The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-03-09

safe current rate Of interest on money by en-
barking In the numerous unreliable and spec
ulatiye investments which are now, on ac-
count of the cheapness Of money. flooding
the market, to the injury OF credulous people.
There would be different result under a
system such as the amendment proposes.
The amount reaped for taxes would probably
be greater In the aggregate, and taxpayers
would be coDtented to pay their taxes. Al
most any one would pay what would seem to
him reasonable amount of taxation, rather
than resort to attempts at avoidance. In the
state Of Connecticut the tax Is one per cent
for five years, / think, and the year the law
was set In operation In the city Of Hartford.
the valuation on money and securities
jumped from the sum Of three to thirty
millions. In Pennsylvania, think, tbs tax
Is one-third Of one per cent annually, and
the law works admirably there. So would 1t
work well here under any fair and reasona-
BILE system. Men would not conceal their
money by investment abroad, and there
would be more money to be let at home. 1t
would be better for both lenders and borrow
ers at home. Severe taxation locks up
money, while reasonable taxation brings It
out.
A question may arise whether this pro-
ject would be legally sustainable, In view Of
the constitutional provision that taxes on
equally according to the value Of the proper
ty. 1t would seem that, II property can be
doubly taxed for failure to expose 1t to the
assessors, reduction might, on the same
principle, be made for exposing IL TO them.
That clause In the constitution has been fire.
Quently very literally construed by the
courts, and necessarily so. Otherwise there
could be no exemption from taxation. Rail-
roads could not be taxed In the mode they
are now taxed. nor would savings bank de-
posits stand. as they do, on favored ground.
and other instances could be adduced.
In Connecticut, bonds and notes produced
for taxation are TO be registered. aud with
out registration they are not legally trans-
ferable or cOllectible In that state, and the
tax Is paid for the registration. Unregistered
bonds are there to be fully assessed, II dis
covered. So here. the tax could be assessed
for registration or license.
l am not advocating the law proposed by
the commissioners, even though shorn Of
some OF Its severity by some such an amend
ment as Is here proposed. think the pres
ent law we'll enough. Assessors know pretty
well where to apply the pressure, and have
great power to do so. But II the listing sys-
tenn Is to come, let 1t be made as free of
harshness as 1t reasonably can be.
The bill Of the commissioners seems to dis
criminate In favor Of the "hornets and
wasps", In that 1t authorizes double taxa.
tion OF all ones property, real and personal,
for neglect to hand in a list. This would
bear heavily upon many tax payers, but
would not so severely affect one whose pos
sessions are all or principally securities.
Double taxation OF the supposed amount of
securities alone would seem to be both as
sessment and punishment enough
Excuse the length of this communication
written under the privilege Of constituent.
by your friend. p.
BANGOR. March, 2, 1891.