Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1877-02-18
rHE BULLION TAX QUESTION.

THE BULLION TAX QUESTION.
As the SETINEL predicted months
ago, the bullion tax question is being
made q leading issue before the Legs
lature, The Comstock mine nj are
demanding in force, at Carson, a read
justment of the bullion tax statute.
They complain that the tax is not only
oppressively heavy, but that the mode
of assessment operates unequal as COM
pared with other classes of property.
For example: Bullion is made to
raw dollar for dollar on its full value,
not even exempting the discount on
silver, while pretty much all other
classes of property are assessed at not
to exceed fifty per cent. OF the cash
yalue. There is some degree of justice
ia this demand of the mine owners,
and if legislators can see their way
clear to raise sufficient revenu to keep
the State government in motion with
out increasing taxation on other dis
criptions of property 1.-THE relief sought
should be by all can promptly and
cheerfully granted. We say this on
behalf of the mining interests gener'
ally of the State, and moi with a view
Of promoting the personal interest of
the mining kings of the western part
of the State. They are abundantly
able to pay, and they should be made
to paw all of their back taxes If, how.
ever, taxation in general can be re-
duced, We say amen to the proposition,
and desire also that mining interests
NAV share in the benefits OF such re-
duction.
The status of the bullion tax ques.
ton is about as follows: The CONSOLE
dated Virginia and California mines
W taxes for three quarters OF 1876.
The aggregate amount approxiinates
$500, 900. The managers of these
mines propose to liquidate all arrear-
ages if the modification asked for be
not denied by the Legislature. This
would place the State Treasury in a re-
markably plethoric condition. 1t
would also make possible a reduction
of ten per cent. in the State levy. The
levy for State purposes is at present
ninety cents on each one hundred
dollars. If the compromise bill be
adopted the levy cam, as shown by
the statement of the Controller, be Gu
down to eighty cents. If not accept
ed, it must be raised to one dollar; and
in addition to this, the Legislature
will have to authorize the Controller
to borrow al least 5000 900, running a
term of years at perhaps not less than
ten per cent. per annum. Then, al
ter all. there comes in the chance OF
finally losing these taxes in the Su-
preme Court of the United States, to
which they have already been ap
pealed. Shorn Of all prejudice and
feeling, of whatever character, the
question resolves itself into one OF
purely State policy. Is it better, all
the circumstances considered, to COM
promise, or is it best to continue the
fight in the courts, with a chance at
least, to lose in the final outcome and
a certainty OF increased taxation for
the mex two years? This is the ques-
ton which the Legislature is called
upon to determine, and we have con
fidence that the members thereof will
be guided by what shall seem to them
to be for the best interests of the PEG
pie. Nearly all of the members are un'
der pledge to oppose any material inter
ference with the bullion tax law; bu
inansmuch as a state of affairs has
arisen which was no contempt, tied
and could not have been foreseen at
the time these pledges were made, i
will be em~inently proper for mem
bers to do in the premises precisely
what promises to be for the best in
serest of the State and the people.