The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1880-01-24
THE LEGISLATURE.
Twenty-fOurth Session.
TWELFTH DAY.
COUNCIL,
January %, 1880.

that they had examined the files 81
x journals of the lat Assembly, al
found several bills, laid over ss u
4 finished business, which they did u
consider part of the work Of II
Legislature. and if presented, reco-
meuded that they be presented
. original bile. Report accepted.
Councillor Thurber, from the con
mittee on printing, to whom G. F.
Is was consigned 20 be printed, returnG
n the original copy to the table, to CON
up in it's order, ssid bill having bee
:, printed.
n Councillor E. Snow, chairman {
?, the committee on counties, to whor
? was referred the petition OF w. Z
Smith and forty others, residents
D Davis County, and the bill "extend
-. ing the boundaries of Davis County,
i reported both back, the latter with
slight amendment, and recommends
!. that the petition be granted and tina
the bill be put upon its passage a
amended. On motion Of CouncilO
) Wells, the report was accepted ant
the bill laid on the table to come u
3 in its order.
}, The hour having arrived to take Vi
: the special order made on Thursday
the bill to amend the charter of Sal
. Lake City, Councillor Thurber asxeC
, leave to introduce a bill to legalizt
the execution and acknowledgment
of certain deeds, which was granted,
and the bill was read, passed to its
first reading and referred to the COM
mi!tee OF judiciary.
A communication from Hon. W.
Z. Hooper was read, acknowledge
the courtesy of the Council in ex-
tending the freedom of its chamber to
him.
Caunci'o- Smith, on taking up the
bill to amend the charter of Salt
Lake City, said he desired to shorten
the discussion on the motion to strike
cut the clause reading said bonds,
when issued, to be exempt from any
general or special tBIAtion," wished
to take a tes. vote, and moved that
the motion to strike out lie on the
tabs, which was put and lost. z to 5
The gentleman then proceeded to
speak upon Councillor Shows mo.
ton. He taid that Salt Lake City
paid 7-10ths of the county and 7-24ths
of the territorial taxes, and the hon |
orable gentleman from Washington |
County thought that if this city was
so rich as to pay this much, it should |
be able 10 build its canals without
asking favors. Such sentiments we're
unjust 10 the Inhabitants of this city. |
They do not Pay this large proportion |
because they are so rich, but because |
their property is valued high. The
poor widow was taxed on her little
she ter, while the opulent farmer,
with his broad acres of productive
land, hal lot to pay as much as she.
The mechanic and artisan has to pay
as much tax as the wealthy agricul-
turiat, stock.raiser and dWeller in the
country. Yet, no one would gay, be-
cause the hardship falls upon this
very large class of the community
that they should dispeIEe into the
The burthen of taxation
does not fall equally on the rich in the
cities they have stocks and bonds
held in foreign banks or deposited az
for proportionste sums
borrowed at lower rate of interest
than money can be procured for at
home. Thus their bonds, though not
exempt by law from taxation, escape
taxatio9, and they are building up
foreign interests by paying interest
abroad. He said one Of the grandest
of political economy was
honest money and honest dealing.
Public debts should be avoided but
whenever public Improvements were
necessary which would involve bor-
rowing money, then the public ser
wants would be recreaUt to their
trusts rot TO endeaYor to pre-
cure it at the lowest possible |
rate, and to provide safe
and ready way OF meeting every obi
CATION. Bonds could be issued st
rate OF interest, with
honest provisions for sinking fund
for the payment OF the interest and
the redemption Of the bonds, when
For o city like Salt Lake
to issue bonds and then tax them, he
tnought, would be absurd. Why. he
asked, should seven-teHths of the tax
payers of this county tax their oWD
bonds2 Why should three-Eenths OF
the taxpayers of the county compel
the other seven tenths to pay tax
on their own bonds? And why should
two. thirds of the taxpayers of the Ter
ritory cram down the throats of the
other third a pill which they call Bit
ter and repudiate? Has the argument
no force, that il these bonds are taxed
they will be forced into foreign
markets? II they are so forced, the
act will cost this city and county the
sum of $17, 800, as interest on the
bonds, and if they are sold at so per
cert. of their par value it will be e
further loss Of $50, 900, or 20 per cent
OF the entire amount OF the bonds, and
at the end Of fifteen years We would
be obliged to redeem the bonds at par,
which would involve another loss OF
$50, 000-twc-ifths of the sum sought
to be realized. Bonds OF all railroad
corporations are not taxed by the
city, county or territory, not because
they are exempt by Law from tax
alton, but because they are hypo-
thecated abroad and thus escape. Is
it an enlightened policy to drive CAPT
talists abroad and pay interest to
foreigners. To tax these bonds, is ta
make them variable, fuctuating and
of unsettled value, and render them
the prey OF spectators and money
Iiobbers. Then let US pass the bill, so
| far as it relates to this taxation OF the
bonds. as it is. He urged that it
would be an incentive to people to
save money, which vas now Deposited
in the banks for 4 per cent. These
bonds at per cent. would benefit
them to the amount of 8 per cent.
Make them taxable and no poor max
can hold them. He was certain thai
the majority of the people OF Sal
Lake City would be best satisfied !
| tbs bill passed as it nov reads, will
| the bonds exempted from taxation.
Councillor Smith spoke at length
and with much force upon the subiec
the foregoing being but briei sketci
of the points treated on.
Councillor Snow was anxious tia
81 o,ostio, ipvoIved in this motion 1