The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-02-22
TAXABLE VALUES.

ton to an extremely vital point in legis-
latiyc economy that may be now pre-
ma,ureIy presented TO the people of Vir'
ginia, since we have still the influences
on us of traditional adherence to the ideas
of an agricultural community. But as
tho new mercantile civilization is rapidly
sweeping over the South, and as these
states must prosper most that arc the
quickest to appreciate and sdop, the new
system, We shall continue to give prom
inence to the vital principles that
are the motives 81 progress under the
/ new regime. Mayor Hewitt Of New
York, who Is very high authority in all
affairs of political economy, has JUS
given utterance again to the principle we
referred to, end that is the recommends
ton to abolish taxes on personal pro.
pcrtv. From the heart of city growing
in time to be the greatest in the world
this idea is given forth, and we need
hardly say that the author of it is en-
phasizing a mere practical application Of
what has made New York what it is.
The citizen owning personal estate OF
million pays no more than citizen OF
Richmond similarly situated pays on a
hundred thousand dollars. The free
capital" that is loaned to the use Of bust
ness is the arterial blood of a commun.
ity. and when the real estate has TO carry
the taxes it must be borne in mind that
the value of the real estate is the result
of the capital.
In the moral as well as the practical
aspects of the proposition it is known
that there cannot be any fair adjustment
of taxes on personal property. 1t cannot
be seen and the owner every day hides
1t from the tax gatherer, when thousands
f..men deemed indifferent honest
hold that it is fair 20 cheat.
In long and able discussions Of this
subject the quaint maxim has been
often quoted, Never tax anything that
can run away from you" 1t may be
safely stated that this free capital has
swifier and quicker legs than any other
element that is sensitive to profit and
gain.
Mayor Hewitt has taken an advanced
position, and il will be impregnable as
soon as the practical reasons for 1t are
understood. He says that the remission
Of the taxes on personal property would
attract so much additional business to
New York that the increased value OF
real estate would directly prevent
any loss When we tax the float
ing capital we tax the producing
power of wealth, and we must here
repeat our formula in the production
by labor and capital viz That the
capital gets its interest, the laborer his
wages, and the manager of the busin' SIS
his wages. All are distinct in character
but they work in harmony and form the
cooperation that makes modern bust
ness affairs in manufactures and com
merce.
When the settlement of the State OF
Virginia was accomplished by the com
pany of adventures" the value OF the
lands was caused by the use of capital
and the more capital that was used tC
settle waste lands the greater became The
creation of landed value by the use OF
money that was owned in England. We
use this illustration to point the practi
cal application of the principle to the
very same place to-day.
We want capital in Virginia. We have
the land and the people, and the way Il
obtain ii is To make the "arterial blood
free, so that ii will flow to the extremi'
ties without being clegged.
The land will, as Mr.. Hewitt says, in
crease in value at once to cover the loss