The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-25

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-ola;nuIicagloli:
tlas.es oI lae 1.laaes:
Sal you ain pellisit, VII it.;iise
fei,s. ~ soal Ne,.AIs, t.ts ~ -. is'sts=
{ III issue ol -oe % UeaS,,2t'!s @tss itt''-
t:Jtsie III sst4>ssl.C.4 Is, tIasSe Ike hsz.1si;
oi ii ssl3iQe s44.l.3 ,s-Ns ~ t4te 11s.s4'4.s
lis Tie cls:as4ull VI Sf1ast-., a4aa s!4i'~
( ever is cTca2eu 3s l.4o.sssa VI .s4lt..ta
1apoi " GiI-@s-lt> Is s..itA4iG, -
cilaAge.iEie, N;,l4ssi1.e, is Is ettita, =
noue Mdiicn is 5000 9e.!G4.As s.3ut'S,
most Suie-ltis - progeny. Aoi ~ itsta
every Qua,3t5 ana G1IaIae ttt4StAS "
property. 1t as saiiilie. eAG1atlsSdttie
for oiler properly: II IS uGAs!sa9As ny
Will. ana hence 10 hUlu iGe opia;uh
8 that that WnIcn is t.tr-ckis SUasss4iL dItstE
slS II CHOICE IngesSttieiit. Mli-c1 i's-'ls
] an income Is not properly, from VIII:
the State Ought not 10 derive an Il
come To supDufL It's government, = i!ot
based on Il reasonable ipttau.ltioA- 4 ot
chen II Il person = WgUlt estate SSi1s
In notes and bonds, tilen thai llalsoi!
would pear 40 i,a.'t J1 tie pu!in2n "l
government. THIS argument leaves otA
OF view United STAGES b0nue. church
property ana al Sttt-l properly rs Is
exempted by State or tedeIai ia Ns,
] do not hold that money ought noL
TO be taxed; bur as it is III small Iiills
and is held in small quantities ly the
peonle. and hence rarely listed fer FAX
alton. it cannot be looked 10 Ioi' 4 u1
return TO tax commissioners: but tD2t
which is created--notes and bonds anu
Stocks-as much 50 as real estate, De
ing concrete, tangible, Taluapie, afr
subject TO taxation, and the BEST insS'l 1s
ought TO be adopted TO have them aas}-
,aitted for thai purpose
.liF
stocks ought to pay 4 tax, as lhey are
based on visible substance. :fillcil hcea
protection, and the holder OF TIE DoildS
and stocks and notes claims ne leeiist-
lit of organized governments; men WY
claim exemption from taxation: y
is by taxes, IN great part tlial gov
e1llrnent is supported. Tie Weaish 81
ihe United States personal and "e,tl,
is now some eighty billion dollars the
creation of money ana unpaid labor;
i,v unpaid labor is meant the ialloF
done by ,DerSoE on his or her prop
ei.ty, and shat done lay settlers IN
clearance of land, where nc money
passes for the labor performed. La!lo'
and money are the creators of wealth.
and the created values are debtors 10
the State for taxes wllereWith TO keen
it alive: for without money il Womb
perish u. q tt +, 1nc1
Richmond, Va, October %, 1861.
IN spite of the very simple illnstra-
lion which We gave the other day our
correspondent insists that notes AMI
bonds and other oblig:ltions OF debt
are property and ftt subjects Of taxa
ton. We are sorry that our core
spondent did not give 4 CATEGORICAL
answer to the question which we pat
in the Illustration given. Ne repeat
the illustration and the question.
A has a thousand dollars in money
and is assessed thereon in the year
1901. During the year he lends that
money TO B and receives Rs note for
81 900. and B takes the cash and locks
it UP in his strong box TO be used by
and by for some object which he has
in view. When tilc assessor COM IS
around in 1902. he finds the money ia
the possession of B.. and q holds
note in The same amount. OF course s
is assessed on the gold, but does our
correspondent mean to say mat a
Should also be assessed on the noie
which he holds2 Has there been any
creation of property because The mon
ey has been transferred from \ TO 3
Suppose \ lends tile money to Will
out requiring of him gu. evidence of
obligation, does our correspondent
mean tc say that \ should be assessed
because nc has loaned his money ic
b.
We will suppose another case A ias
a farm valued III 5000 a:ld pays taxes
-, tI,o-
uary, 1902. he sells his farm TO his
aeighbcr, 3. and takes in payment Is
note FOR $1,000. IN February, 1901
tie assessor comes around and lin,ls
the farm in the possession Of 3 inste:i1
of in the possession Of a. As the as
sessment of real estate is changed on
1y once in five years, of course there
will be no change Of assessment SO
far as the farm is concerned. But VIII
the assessorrequi A TO list his note Tor
taxation? Has there been any creation
of property simply because a has
transferred his farm 10 3: What is
there In this transaction that entities
the State to more taxes
Let our correspondent answer these
questions fully and frankly. We have
no object in view except to get 1T the
true principle of taxation. We believe
that we have found that principle. AMI
we have lost no occasion TO bring rhe
subject TO the attention OF our read
e.s, because we think that this is the
time to settle the question once for all.
We do not believe in taxing shadows.
i We believe in taxing Substance, II
taxing .ill actual property once. nut
only once. We say that in the first
case supposed the property is The gold,
and that when that Is taxed The State
has 10 moral right TO tax the note In
VOWED. which is 4 mere evidence of
debt In The second case supposed .he
property involved is the farm. and
a,hen the State Las taxed the farm ii
llas taxed all the property in sight ana
Al the property thai there is, and
lsla cd everything that is fairly a sub
,ssi OF taxation. We believe that this
B t,sdpti3le Is not only right, hut expe-