The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1879-06-06
HOW RICHES TAKE WINGS.
Cyrus w. Field Explains How a Man
may be Worth Millions and not
Have a Dollar

4 Have DOLLAR.
I President Cyrus w Field, of the New
York IL" who, according to common
report, had recently cleared several mil
lions as reward of his efforts in bestow-
ing the precious boon of rapid transit
upon the people of New York, created
a sensation the other day by making
oath that he had no tax to pay on per-
sonal property.
WHAT was the universal exclama-
| ton, Cyrus w. Field a pauperl The
! man who Is regarded as the father of the
L roads in New York! How sad!' Mr.
Field was called upon yesterday by a re-
porter of the Herald for an explanation
of an apparently distressing case.
MIR. Field" the reporter said, "a re-
port has come from the tax Office that
the l. roads have ruined you, and that
you are unable to pay personal tax"
What ridiculous affair that was,''
Mr.. Field said, laughing heartily. at
is quite true that made oath that had
no tax to pay on my personal property
over and above my debts"
'tAnd how is that, Mr.. Field? You
must be aware that the popular impress
sion rates you as one of our railroad
Cresuses'
Peoples ideas in that respect are
very much exaggerated" Mr. Field re-
piled. Now l can explain to you in a
very few words how this occurred. They
sent me notice from the tax Office that
they had assessed my personal property
at 100000, to which l replied that for
years my residence and voting place had
been at IrvingtOn, where paid taxes.
They then said that should pay a per-
sonal tax here. Very well, gentlemen
said 1, do pay tax on my New York
az" stOcksg No. they said, the COM
pany pays that DO pay tax ON my
cable stocks or other European securi-
ties? No was again the reply. DO |
pay tax on my government bonds or on
my Wabash stOck?' Mo- Do pay
tax on any other railroad properties in
this cOuntry?' No. was still the an
swer. We'll, gentlemen said l, 4 pay
tax here on my real estate, and my bonds
and stocks are exempt from taxation I'M
der the law, and, under these circum-
stances, L have no personal tax to pay,
because my business obligations grow
ing out of these large transactions eX-
coed the value of my other personal
property"
"But, Mr.. Field, is it not strange
fact that men like Mr.. Vanderbilt and
yourself pay no personal taxes, while
others so much poorer do sO?''
Not at all, Mr.. Field replied, land
believe MIR. Vanderbilt SwOre absolutely
to the truth when he returned that he
had no personal tax to pay Surprising
Mr. Vanderbilt had $50, OO0, 900 of New
York Central stock, $10,OO0,000 of gov
eminent bonds So 900, 900 of bank stocks,
$1O,OOO,OO0 of Lake Shore, $10,000,000
of Michigan Central, So ,000,000 of Cana
da Southern, and So 100000 of North
western, $1OO,OO0,OOO IN all. OF course
these figures are purely hypothetical.
Surprising on all the large transactions,
in which he is constantly engaged, he
owes 81 ,0O0, 900. Then, under the law as it
stands, he is not expected to pay farth-
ing as personal tax because all of these
railroads and stocks have already paid
the tax and the owner does not"
"Then, as l understand you, Mr.. Field,
the fault is in the law itself?"
Exactly. l believe that every COM
pany should be taxed upon It's dividends.
When its dividends were heavy the tax
would be heavy, and when there were no
dividends there would be no tax. / be-
l;eve such a law would bring large sums
into the city treasury, and the sooner it
was passed the better l should like it"
This ended the interview, as by this
time about twenty visitors had con-
gregated in Mr.. Fields waiting room,
all of whom declared that they had come
to see him Immediately on urgent bust
ness"