The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1890-02-20
Repsal It.

corporations thereafter incorporated
must pay in addition to the other fees
heretofore exacted, for obtaining a
charter, State tax upon the capital
set out in the charter, ranging from SIS
to 5000. The injustice and indefensible
nature of this legislation is manifest. but
it in keeping with the Virginia Legisla
ing, if not anestir G enterprise in the
State. If all the charters granted were
used for profit to those procuring them,
then there might be some semblance of
fairness in the tax imposed. But many
of them are experimental. Individual eff
ort is not equal to the development neces-
sary to prove the value of mineral prop
critics. 1t requires association and COM
bination of means frequently to test the
merits of scheme, and not unfrequently
IL considerable amount of money is eX
pended. and yet the project is a failure.
TO require incorporators to pay in adj
dition to the fees now paid. a
tax of S. on $1,000 maximum capital
and 5000 on maximum capital OF
81 600, 600 named in charter, is a tax on
enterprise that should not be imposed.
We know of one corporation in the Val
ley, whose maximum capital is named
or 10000 in testing the value OF min
eral property, and as yet without salts
factory results. To demand of a similar
enterprise an additional tax of 5000 or
$3.50 would be nothing more than legal
robbery The law taxes the product OF
mines, and the State derives a revenue
from working mineral properties when
they are successful, and in proportion to
their success. Where, then, is the policy
or the justice in dscouraging corporate
effort to develop the resources of the
State, and thus create taxable values,
where individual effort and means are
inadequate to it? The policy of starting
out to squeeze the enterprise OF the
State in its embryo condition. and before
there is a fixed assurance of its success
is both suicidal and foolish. 1t is killing
the goose before it has time to lay the
golden egg, and even forbidding its
growing to maturity.
The law signed by the Governor as
above indicated, ought to be repealed at
once, and before the Legislature ad-
journs 1t is wrong in principle and
policy. Every corporation that succeeds
adds to the taxable values of the State,
and its products are liable to assessment
just as any other personal property or
income is. Why anticipate this by i'm
posing a restriction upon the undevelop-
ed minerals to accomplish it 1t is not
good policy-it is not fair; it is not
strictly honest 1t is abuse of legisla-
tive power and a perversion OF the du-
ties and obligations of the law making
authority.
1 Now let the Legislature pass the rail
road bill introduced by Mr.. Yarrell, we
think, some time ago, creating COM
mission of three, each salaried at S., 600
per annum, and elect three broken down
politicians and turn the railroad manage
ment substantially over to them. 1t would
be fitting complement to the bill noted
above The one would drive out OF the
State, where practicable, money and
men. interested in railroad enterprises,
and the other would keep out of Vir-
gnia capital and business experience
that otherwise would come to assist in
developing the hidden wealth and pro
noting the progress of the Common
wealth.
1t is glorious thing to have Legis-
lature that takes pride in legislating to
repress all industrial activity; keep out
capital, and discourage every movement
and every project designed to contribute
to the welfare of the State. II it can
only create few more offices wherein
to pension the needy and seedy; enact
unconstitutional legislation to delay the
| payment Of honest obligations, and pro-
vide for expensive litigation in order to
1 force the citizen to surrender his legal
rights, it will have inaugurated series
of steps to bring reproach upon the
Commonwealth and arrest the spirit OF
Improvement which is now everywhere
prevalent.