The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-30
Taxing Notes.
Editor of The Times:

Editor OF The Times:
Sir-In reply to the question which /
did not answer in my letter of the I'd, and
to which YOU ask an answer in your issue
of the 18th instant, 1 have this to say:
If A has paid in 1901 on $1,000 cash in
bank, and lends it to B between Novem-,
Der. 1901; and February, 1902, most GER
tainly A ought to pay. on the note and 3
on the cash. because a has note which
can accomplish, and does oftentimes &C
complish, that in business and trade
which money can accomplish. 1t can
and I shall have to repeat oftener than
visible exchanged for other values. 1t
is the basis Of credit, if used as collat-
eral: it can be left as an Inheritance. II
never used for these purposes until paid
it pays the holder an income. speak o.
good notes. carrying interest. 1t needs
and receives in the hands of the holder
the protection of government, sharing al
the benefits derivable from organized so
cieties Why shall not notes and bonds
and stocks pay for this protection?
Having answered-not, however, with
all the arguments that can be made to
prove that notes, secured and unsecured
ought to be taxed-I will endeavor to
make plain my reasons for holding the
opinion that bonds, stocks and notes are
proper subjects for taxation.
All the wealth of a State receives, or
it is intended it shall receive, the protec-
ton given by an organized goVernmnt.
Every resident. citizen or sojourner is
promised safety to life and property. and
to obtain this tax is paid to maintain
officials and courts of law and police;
taxation. therefore, is to maintain gov
eminent. It's protection is not limited to
the material substances alone. such as
lands, houses, diamonds and gold; out eX-
tends to notes, bonds and stocks as well
or, as said above, to all the wealth ana
persons of the State; and they are-these
notes and bonds and stocks-debtor to
the State for such protection.
Notes. bonds. and stocks are Integral
parts of wealth. They are potential in
what is called business and trade. IN
which men employ themselves to obtain
riches. That they should make profit to
their holders by being used in the many
ways they can be, and yet ought not. as
other property, be taxed, is not sound po-
liIical economy. They would be drOneS
so far as supporting government is con-
cerned, but profit-makers as to their hold
ers. If holders of notes and bonds and
stocks pay no tax, what interest would
they have in trying to obtain good gov
eminent? It would be no concern of
theirs whether officers were competent
or not. Certainly an Indifferent and apa.
thetic class would exist in the community,
paying no tax and taking no interest in
politics. Would that be a desirable state
of society? Would it breed good citizens?
Would it be political economy?
In reply to question in your issue of the
26th, in which A sells a farm to B and
takes his note. the answer must be that
A must pay on his note, for the reasons
given in the forepart of this letter. His
note is commercial factor; it is disable
for trading purposes. It is a verify. for
at some time it will be paid with money
ana that money may come-though my
contention does not Depend on that
from another State or country, and then
certainly there would be an addition or
creation Of wealth; but. as said hereto
fore, it receives protection and ought to
pay therefor.
&c. GoDDIN.
Richmond, Va. Oct. esth.