Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-03-01

port which in my Judgment is not addressed
t. the bill and not TO the question of principle
In reference to Section 1929, he claimed that the
majority bill does not sufficiently prescribe WHAT
Assessor shall demand and receive from the person
he is going TO tax. That is simply gu stion OF de-
tail 1t does go 10 the principle OF the bin, and
think that his objection is met by The provision OF
the bill. Section 1929 of the majority Dill ieaos as
follows:
He must exact from each person, firm and cor
poration, stat ment, in writing, IN The form pre-
scribed by the State Board OF Equalization showlns
all the property not exempt from ttXatl1n, Delnhg
ing TO- claimed by, in the possession or under the
control or management OF such person, nf'n OF
corporation. The statement must separately state
and describe lands, city or town iots mp
mortgages deeds of trust, contracts and other 90,
Iyations by VIII CHI debts secured, stocks issued
by corporations credits for moneys deposited win
savings and loan corporations, or other coIporaons
doing banking business, all other circuits oeots
ou,no nv such person, firm corporation, to bona
fde residents of this State, or to firms or corpora
tons doing business in this tate Inc statement
on behalf OF firm must be naoe ny one OF iofeo vi
its members and the statement on penal OF TOT
no, alton must BE- made 10y its President cashier,
Secretary, managing agent, or two or more oil them
or by its Directors or Trustees.
| submit to the Senator that that sufhciently an
his affection because il is tn be supposed that
he STATE BOARD Of equalization will do their duty in
the matter and that they will prescribe the form
which will admit of proper assessments In my
Indictment The whole pr position turns fairly and
solarely upon the question whether or not We will
tax the stock of companies at all, and II we tax
them how shall we tax them. For one, shall give
my vote against the taxation OF stocks, not because
the Constitution does not permit; not be-
cause the Constitution does not mention
them, but because | believe it would be double
axation and injurious to the State; because
believe that the capital stock represents simply
If tha the deed
represents my title to my house and lot II the
State provides for tax upon capital stock 1t should
also provide for a tax upon a mans deed, lnasmuch
as they are the thing But II 1t be the inten-
ton to tax capital stock or this intangible some
thing which represents the ownership OF property,
the part Cf wisdom then is to tax it in such man.
ner to work the least I'M lstice to the people
and to produce the most revenue to the Govern
ment that is consistent with just and fair dealing.
believe the proposition submitted by the Senator
from Plumas to be the best one II you are TO tax
stocks at all that is, to tax them to the individual
shareholder; for this reason, because the corpora
lions might resist the payment, and 1t could not be
collected in many | understand that most OF
the large mining companies have the bulk OF their
property in the State of Nevada The tax may De
| levied on Consolidated Virginia, for instance, and
they would refuse to pay. YOU cam get Judgment
against them, hut you would have nothing 10 levy
an execution upon save some desks, cnalrs anu VI
| fee furniture Now, if YOU desire to derive a
revenue the only method is by assessing to the in
diyidual. OF course
IT WOULD WORK GREAT INJUSTICE,
| As has beep said by Senator Watson. OF course it
| would ruin his county. 1t would take millions OF
do lars of taxable property from Placer Nevada and
| Tuolumpe counties. But il you propose to levy
tax upon stocks, levy it in such manner that you
can get something ont of it, If you propose to levy
this tax levy in such manner that the state VIII
derive revenue, and not merely assess Tor the pur-
pose of imposing upon the State such an injurious
measure If you propose to levy IL at ALL levy 1t IN
| the manner proposed by Senator Cheney, for by
doing so alone can you derive any revenue from it.
