Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1881-05-04
ExOdns Of CanitaI.

Certain unfathered waits have from time
to time appeared in the newspapers, more
especially those Of our sister states whose
interest in Vermont affairs is not according
to intelligence or knowledge, to the effect
that the operation Of the provisions of the
act to equalize taxation is driving and will
continue to drive capital from our own state.
The specter of frightened capital stamped
ing beyond our state borders is apparently
coniured up in this faint-hearted, irrespons-
BILE fashion by interested parties to fix de-
gree of odium upon the best tax law any
Vermont legislature has had the courage or
the wisdom to enact. The cry seems to be
false alarm of wolf and the only parties
that are likely to be injured by it are those
who have raised it. As matter of fact, or
as matter that will injuriously affect any
active legitimate business interest, no candid
person places any reliance upon the truthful
ness Of the reports or will suffer any serious
alarm in case sporadic case or two OF peri
patetic capital should chance to be seen air
ing its coat-tails beyond the state lines. So
far as any vital material interest of the state
is benefited by IL, every dollar of capital
that will leave the state in consequence Of a
law requiring it to pay its honest share in
supporting the government might as well
have remained locked up in the rock ribbed
Serras of California or Nevada. Such cap
ital" does not build up the state. Our
manufacturing, commercial or agricultural,
moral, educational or charitable interests re.
ceve no essential support from it, and will
hardly miss it if it withdraws from the state.
Such "capital " is to the state what the
parasite is to the oak,-twining itself about
it, supported by it, sucking its juices, and
rendering nothing in return, but ultimately
overwhelming and destroying it.
The fact is that our laws offer special in
ducement to the legitimate Investment of
capital in this state, and such investments in
every department of industry will find gen.
uine relief and encouragement, instead of
in the equalization of taxes
which the new law aims to promote. Capt.
tai actively engaged in business, invested
in farms and stock, in houses, shops, stores,
machinery and merchandise, has always
been the conspicuous target for the listers
aim, and has borne an unequal share of the
burdens Of taxation. Now millions of dol
lars of dormant capital have been walked up
by the clang of the iron-clad oath, and by
its contributions to the support of govern
ment will proportionally relieve capital &C.
lively employed in trade, in manufacturing,
and in farming. Capital may leave the
state, or may not seek investment in this
state in industrial enterprises, but the rea-
son will be found in the operation of other
causes than those connected with the new
AK law. If disgruntled citizens elect to in
'est their money outside of the state to es-
,ape fair and equitable taxation here under
,ur judicious and economical state manage
nent, they may discover in course of time
hat it would have been wiser "to bear
hose ills they have than fly to others they |
Inow not of y; for prudent men naturally |
'refer to invest their wealth within the |
ange of their own personal knowledge or
supervision and under laws in the making |
II which they have voice. Disregard of |
his sensible rule of action has undoubtedly
'een more often followed by loss than by
'roft, and under present circumstances it is
10 more than reasonable presumption that
might result in the establishment in Yer
mont at no distant day of fraternity of
'rodigal Sons. The voters of the state will
ardly feel, from present developments, an
Inclination to relax the stringency of the law
" reason of any apprehension that its pro-
'isions will bankrupt the state by forcing an
xodus of capital.