The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1880-11-06
Interesting Phases of Taxation,

ExAssessor James A. Briggs, in his address
before the recent bankers convention in Sara
toga, made the following points,
am more and more satisfied that the least
possible tax upon money is the best possible
policy for the people, the most conducive to
their welfare and to their prosperity; especial
w to those who would borrow upon mortgage
in the country. What our country needs IS
cheap money. 1t cannot be had where the
legal rate Of interest IS only SIX per centum,
and the rate of taxation from two and half
to three per centum. The banks under the
law of June 26, 1880, enacted at Albany pay
more taxes than any other moneyed capital,
or any other property, as the shareholders IN
banks are not relieved of any tax upon their
shares unless they are in debt. A. B. owns
$4,000 in railroad stock and $4,000 in bank
stock. Both are of the same market value.
On the bank stock b. would pay three times
more taxes in the city of New York than he
pays on his railroad stock-this is equalizing
taxes The courts will dang this law all to
pieces rs soon as they get lick at it," as 1t IS
in violation of the decision of the supreme
court of the United States in the case of Will
liams, president of the National Exchange
bank in Albany, against the assessors of that
CITY, as well as the decision OF the same court
in the Cleveland and Toledo bank cases.
Throughout the state the average assess
ment of real estate is not over sixty per centum
of full value, while IN most of the counties
banks are assessed at full or nearly full value.
1t is time that the government repealed the
law taxing national banks, as the tax imposed
upon them was war tax, and now that inter.
est on government bonds is only four per
centum the government can well afford to
keep its faith and maintain its honor by not
taxing national banks, as the capital stock of
these banks is all IN national bonds. The
taxing of their deposits Is IN violation of the
laws of political economy; and is direct tax
upon the business capital of the country, and
as long congress allows states to tax the
shareholders Of the national banks for all
purposes the government should relieve them
from all national taxes, as they give % the
people the very best paper currency in the
world. And he who would seek to destroy
them must be suffering from the first stages of
mental and financial ldiocy. If the people
are wise they will not allow any party to re
peal the law creating the national banks but
will vote to extend their charters Cor century
to come.
Our laws should be Of such character as
to invite mOneycd capital aud capitalists into
our state. They are not of such a character
now. The foreign capital pays in New York
city to the national government, and to the
state, one per centum tax, and this is more
than one fourth of the interest they receive
This is the only great city in the world where
money is thus taxed, and before New York
can become the great financial centre of the
world money must be taxed here as it il taxed
IN London and Paris.
Our present tax laws are absurd, unjust
ridiculous and belong to past age. As well
may a man wear with comfort and decency
the Shoes hat and garments of his boyhood, as
for the people of this state to get along wisely
and we'll under a system of tax laws that Is
the same in the town of Wilmurt Herkimer
county, with $4,000 acres of land and 1S5
inhabitants, as IN the city of New York, with
nearly one and q quarter million of inhabit-
ants, and with every variety of business, and
of every occupation that it is possible 10 con-
ceIve.
Let our wise men apply themselves to the
task of divorcing our state tax from all pro
perty owned by individuals, so that counties,
towns, villages and cities will raise taxes only
for local purposes; and thus leave the cities
to be subject to such revenue laws as their
wants, their interests and the well.being OF
their people require and demand, without any
let or hlndrsnce from the country. The growth
OF cities is the prosperity of the country.
Some of the features of taxation in England
are peculiarly just and desirable If anybody
leaves you $500 you have to pay $40, and if he
dies without a will, you will then pay sl5 to
get this $500. The government fee on $40
600 legacy Is 81 900. and 81 800 if there be no
will, aud If the legacy is $1,000 900, then the
queens fee is 1880 or without will, more
than 100000. Ii you study aud become al
barrister, the admission costs you $3.50, or rs
much as you are likely to earn the first year.
When you graduate IN medicine you pay $50.
Ifyou become mere notary public to admin
lister oaths 1t costs $50. When you execute