trust that the majority bill will be adopted as
the basis upon which amendments shall be en-,
grated provide for the settlement OF this VeXe
| question of revenue and taxation. hope that we
will decide it regardless of our personal fee ngs and
the clamOrs of newspapers or OF people on the out
side hope that will decide it upon the sanctity
| CT oaths and in accordance with our duty as
| Senators. ] hope that no man will vote upon 1t IN
| any other manner than that which his conscience
tells him is rght-regardless of clamor regardless
| of ANYTHING save that which convinces our reason
and our understanding, and affects our sense of
| Justice Decide the question not because We have
| the power and ability to " cinch somebody, not
because we think the Constitution provides Tor
double taxation because people have said IN the
past and are saying now, that they are III favor OF
| making rich corporations contribute more
money to the State, but according to the
dictates of your conselences, and upon tne prin-
ciples of right and justice. Not upon the
senseess cry that comes up from men who pay no
taxes and have no property, but decide u IN ac'
cordance with the conservative instincts OF the age,
In accordance with civilization and IN accordance
with the hest interests of society and of the State
l Remember that capital has left u.s. Remember that
1 men who made their millions IN San Francisco are
working and spending their millions to-day IN the
| East Remember that corporation after corpora
ton has reduced its capital stock. Remember that
| the Bank Commissioner report shows that seven
banks have closed business and that there has been
savings banks since their report. Remember that
1t is said trouble is ahead. am not one OF those
who fear any trouble.
BARKING DOGS SELDOM BITE,
And when these things that are unworthy to be
called men gather upon the sand lots and threaten
| to erect gallows to hang men whose shoe strings
| they are unworthy to unloose, | have for them
siuply scorn and loathing, not fear. 1 have no
| fear for nor of any such craven ours, and
l have nothing but disgust for the men
who indorse them ard their sentiments. l
fear no trouble l have that confidence in
the deep-seated feeling OF justice and manhood
that is in every American citizen, have that belief
in the grandeur and dignity and the majesty OF our
free institutions, have that confidence in the COM
mon sense OF the people OF San Francisco, have
that confidence i'll the men who are in power there
and in our Governor which impels me TO the belief
fthat the first symptoms OF mob violence there would
| be crushed out as it deserved to be crushed
out, by the iron hand OF armed freemen
raised to protect the rights of civilization
and the rights of decency: Applause; But, sir
while have fear OF disorder, Willie nave M
thing save a merace to the Legislature canno
shut my eyes to the fact that distress does prevail,
honestly believe by the adoption of the Constitu
ton that now labor under, and by tine fears tina
capital entertains to unWlse legislation that MAJ
be passed under the provisions of that Constitution
| have fears that trouble will come to thu
people, not because of the threats OF dema
goe1ies, but because of the distrust it carrie
among those who fear that what more,
they have will be taken from them. Capital is timid
Capital takes fright easily; and when it once tax
fright it is hard get courage sgain and to return
to the place from whence it has been driven by rea
or imaginary fears 1t is the part Of wisdom, it il
the part Ofprddent legislators to so act as to protec
capital in its just rights to so act as to invite capi
tai shores to act that the capitalists OF al
the world will come to California to aid US IN build
ing up our State, and make it great and gran(
and powerful as it ought to be. CAPT
tai should be encouraged we should d.
nothing to alarm capital. We should do nothing
that would tend in the slightest degree to drive from
the State those who willing to aid us in develop
ing the resources OF the State, and who are afrat
that their money will be taken from them and tina
CAPITAL will be uniustly and unwsey dealt with b.,
laws made possible by the Constitution that is nov
the organic law of the land. Let us legisate so a
to keep capital here. When Senators say that thu
cries Of capital should not be li.tened to, in M
Judgment they make mistake. Capita
should be listened to in its just de
mands, capital should be protected ant
labor also should be protected The two Interests
| are Identical and | ask you, in deciding upon thi
bill, to remember that double taxation be hac
under the Constt ton ; that double taxation can
not be had under the majority bill; that eoub'
taxation can be had under the minority BILL and u
remember that double taxation is curse to TIN
State and will retard California hundred years il
our race to prosperity and happiness. / trust tina
we will decide it promptly, and decide it today:
trust that will vote upon the proposition to-day
in order that it may be disposed of, aud that we ma
go on with the business of the session.
nnMMrPnJhJ