The daily morning journal and courier., 1901-03-28

from without. It would be simply inn
 possible, even by wholesale combina-
 tion of the landed community, to cor
 her land by flinging it upQn the. market
 a a low price. The market is pretty
 steadily working engine after all, with
 little of the kicking horse' about it.
 It has been clearly shown already by other writers how the values of invest ment property tend to regulate the as- sessment of unmarketed estates.
 Again. in contrasting the operation of the Chamber of Commerce bill with other systems of property taxation, Professor Farnam says that in those i systems ''an attempt is made to get at f a fair or just value as distinguished from the chance market value of an 1 isolated sale' But there is absolutely no such thing as "chance market val ue." Market values are regulated by ] laws as irresistible as the laws of phys ics Above all the market value of an isolated sale" is contradiction in terms, for a sale cannot be isolated and in the market at the same time. An isolated sale is of the nature of barter, man to man, results depending entirely | upon the knowledge or shrewdness of the two engaged therein. Contrasted with this is the open market where many bring like commodities to the sale, and competition fixes prices at their true figure.
 Now, in determining the market value of land under the Chamber, of Com merce bill, there is no possibility of isolation, but instead an absolute pub nj opportunity to make full investigation.
 In a previous article Professor Far nam brought forward another import ant consideration in connection with the doctrine of equity in taxation--one which seems particularly pertinent to the present situation, He said in the Register of March 16: No mans tax bill can be reduced without increasing the tax bills of everybody else" Quite true but neither can one mans tax bill be raised without putting him at disad- vantage as compared with those whose taxes remain the same. The principle of just taxation is that all capital, in whatever form, shall be taxed upon the basis of it's actual value" in practical life coincident with market value."
 The argument aroused over the Chamber of Commerce bill has develop ed very significant line of cleavage in this community The bill, introduced and supported by real estate dealers, i, has not been publicly opposed by other holders of real estate, large or small, but by those whose moneys are chiefly | (and under obtaining conditions, wisely | so) invested elsewhere and In other { classes of property. At first sight these may appear to stand in position to pass judgment upon real estate as- sessments from the direct action of | which they are personally free. This Is. however, a serious nlisconception, for Indirectly they are affected by them and reap benefit from the high taxes of their neighbors.
 In assessment lists of 1900 we find ,ases of real estate entered at three and our times the market value, as against personal property listed often at from hree- quarters to half the price it's sale would bring.
 The burden upon over-assessed real state puts a corresponding premium lpon other forms of investment, where IS 1t would be. to the better interest of he city to encourage investment in and of city real estate, which s the chief source of its revenue.
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