The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1880-01-29

taxation is advocated upon the brot
Z. basis Of wise state policy, to RELIEF
the masses from the buItnens Of t.
alton. But will this policy accou
plish what is aimed at? l think no
Whatever amount you tax these bonC
will depreciate their value in II
- market; and instead of selling at pG
~ they will be discounted, and Whatevt
amount they are discounted the CO
J. porstion will lose, and the taxpayer
le of Salt Lake City, rich and poor ak,
g will have ID bear the loss. YOU
" therefore, tax the bonds for the benef
. of the territory and county at the e.
pense Of Salt Lake City, or, in othe
words, you increase the burthen {
!, taxation of those who alread
:, bear more than their share
Is there any coed reason, Mr.. Pres
I dent, why the citizens of Salt Lax,
: City, the poor as well as the rich
and the burthens Of taxation Away
fall heaviest upon the poor-ehould b
additionally taxed, while they slresd!
; pay such a large proportion of tn
: territorial tex, and, in conjunction
with the county, pay SO, 220.70 more
school money annually than is drawn
out by the schools CT the county
Now, as Sal. Lake City pays 7-9thl
OF tie .aL5s of tue county, she pays Of
the before named school money over
So, 500, which about balances the
amounts which some of our rich
counties draw out of the school fund
more than they pay in.
One rich county draws more
than she pays in.................. 50, 056 50
Another equally wealthy county
| draWS..... ........................" 500 %
Another ........................ 2, 542 O1
And another, having the rich
est lands ii the territory ...... $50 AZ
Making a total of................... 1854 81
1t is singular how nearly these figures
balance the amount which Salt Lake
City oYer-pays to the school fund.
The people of Salt Lsks can thus
see how equally this territorial and
school tax is divided throughout the
territory, and it is highly creditsble to
the mechanics and lsborerz OF this
city tat they contribute so literally
to the support of schools in these
rich farming counties. Who Gays
that the people of Salt Lake are
opposed to education?
But to return to the bonds. The |
money to be raised from the sale of
Ihese bonds will be expended in this
county; paid to the people, who.
receiving it, will make more improve
nents. The $25O,OO0 expended in
his county will largely increase the
'eVenue CT the county and territory,
md they will get their taxes in that
Yay. Then why want to tax the
,onds also? The money is all spent
lere for the benefit of the people Of
his county. None of it goes abroad.
Besides, If you exempt the bonds
rom taxation, they will be pur-
hased here, and the interest,
IL, 800 per annum will be re-
aimed here and paid TO citizens.
nd the territory and county will
o.lect annually, the territorial,
chool and county taxes on t5is inter
ct. But, on the other hand, if you !
az the bonds they are driven out of
be territory, the interest, ST.. 800 per
mum il cash. is sent out, thus de-
irving our citizens of that amount
and the city, county, ter
tory and schools of the taxes which
hould be derived therelrCm.
1t has been shown that il you tax :
be bonds their value becomes IN
ertain and variable. and this is true.
he tax, under certain circum-
.ances, may absorb nearly the
hole interest at which it is proposed .
, issue them. The territorial, school
nd county taxes now amount to II
Hills on the dollar. Salt Lake City's
resent rats is 5 mills on the dollar,
hich makes IL mills. Oar school Z
istricts are authorized by law to tax
IT certain purposes az high as 3 per
EFT, which, added 10 tee other =
Ies, make nearly 5 per cent. Now,
ask, who will buy a bond o. such Z
ncertsin value?
There was much truth in what the /
Onorable gentleman from Kane and Z
Washington las sai6 in relation to =
ie general principle Of taxing bonds, d
which | heartily concur. | do no. Z
and here as an advocate for the ex- =
nption OF all bonds from taxation. L
Ouds issued by private interpretations =
7 speculative purposes | admit u
ou!d be taxed; but are they? Ask =
IT assessors how many bonds they d
I'D throughout the territory to d
sess ? The answer will be, very d a
"; at least, such is the answer OF !;
e county and city assessors of Salt '
AXE. The taxation acoruing there 2
OH here is merely nominal. Many
the bonds are doubtless held by the .
.nks, who pay tax on their capital =,
1ck, and if that stock is inve; ted in u
,nds you cannot tax both. =
The gentleman who first moved to =
mend this bill hss referred to the .
bonds, aud the policy of $
)ngress in exemptiug them from q
zstion has been strongly con- u
imned. Nov, Mr.. President, l am =,
II entirely clear that Congress did u
CD n great wrong in fsvoring the II
en-blcated boDdholders If you will u
who, in the hour of the country's
.ril, when she was torn assunder by
vii Law, when her currency and q
her securities were messurably .
stepped forward and Y
lked their money to save the Union. "
icy assumed great risk. II the IT
lntry stood the onslaught, they p
ere all right; but if it succumbed .
ey were ell wong. They took the Y
*; they purchased the bonds az d y
scount; they drew per cent. per v
mum on the face of the bonds "
ley made money by the proceeding st
it turned out. but suppose the
,untry had gone TO pieces, where 81
ou5d the bondholders have Been? o
7hy. their money would have been V
/ gone-they would hsve become V
supeEs. and statesmen to-day would {!
ugh at them as fools for taking Il
ch risks. 0
Be this as it may, the bonds pIo.
,3ed to be Issued by Salt Lake City e
e not to be Issued for private spec. c.
alive purposes, but for the public 81
,od, and l deny that it will increase
e burthen of taxation of the poor,
lless this body, By its action, should
y tho honds Then indeed voul1 |