Daily Republican. [volume] ([Wilmington, Del.]) 1874-1890, 1886-11-09

- N0t411 Va A9A
The New York World, with its 40
oustomed energy, has taken mp the
cudgsl for the correction Of IN evil
which IL universal, aad which exists
here in WILMINGTON TO ~ glazing an
extent AZ 1t does in New York. That
evil Ii the ease apparently with which
personal property escapes its share OF
taxation. 1t shows that the great
Vanderbilt estate 10 only taxed upon
%, 000, 900 Of personal property, when
the will Of William Ii. Vanderbilt dis
posed Of over thirty millions OF such
property, which 10 still In the hands OF
executors. 1t also discloses the aston.
ishing fact that Mr.. Jay Gould, who
short time ago called In . committee
OF specuiators and demonstrated TO them
his solvency by displaying over atty
millions OF securities In his strong box,
pays personal tax only upon 500 100.
It 10 such facts ~ these which furn'sh
areu ments for such radical and imprac
teal theories % those advanced by meu
OF the Henry George typs and cause
them to hold to the levying OF taxes
upon real estate alone, which can b,
assessed and collected to make up fol
what Ii lost In personal property which
cannot DO seen.
The experience Of New York, which
the World 10 now illustrating, is tn,
xperience OF all large cities and ever
OF cities the size of Wilmington. Th'
personal estates In all great centres o
wealth are far more valuable than thu
realty, and yet whilst this fact Ia no.
torious the personal assessment
amounts to practically . small frsc-
ton Of the tax levy for governmental
purposes How TO correct this anc
prevent tax lodging by pecunious per-
sons is q problem which no city ha,
yet solved. The experience Of all othei
cities Ia practically the same, persona
property vanishing with the residence
OF the rich nabob II 1t be inquired after
for assessment purposes.
The World has interviewed the TAI
comm issioners OF the metropolis, and
Inquired after this inequality Of taxa
ton, as the case OF Vanderbilt and
Gould referred to, and they stated tina
had they pressed the assessment OF tn
Vanderbilt estate up TO the figure
which would have covered It's ac5ua
value, one of the trustees would hav'
changed his domicile to his oouutr,
seat or to one OF the other places wher'
they have summer residences, aud tia
the city would have been deprived ever
OF the benefits 1t now Possesses. Be-
sides, they add, the attempt TO tax per
sonal property has . tendency to driv
capital away from . city, and heno
they are compelled, for reasons Of pat
lie policy, to be lenient with II.
d As may be expected the revelation
OF the World are creating quite senss
: ton In New York, where there Is
large amount OF personal propert
.. virtually exempt from taxation. Tb
, same question has been the theme {
. thought and consideration In our ow
city Of Wilmington, but with the II
!. suit only Of taxing what personal prof.
erty could be heard Of, which 10 yer
small amount com pared with tine actui
; amount possessed. II is very cas-
9 matter for this kind Of property I
: escape taxation. 1t can be turned int
' government bonds temporarily, or
!. can change It's domicile and dodge OF
assessor without being discovered
b the other. There 10 no question tn
such property ought to be taxed.
d profits are always sure, whether brip
ing three or six per cent interest," viii
> real estate fiuctuAtes and Is at times
. burthen Instead OF D benefit TO Il
u owner But how the cause OF col
Is plant Is to be removed is one OF tho
things which even the World has Il
p found out yet, and we doubt wheth
" 1t will be while money and Its equiv
lent In personal property rules
d world.