New-York tribune., 1880-01-11

the Legislature believe when they restrlc'eo
the rate for the of money TO per
cent, that the other law, which, IN TINS ci'y' IN
poses a tax of 2.58 per cent would be conpheu
With If they did, then by the joint operation OF
these two laws they egisated TO rednce the income
from investments in this city to 8 AZ per cent But
they well knew that both laws would not ana couiu
not he enforced against the same object. ln enee''
the passage of the usury law last Winter was par
tal notification of the tax law.
But 1t is said that personal property should pear
the same taxation that is imposed upon real estate
That NAV be granted, if the converse be also
granted that real estate should bear the same bur
dens that are imposed upon personal property
Personal property. and that only, bears the entre
burden of taxation imposed by the General Govern
ment for all it's mutitudinous purposes;
Is the real estate IN large sS,nS se,,ion tbe %,
distractions at He'll Gate? Personal properly alone
is faxed for the purpose. Are the buildngs-real
estate-here to be protected from bombardment by
foreign foeY Personal property alone Is taxed
to build the forts and provide the defences. III ls
unnecessary to dwell upon these facts.
Again personal property bears alone the burden
Of the nsny law Inc ne nsy cent f from his prop@ry
without any interference from the stare. very
many receive such an income now, and some huch
more than that True 1t is, that many receive Tess
and some nothing in tie way OF income; but pre-
csey the same state OF facts exists III regard 10 the
income from personal property IN me ioqh r vi
money. Many are receiving but or per
cent for the use of their money and some
nothing at all. Suppose a banker goes to real
estate owner to hire building Tor his DuslneSs
The law does not prevent the landlord from exact
ing rent of ten or twenty per cent upon the cost OF
value of his property. but 1t saws to the banker
" You shall not receive more than SIX per cent oI
the use Of your rmoneyexposed TO far greater hazard
under the trifiDg penalty OF conhScation." are
these two kinds of property then equal before thc
law trOw not
In saving that for certain purposes personal prop
erty or real estate alone is taxed, mean so iar AS
the provisions of the statute law operate dlrecty
Indirectly the higher law of " diffusion" makes
each species OF property bear part OF the taX lh-
posed upon the other. One cannot buy a
pint of peanuts from q street stand WITHOUT nnd-
ing real estate tax among the shells lnasnluch as
bv the purchase he has helped to pay the rent OF the
seller. which rent helps the landlord TO pay the
taxes on the tenement he owns. And in the case OF
the banker referred TO, he could afford TO pay the
landlord higher rent for his building, u he were
not subjected to the operation OF the laws mem
Toned and so the landowner has 10 help the banker
bear his burdens Personal and real property are
more closely related than were the Slamese twins:
If one is sick the other must be ILL., III one IL prcked
bv tax law the other feels the puncture. III one Is
fettered bv usury law the other feels the reStrlc-
tjon. Their interests are indvisible inseparable,
interlocked interviewer, as the warp with the WOOL
beg TO be understood as not opposed to any nsufy
law. Such laws as are IN force IN Massachusetts
and Connecticut. staid and conservative states,
would suffice for all just purposes in this State Nor
am | opposed TO the taxation OF personal properly
in such way not to demoralIze the people, nm
der the growth of the city, or oDstruct the improve
ment of real estate. What is most needed Is that
the people shall be enlightened upon the relatons
of re al and personal property, and upon the prncic
pies which should control In devsing q wise code oi
tax laws. Yours truly. OEo. III. ANDREWS
Nelc- York. Jan. z, 1880.