The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-01-22
A NEGLECTED REVENUE.


necessity Of utilizing soureeof revenue nov
wholly neglected and yielding nothing what
soever. 1t not only that the matter involves
avery considerable and much needed amount
but that the values In question are the mos
legitimate objects of taxation within the State
AS everybody knows, there are a vast number
OF men engaged In all sorts of financial anC
commercial operations In New Orleans
brokers, money.lenders, cotton buyers, deal
ers la futures and operators generally. These
men handle large amounts of capital and de
rive large profits from their business. They
are neither producers nor consumers. but
form class the most Improbable OF all
In our economy, being the middle men who
live upon both producer and consumer. Be Ii
understood that we have no anlmosity to-
ward this class. We recognize their useful
ness and coneede that they fill an important
function in affairs. But IL the farmer the
tradesman the mechanic the artisan and the
representatives of ali our standard industries
as well as our leading enterprises are forced
to contribute to the common fund, 1t seems
unquestionable that the class to which we
| refer should be levied upon also. A majority
of this class are foreigners. They sojourn
among US during stated seasons, enjoying all
the benefits OF the organization maintained at
our expense, profitfng by our commercial
machinery, and operating under the proteo-
tion OF our laws. And yet though they re-
ceive oil these advantages and draw hand
some incomes from the result of effort made
by those who sustain the fabric OF our gov
ernment there have not thus far been devised
n n m of hrIn uIpfr ham r,itl tb<
nlzance OF our assessment and taxation. They
have always found some expedient for evad-
Ing every attempt on the part of our public
officers, and although there are laws contem-
plating their taxation. those laws have up to
this time been imperative and practically
null.
When we last had occasion to refer to this
subject 1t was suggested that perhaps the
DEMOCRAT might venture to give the outline
OF plan by which much II not all, OF the
difficulty could be removed. 1t is we'll known
that the difficulty resides In the fact that SO
few Of the class In question have any Visible
assets or recognized calling. Many very ex-
tenslve operators have no Offices 1t is no.
torious that they conduct large. transactions
and make large profits, but they rent no
warehouses or storerooms or bureaus. Their
business is done through the banks or the ex-
changes and is not therefore, within reach
In view of this situation considering the
need OF the State Tor every lawful and proper
addition to Its revenue, and tho peculiar
equity of the States claim in this instance
1t has occurred to lis to offer suggestion.
We need hardly call attention to the fact
that nearly every ono OF the operators re-
ferred to Is q member Of some of our various
Exchanges. Without this membership he
could not enjoy the necessary facilities In his
business indeed, would be virtually unable
to prosecute 1t successfully. Though he may
have no office where the collector can wait
upon him. no avowed occupation, or visible
assets of which the assessor can take cog
nlzance, his calling Is defined and his iden-
tity Is disclosed In the books of the Exchange
to which he may belong. In the Cotton Ex-
change list, for example, there will be found |
In addition to the names OF the members. O |
further statement as to the nature OF the |
business pursued by each one. This, we be- |
lleve, Is true of the Stock Exchange also Our
idea, therefore, Is to have transcript fur
nished the assessors, from which they can
levy upon all the heretofore inaccessible
sources of revenue, declaring q uniform
license tax upon the great mass OF
brokers, buyers and general operators
who are not already levied upon through
their own voluntary information or through
other agencies. There can be no reasonable
objection to this plan. These men unques.
tionably owe the State something; they do
not deny 1t; they simply take advantage Of
The circumstances favoring their immunity
It is hardly probable that In the event OF our
ievising practicable plan for bringing them
10 account, they would either resist or com.
plain. Certainly, III the necessities of their
business compel them to join an Exchange
Ind thus give the public officers elew, they
nave no right to feel aggrieved any more
han merchants the necessities of whose bus-
ness obllge them to rent stores and thus dis
lose themselves to the government We
lold that the Legislature will be justified In
'equiring these lists to be furnished the as
'essors and In making the Exchange respon-
'lble for the payment Of the tax. The Cotton
Exchange Is largely composed OF the class to
which we allude. This class, some two or three
weeks ago, developed majority sufficient to
lote down the cotton factors upon the question
Il establishing future board. Since them we
re told, many more of the miscellaneous OPP
rators have been attracted to the Exchange
y the fresh opportunities thus afforded for
peculation, until 1t may be safely assumed
hat large proportion Of them are now in
luded In the membership. 1t seems clear, to
ur mind, that the authorities will be Justified
0 adopting whatever measures are open to
hem for collecting the States dues and for
such collection feasible by any I
lethods that offer the prospect Of success. /
We need not say that any addition to our g
evenue will be peculiarly acceptable. or urge
pom the Legislature to leave no means IN
rfed of securing this addition.
Gen. Hancock has recently written to Con-
ressman Cox approving OF bis speech upon I
ae necessity OF better and heavier ordnance !
n our seacoast defenses. Gen. Hancock be- G
ewes that while Qualifications hastily frnnro- Z