The times. [volume] (Richmond, Va.) 1890-1903, 1893-12-13

NtiHf.
NaIae Of Personal Property.
This Also puzzles lccislatrs. Different
plans have been tried in various states
aud countries. IL would make this mos
sage too long for me 10 discuss all the
deviceS used II IL estimated by those
best Informed on the subject that on a
fair assessment Of all the personal pro-
pcriy. II would nc about equal IN value
30 real property. This proposition has
been discussed. and the fact admitted by
a number or tho governors or the state,
I'm their messages. aud by many OF the
best writer's upon this subject. One of
them SAYS. at Is reasonable TO believe, II
our present tax laws were reformed and
placed on some true and consistent theory.
the assessment OF personal property will
nearly cqga, the assessment " the realty
and thereby the present unjust burdens
on real estate would be- greatly reduced"
The assessors I'm New York recently re-
ported 10 the Legislature that personal
property is assessed at an average Of less
than 10 per cent of its nominal value
and that the value Of personal property
In the state Of New York equals. If IT,
does not exceed, the value Of the real
estate.
II the tax valuation Of per4onal proper
~ OF the whole country were TO he con
suited for the purpose Of asCcrtaining It's
financial condition, II would be found to
he rapidly rushing towards bankruptcy.
From 1870 to 1880 the census returns show
that the assessed valuation OF the per-
sOnaI property Of the United States de-
creased enc million and a quarter, and
from 1880 TO 1890 the decrea Sc was even
greater: the real estate increasing during
the same period more than five billions,
while the fact Is conceded that the value
OF real estate and personal property in
creases. az rule. pari passr- THIS appa-
rent declinatlon i'm the value NJ personal
estate Is duo 10 defective assessments
the officers not being able 10 find what
IS the amount and value of investments
made IN stocks. bonds. notes, etc. and in
Invisible property Of various Kinds. This
decline seems 10 be generally admitted 10
bc apparent and not real.
Now. 80 defective is our sw and so
badly is IL executed. that the real estate
is assessed February l. 1892 at 900. NJ
3G6, and the personal property February
I. 1922 AT so, sSS, 0Sl. Real estate pays
$l.2lS,500 Of the tax and personal property
pays S5b4,0it. because of the failure TO
obtain the true amount and value of the
personal property in the State. Many
have. favored relieving personal property
from taxation because of this difficulty.
This should not be done, because IL is re-
warding the dishonesty OF tie taxpayer
who fails TO give in true is OF his pro-
perty; II is doing just what he Is striving
for--to wit, the release of what he owns
from bearing a fair proportion of the pub
lie burden. II this was done a difficulty
equally as great would at once be en-
countered in assessing satisfactorily the
value of real estate. when heavily in
creased burdens shall be pla ced upon IL
to comper safe for the loss 10 the State
in releasing personal property from taxa
ton.
Taxation OF incomes.
After a reasonable tax has been i'm
posed on real estate and personal proper
". there should be a fair tax placed on
incomes. This will be a varying tax. de-
pendent upon the success of the people
I'm their business during the year. In
come tax will vary, because II depends en-
business success. 1t should be used TO
meet the deficiency in the amount Of
taxes necessary for government purposes.
after a reasonable tax on property has
been assessed. IL is said by some that
taxes should only be assessed on visible
property; that to tax incomes, which are
invisible. must be unjust, because you
cannot correctly assess what you have
has makes II inquisitorial, ard therefore
both unpopular and improper This.
think, Is a grave mistake. It is not
unpopular. but is growing in favor and
is urged by a large proportion Of the
people. 1t is becoming a source Of reVe-
nue. I'm many OF the States, ard has been
for years used as a means OF revenue in
England and other countries in Europe.
In 1912 Il was adopted in England as a
temporary measure TO relieve trade and
commerce from the trammels by which
they were bound. 1t was imposed for
four years. but so wen did i serve the
purpose OF revenue, that the govern
ment. after a fair trial finally deter
mined 10 keep il as a permanent part OF
the English financial system. To assess
it, was for time, the cause Of trouble
and complaint. bus experience has en-
abled the officers to ascertain this source
Of revenue with as near an approx
nation TO justice as any other. 1t is
unpopular with a certain class Of people
who desire to avoid a fair proportion of
the burdens Of government by investing
their means in a way to escape taxation
more readily than they coul6 If invest
ed I'm Visible property. This i3 unjust TO
property owners. The capitalists whose
wealth consists I'm invisible property, are
as much benefited by the government i'm
being protected thus enabling them 10
make their incomes, and in their enjoy
ment OF them. as those who own visible
property, which cannot escape the atten-i
ton Of the assessors. Their investments
in property not taxable by the State.
because they cannot be aseertained. pre-
vent investments In visible property
which can be easily discovered, and thus
the decline from year to year Of this
kind OF property II cannot be fairly
denied that no tax is so just. The only
trouble is the difficulty I'm properly fix
ing the amount Of the income. Certainly
the good citizen who is willing TO bear
his proportion of taxes does not COM
plain. He is willing to give a fair state
ment Of what ne owns for assessment,
The man who complains is the one who
will resist a fair assessment Of his in
come He ought not to be regarded, be-
cause he enjoys the blessings OF the
government. and is unwilling 10 bear the
burdens which are imposed on other citi-
Gems. I trust this class is neither numer-
Gus nor influential in the Commonwealth.
Farmers and Merchants Suffer.
The property tax is Often hard one:
Il is inexorable. IL must be paid whether
the property has yielded revenue 10 it's
owner or not. IL is often the case that
the merchant pays his taxes, which he
could not anticipate, have over aiken him
after his assessment has been made
and when the taK-gatherer comes he pays
his dues out Of an almost empty cash
drawer, The farmer. whose property was
assessed years before, ii may be. has
sustained heavy loss, occasion ed by the
act of God, which he could not have
anticipated nor provided against--in the
way OF a drouth or storm--the result of
cFt 10