, 1877-09-13
TAXATION OF DEBTS
THE I{TRTLAfD CASE.
ia he Editor qJ Ihs Tribune.

10 the EHNOF ~ t"t
MILWAUKEE, Sept. 12.-I Lave read tho illoE-
leal article IN thu September number of tile
Atlantis .Ny,.sls'v, by David Il. Wells, and nlso
your c,llturtal In THE TRIBUNE of Monday last
o1, the ka1nc subicrt OF taxing dubts, and ia re-
ply to yuur Jiillsuaic correspondent. All ngrc
to much that both yau and Mr.. Wells say III re-
gard to tlu injustice Of double taxation: but
tho great fact whfcl, bollI Of you pcrsisiently
ignore III the discussion is tho right aud interest
which the State OF Connecticut Inns in this case
Of klrtlAud's, asll A!l similar cases. But II DID
not escape thu attuntion oi the Supreme Court
Of Connecticut. ...
II the theory OF Mr. Wells, which you indorse,
Is to prevail, how ts tho Stats ot Connecticut to
make Ar. kittland, aud other capitalists like
him, pay their proportional mart Of the public
ex,enecst While he OWNS 81, ,000 wurul Ut land
In tlt State tile Assessor finds II and taxes II,
because It has both "corpua" anil q "eitus"; F;
but, wllcsi he sells the fanI. and loans tue money
on bond unl mortgage In 1liinols,-o which liz
gets much better return thai from ILLS land,
then he must not be tn1cd because. {oEsootf,
somebody IN Chicago has borrowed Ills money.
And Mr.. Kirkland can live Oh in Connecticut,
unller tho protection OF her city, county, and
StAte laws, cducalc Ills children III llcr public
scl,uols, bu rrotcctcl by ller courts. and enjoy
all the comforts tint ase to bc derived from her
niWlrr1, ard expensive civilization, without
1nuney aud without price: ...-...
Judge Foster, who dclrcrcd tho dissenting
Ioplnioi,, puts altogether too l,ne point upon i
wl,rn hG argues In favor Of tue exemption Ut
Ki,tlanul's mortgage because the mbrtEayeur In
Illinois is tnGe to pny ta1ca upon thu lurtgaaca
Property, Il Is gil tl'e worse Tor Tho Chieavo
Is not tho business of tho Connecticut Assessor.
Ills business is-anl the Supreme Court has
wisely sustained hlsn--to thl out how much
pcraallal mud real property every man in hts dis
every one may i,o mado to bcar ILLS just share OF
lie bubble burdens. Dr, NJ you say In TuE
THlnuNE, 1.-The Assessor finds the value OF tho
property itself, and taxa that"
certain property ow1!ctl ky Mr. Kirkland to be Ut
the shape Uf bond and mortgage, ind he tnxct1
that. And ycry good property 1t Is, too. II
Ills mortgugc ts as well fccurcd "a mortgages
tluy u pelses, ll gold IL the acme of nll bust.
| mss transactions that Look to money d t!lril
aim. Or, considered is NIL Instrument. II II
.ntlvh n,ure profitable ttan real cstate, bccau4e
n,Arkcts. or my Ut ths viclssitudcs Of trade
| which nuke the unnual fEcomu Ut my business
prccartous and tluctuatfnE.
And Just heF,. Is a point w'!efo the law, !.
wiscr tEun tue nnc.spaa theories ol these itn'
sIlrcWl tncn tho privilege OF sh!rklng ttItis
responsibility by tnyenting ncw definitions III
rcgard to "prorcrty,'' NOR because they liaye
attempted to l,tt,e:tl'etr laoney out Ut sight or
p,lrpt,so to escape taxation. 1t Judge Fustcr't
ol,it,lon SHOULD llna!ly prevail in CONNECTICUT
that State woul! ho thu very para.lise lol
noney-lri,lert. They could put, their money
oil nut tll distant statcs, ret good security and
lcays that unpleasant duty to those vic
have 10. tMci, anart enough to convert
their property into , debts aea!ns'
tur 10th ASSURE us that IA debt ts neither ytsl
hlo, tangible, nor poslcrabic,n although It MAJ
b. ulatle TO },ay ti,u creditor 10 per ccllt Inter
est se1tatlndal'y until tiis interest equals
tnrotinse'i, and t!o original suin borrowed cat
fv collected. AMI nl this happens while til.
morllI.ascor Is puxxlng h!s lraln over the - Itn
tn,.ilrtahlc" " and "intAnghlth nat1ru of IL,
tho dic.um Of Judge Foster aud Bishop l3erklcy
| A. II. r.