Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1883-09-21

As time develops the facts In the case it be.
gins to be evident that the new law raising
the money for state expenses 10y tax on cor
porntous is proving to be far otherwise than
the total or partial failure which some of the
papers Of the state made haste to declare it "a
month ago. II one were to try to hnd the
reason why these papers seemed to find such
great satisfaction in declaring the law fail
ure, he might not have far to seek-no far
Their, probably. than the fact that their editors
live in too close relations with certain insur-
ance and trust company interests to have their
vision entirely clear in the matter This
however, is a point not worth discussing
That an impression has obtained that the
law Is proving a failure is due evidently, to a
msconception or misstatement of what its
trainers expected to realize from it, 1t has
been stated, for instance that the law was
based upon the expectation that 1t would yield
$3.50, 600 Of taxes year. In point of fact no
such sum was anticipated from its operation
When Col. Hooker and his committee pro.
lected the measure. they went to State Audit
or Powell for figures, and that official inform
ed them that if they could raise $500 900 all
told 1t would bring the state out with d clear
slate financially at the end of the next bieu
NAL period-the expenses of the Legislature
of 1882 included On this basis the commit
tee went to work their intention being TO
raise Sl75, 900 to $500, 900 year boy means
Of the law. To cover the debentures Of the
last legislature and to pay the state expenses
until the new law got into operation, a tax of
10 per cent was levied last fall or winter. this
tax realizing the sum of SlG9,OOO
What has resulted from the operation OF the
law is this The semi annual taxes already
paid or to be paid 10y corporations amount to
$4,000. indicating total for the year of
Sl5O,O0u. The tax on insurance companies
payable annually in February, will amount to
$4,000. The business Of the railroad com
panies is always much heavier in the last half
Of the year than in the first half 80 that it
will be safe to count on $4,000 additional
from this source Mt the end of the next SIX
months. To these sums must be added the
Slj,OO which the Central Vermont railroad
will undoubtedly be obliged to pay on its main
line, heretofore exempt from taxation These
sums added together give a total Of $4,000
as the proceeds Of the law for the 1irst year Of
Its operation Add the SlGg 600 already rails.
ed from the 10 per cent tax, and we have
S3j9, 600 for this year expenses and to pay
the debentures OF the last Legislature Add
$50, 600 for next years proceeds Of the law.
and it gives a total Of Sj4y, 600 for the two
years-S49 900 III excess Of the state auditor Is
estimate-which indicates that when the legis
lature Of 1854 meets there will be $50. 600 in
the treasury, in round numbers, to pay its ca.
penses, in place Of an empty treasury and d
necessity to borrow money for Legislative ex
penses as has heretofore always been the case
This showing, which We believe to be fair
and careful one not subject to dispute, doe.
not look like an "ignominious failure" for tho
new law. On the contrary it looks like ID
gratifying success and one greater even. than
the trainers of the law anticipated
Much has been said about the prospect that
certain corporations would tight the law and
resist the payment Of their taxes on constitu
tionai grounds but in point OF fact at the
present time every railroad company and ev-
cry other corporation interested has either
paid its tax or has intimated cheerful pur
pose to do So This would seem to indicate
that the law Is, after all, founded on some
principle of law and Justice, the opinion Of
certain interested journals or individuals TO
the contrary notwithstanding.