The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1899-03-18
Reaching After Revenue.


Under this heading the Harrisburg
correspondent Of the Philadelphia Led
ger summarized briefly a series of bills
introduced recently into the state leg
islaturc by Representative Hosack Of
Allegheny.
one OF the bills provides for the rails
ing Of revenue for state purposes by
imposing upon certain foreign corpora
tiOns. limited corporations and joint
stock associations a tax Of one-thrd of
I per cent. upon the capital stock in
vested in Pennsylvania, This bill is
designed to raise tax upon foreign
corporations that go into other states
to obtain their charters. by so. do
ing" the Ledger correspondent asserts,
"thc state has lost an immense amount
of revenue in the last few years. 1t is
hard to tell what amount this bill will
produce. but. basing it on the number
Of foreign corporations which have
come within its provisions within the
last TWO years, Il probably would raise
$500, 900" Another bill provides that
manufacturing corporations shall pay
a tax of mill upon their capital stock
BY this bill artificial gas companies arc
included. 1t is estimated that this bill
would produce at least S25O.0O per an
mum. These corporations have hereto
fore been exempt. still another bill
introduced by Mr.. Hosack provides
that corporations issuing bonds shall
a If ff I
on all bonds. AS there is no way to
tax bonds of corporations which are
| issued in this state by non-residents,
this act will tax these bonds in the
| first instance 3 mills. The Ledger cor
| respondent says the amount of revenue
| this bill will produce is somewhat
| indefinite, but might reach $500, 900.
These measures, in addition to a. more
| equitable assessment Of mercantile
| taxes by means Of which $1,000 900 of
| more revenue would result, form one
carefully matured programme for pay
! ing off the states floating indebted
| ness.
The most Objectionable feature in this
| programme is the proposition to i'm
pose taxation on the capital stock of
| manufacturing corporations. The
| manufacturers of Pennsylvania as a
body do more for and receive less from
the public than any other class of men
| engaged in commerce. They suffer
more severely than any other class
| from the inevitable fluctuations OF
business; they are just emerging into
prosperity after an uneXampled period
Of depression during which many OF
them had all they could do to keep out
of III" sheriH's clutches: and it would
bc most ineXpediont save under un,
aNOdablc necessity TO place upon then
at this time a burden OF Legislation
when they have by no means succeed
ed yet in disposinS Of the burdens ac,
| cumulated in consequence Of the Ions
period of dull times. The necessity fol
more revenue is admitted, but not the
necessity for getting il at the cost o.
the commonwealth's greatest industry
We do not believe that i'm proposinl
this tax Representative Hosack is il
accord with the governor or with &
! llltlJollNN 'Illllpll III Wv ltSlSldluIt. INT
| governor has proposed as his first recip
for moro revenue the retention by tn,
state Of the personal property tax nov
returned TO the counties; and while thi
is not pleasant medicine to take it i
certainly preferable to any dose whicl
would suspend or cripple established
manufacturing industries or discourag,
the organization of new ones. We il
Scranton are having just now an illus
tration of the hesitancy with whicl
free capital considers good offers o
industrial investment; and if a stat,
tax is to be put on top Of the other oh
stables in the way of new manufactur
ing enterprises we fear lest the promo
rion Of diversified industries may com
to a dead halt
DnWpN'S lDN on he Grsf Cf Ma,. ,.i,