The Penn's Grove record., 1897-03-26
Money and Taxation.

1t is a levy, or c~oniiscation Oh
The State and Nation of part OF every
PERSONS property to be used to pay pub
lie officials or for public improvements
for the general public good. The State
constitution says property shall De
assessed for taxes under general laws,
and by uniform rules, according to It's
true value"
What is value? Value is solved into
two terms-intrinsic value or WORTH
which comes from general utility or
personal esteem; commercial or eX'
changeable value, commonly caIieu
price. The first never huctuates, the
latter always. Ii most cases we hold
the value of an article to he its price
at which another of the same can be
purchased. Price is measured in units
or dollars, therefore, in most cases, the
value of all property and products for
taxation, is the exchange value or price
With the same amount of property;
land-in existence and the same Ut
mand for it the value-price-shouId
be the same. With a greater demand
the price should go up. But we see all
about us that the price of land and pro-
ducts have gone down. God made the
earth and man to live on it. There are
more persons demanding land and pro
ducts to-day to live on than ever in the
history of the world and land should be
of more value, but you see it is not 50.
Then the change must be in the units,
or dollars, by which property is measur-
ed or valued.
BY common and statute law gold and
silver are recognized as the only money
metals in existence and from the dawn
Of civilization up to 1873, the units or
dollars of both gold and silver measur'
ed the value of all property and pro-
ducts on earth. But gold and silver
are divided into units or dollars by
statute laws of nations and when stat
ute law restricts any part of the gold
and silver OF the world from being di.
vided into units or dollars, the nup0er
of dollars are limited by law and the
undivided silver or gold mas nothing to
do with measuring of property or pro-
ducts.
For the past 80 yeaIs the law makers
in the largest commercial nations have
been gradually restricting the flee use
of silver by law and usage to be divid-
ed into dollars and the finishing stroke
was given in 1898 when the mints of
India were closed, the United States
refused to use any more silver for
money and last year when j. G. Car
Isle announced he would redeem silver
dollars in gold. That reduced the
measure of values to gold alone and
made the gold units measure all or
twice as much property and products.
Senator w. L. Chandler last Novem-
Der said, 1.-THE people have sufficiently
informed themselves to believe that the
quantity of real money, and not money
which must be redeemed in some other
money, determines the prices of the
worlds commodities, anl that the de-.
monetization Of half the worlds real
money is slowly reducing prices and
crushing debtors, and that the use of
only gold as non Iedeemable money is
placing the g'eat Instrument of ex.
change in Commerce upon such a mar.
row basis that he present depression in
production aud trade VIII continue.
with occasional and temporary reac.
tons, for am iadeiej period, and with
manifold evils 10 the human lace the
world over"
The assessment of farm values was
reduced by some asspssuIs two wears
ago. Tie County Board of Assessors
put it back. Last year the assessors
put the value back. Last November.
when the State Board of Taxation met
in Salem, several owuels of farms in
the lower pat of The County apotafed
before the Board, which a, owed a Ie.
duction in value Of from ~ to 25 Der
cent. In the past year We have seen
farms sell for from one lh.td to one
half their loimer value and for less
than they were assessed for.
When a farm sells for such low prices
that reduces the prices of all other
farms of equal fertility and location.
therefore, there should be a general
reduction in assessment on an equality
to give justice TO -neighbors, U-.s~rs,
is not, Salem Court House won't hold
the people next fall when the State
Board of Taxation meets.
On the other hand the Board has to
deal with the money power-tbe hanks
which have hsInsd hr;nr ,ho 81