The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1885-01-08

SIX MONTHS. ..... .......... 700.
Two Dollars II rot paid In advance.
THE FACTORY ExENPr1oN2U QUESTION.
We cheerfally accord TO Mr.. scudday
the:opportunity to publish his speech in
the House Of Representatives in opposl.
tion3to ion I'll the existing Law which exempts
.manufactories from. taxation for period.
of ten years, but doing SO We must not
Be understood as sanctioniDg that the
publication Of the mere fact that a mem,
.ber Of the Legislature spoke upon any
given sideof a question entitles him to
have that speech published in thepaper
!: sofannouncing. Mr.. Scudday's speech,
however, is thoughtful and well prepared,
80 that it will be doubtless. interesting
and instructive 10 those who read ii,
though we donc think twill stand the
test Of critical examination. It is
plausible pitched in a popular strain
but ne think outside Of this that it fails
to advance any strong reason for the re-.
posal he seeks The ma;nEidea that runs
through Mr.. ScuddaY's speech is, that
the exemption robs the many for the!
benefit 81 the few, and of course if this
Is true it's q grieyons crime. In practice
6 the sums invested in factory stocks are
raised out Of surplus money, which would
otherwise be putinto non.taxable bonds.
81 in many 10y instances fail to be returned
for taxation ont Of capital induced to.
come here from abroad, which would
otherwise not be subject to taxation here.
and also aportion Of it's raised out Of
amall savings BY men and ladies in limi-
ted circumstances, who invest in 3 few
shares of factory stock. These aresthe.
three classes. Now let US soc what the
State gives mp.
70 begin with, it agrees not to tax the
snrplus money which is invested in man
featuring for ten years. This may ,ap-
pear to be 81 great oncesaion, but in
reality it is 4 good trade for the State, for
as d general thing there b very little sur. t :.
pius money returned.for taxation and
when men of;large means invest their
moneys they frequently manage to place
"a considerable part Of it in q mannerin
y which il pays no taxes. The State,
therefore, says to the owner of surplus
capital, if you viii invest il in factory
!, stock, where il can always be seen aud
taxed, we will exempt it for ten years..
theoretically the State may lose, but
practically ne believe she makes BY the
y bargain, fit we're to stop right here.
Then on the introduced capital there can
] bs no question that the State will ulti-
mately gain BY inducing its permanent
i investment here, upon condition that
when go invested itsball be free from
taxation for ten years.
Upon the third class Of investments Of
small savings the State also gains, for
many of these sums would otherwise go,
g is secure some temporary comfort, which
would add nothing to the wealth OF the
State, and would not appear upon the tax
}. books.
In ali these classes it will be seen that
q ., o+ laoat5 Ionhtfnl if the State does
not d, make more than she loses by induc-
ing investment in factories, where it can
always be reached for taxation. We do
NOT mean to deny that sometimes money
is put into factories which would other-
wise 90 upon the tax books, but We are
satisfied that great deal goes there
which. would otherwise not get on the
tsx books, and then after ten years it is
forever taxed by the State.
II isfalso a mistake to suppose that
exemption from taxes is moi an induce.
ment for money to besinyested in manu-
featuring. It is equal to one per cent.
lnseles', 1uls. : ~ 80, ~ s.asa :, ~ their
e muen = lsar M Na..hs.a s q state.:
money - sguu' :. s1s a. .a.aron,ant
; one.snlia = .usA - ~. 'ls 90
Pays ty.s. On. ~ oouus, .,.;n, that
y y nAease. 8 nl.slaAs : 80 r
sae;eAsmpsi.n '.lps.p.. !, - IN ~. ~ ,,ho,a
.a's o1a'e. - uas .un :a.o Ma' I believe
n,seoly - ,ea.a .a.. :. .Ia'sh.sa &c honn.
:. aas n1Ss y Dsssl ,.:a.;as ;pd;ao We
..es ~ ~ ~. =. - 20. h,;,t
oellese .usssse. 'a.isa - - ...s a..un,sd
an sle osa.e ie''oe 1sne We. :sa - - saa
ifom saAA.loll' e.1ns. - : t hss oiaas.
years. or ~ PEI y. - A''s,