual mem
her, the body polite 10 others ol lts mcnbE-fal An
,rwor Wond pciEsr. mort read ly be found ip sGppos
ing were such thing possible td.t the entire TAX lo7
exhibited nothing bu; such Indebtedness. fa1aueh al
tmpie undeE s, c.nui mi .yua =, ~. car
II must result therefore that mere credit are ias as
quantity Ia as'eriainug The sum oi Wea'h Nsch ), ~
ice, taxation property and thai Ia 30 far a. tat
~-i,,s u,pTrrtv t.1aflu bs.cd tlorrGu. 4. not only
tucrcl, fancifi Int necessarily The Unconstitutional
Imposition OF adli'Oull tax upon portion
OF ,hc property already once taxed Thu-,
II there ps witnln tho state Only one
million and . half in actual material wealth an!
II there IN addition hall million OF credits, tax of
ole pr cent Imposed upon the Two m..'oao ,los !Id:
np win prove 10 be- IN reality a double tax moon tEat
portion oi The one million and half of actiul wsaiti
rI.t.t, O. -..u.1
which double tax the remainder OF the actual wealth
LOwcvrr viii escape aiio.ethc. 10 iu1lrhte "' ~ -
ard bali of actual wealth IS iiate up oi ono iill2h y,
goods and oHc-AaI million IA money, ana tDal l"e i.ih
In ,rtIits IL viii be thet while tho ono million IN
good. is -, down upcn III. roll but once th' MALI niol
ono, Al. money iu the hanls 1f the horrowors-aE4ih as
money In tho hands Ok Tho lcndcts-is TIC iciul "i
arc a. reI but uNC-tho money, hpWcFcr being rolfr-
srnted sSico nron tho as-"-slneniro G t%ee ,saco.
TIL, s-usuy u not lie equal TAXATION oi PsoPe'!
Toe s.ltioE thus lmpo'od ron.nHy uiJn "eredls;
hIv. r..uy IN nc double a.ttun ui the money, th
.i ,na ~ must. of course De paid by somr ono Ana
brre -ll human ,,rarsnc; a' Wr - tho f.S'n
Tie hnrrsErr Tha borrower - Tire cUa,'is"r. IRE III
sTct wA.D -' 70 tno lrIGTi - - ,o cavern,
Iucut ~ tho Imposition 0f additional tsXes hcrei,o the
cost. tie borrower being the consimsT' Hu't pd! II
Tn truth of mi. proposition indeed generally
z.i Tat ID is not uuusl. o. insert ia tue nsrG'
distinct covenant upon th" part of the borrower Ia 10
fund thr lender AL taxes ntcL thc ..cI LiaY 10 c'.-
coyrnSnt 4. Omtt;od. iAc isnher u Counties i3 pro-
tCra t.r cNtu,3 Oi tue borrower ny t.r tAdctni 81
therefore. tLat credits constitute pr"i"fV "itilH
thirteenth section " the 'cNtuth article
~ the Constitution would be- 10 attribute meaning To
the word pforerf ~ tlorc usrd, when N0nI 10. piO
lnoc but would utterly defeat thr uniformity ni Hrnr
erty taxation In this s;ao Which IL was tHr l'lngrai
purpose of thai section % secure. therefore cpAc1.
ina; the Judgment OF the court below be reveraed.