The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-03-01
SPECIAL MEETING OF THE CHAMBER OF
COMMERCE YESTERDAY
The Bill Fully D1scussed-Several Of
It's Provisions Disapproved by vari-
Gus Speakers-Commfttee Appointed
20 Go Before tile Finance Committee
at Raleigh

O'Clock to consider and discuss the
revenue bill now pending in h gen.
eraI assembly at Raleigh.
Those present were Mr.. Marcus w.
jacob, the PRESIDENT, Colonel John L.
Cantwell, the secretary, and Messrs.
J. ". Jackson, J.. B. Mercer, B. F.
King, w. ". Harris, F. II. Fechtig,
Hugh MacRae, J. A. Taylor, Colonel
F. w. Kerchner. Andrew Smith, 81. A.
Burr, w. II. Sprunt, Captain A. L. De-
Rosset, Captain ]. w. Craig, J. G.
Stevenson, w. E. Worth, Captain
Henry Savage, H. K. Nash, Captain
E. d. Williams. r. R. Stone, Sol Bear,
P. Pearsall, W. F. Robertson, d. L.
Gore. DR.. w. H. Green, George X
French, C. H. Fore, J. w.
G.. H. Smith, Colonel William l.. De-
Rosset, Captain T. D.. Meares, Colonel
w. A.. Johnson, F. L. Higgins, j. w.
Thompson, ]. NJ. Bunting, g.. w. Lin
der, r. NJ. Wescott, Captain James i.
Metts. w. G.. Whitehead, r. w. Hicks.
r. A. Parsley, John H. Brown, II. w.
Malloy, John A. Arringdale, John T..
Crow, S. z. McNalr, Sam Bear, Jr.,
and L.. Bluenthenthal.
President jacob called the meeting
to order, and stated h object OF
the meeting. Applications for mem
bership, however, was the hrst pusl-
ness in order. The secretary reao
applications from Messrs. j. FanB.
Nets, George L. Peschau an F. H.
F'echtig, and on motion Secretary
Cantwell cast the unanimous vote or
the chamber for the three new men,
bers.
President jacob then called up the
revenue bill, and stated that he had
been IN correspondence with Represen-
tative M. S. Willard with a view to
securing a copy of the bill, especially
a copy of the important changes in it,
particularly the provisions as to the
income tax, the inheritance tax, the
taxation of stocks in corporations, etc.
The secretary read a brief letter from
Representative Willard to the effect
that opposition to bill would not have
much foundation when the measure is
fairly considered. He also read a
lengthy communication which Mr..
Willard contributed to the Raleigh
Post fully explaining the various pro-
visions of the bill. The matter was
then-opened for discussion.
Mr.. j. w. Norwood said Mr.. Wizards
views and explanation of the bill would
appear very strong but it must be re-
membered that it was all on his own
side of the question. Mr.. Norwood
then explained his objection to the
of taxing banks and other cor
poratlons on their capital stock and
remarked that it appeared that there
was a discrimination in favor of in
companies which are taxed on
their gross income. Corporations. he
n II r-nr
their capital, whether there was a dol
lars earnings for the stockholders.
and in fact where some were making
no money and could hardly exist. 1t
appeared to him that corporations
were made to pay more than their
proportion of the taxes, that their
capital was known and is taxed for its
Iuii amount while other taxpayers
could return their capital at whatever
they pleased. There was a great ten
oency now to increase expenditures in
n national, state and city govern.
mentS and increased expenditures
meant increased taxation without re-
gard to the interests of those who have
TO pay the taxes. The matter of tax-
ation ne thought was very important
70 Dus ness men, Notwithstanding tbe
fact that at a recent meeting Of the
board of aldermen some one sneerine-
~ remarked that other people besides
business men ought to have somethine
to say about expenses.
captain L. d. Meares called atten.
tlon 10 what he conceived to be q de.
iec' IN the Dill, referring to the provis.
ION which requires treasures of cor
porationS to reserve for the s+ot.
taxes or holders of bonds of such 90
poIalionS as are held by residents NJ
ny Sedte' while no tax is levied on
o~ohonolders outside of the state uho
are drawing money out of the go.
anu spending 1T elsewhere. He thoneb,
- q wrong principle to tax resident
~pononoiders who spend their monev ~
nome and not tax non-resident SSat
HoIoers who do not spend here ~.
lney get out of their bonds ~
y T. stevenson said he thoupbt
representative Willard and those In
strumental in framing the revenne biu
mao demonstrated their ability i'm get
ING up a measure so exceedingly i'm
- and lar reaching without hay-
tns IN II very many Objectionable fea-
lures Inc bill. except in some nartic-
ulars was the same as the revenue hiIIo
o1 previous years. He was sneciaIIy
interested In the tax on buildino an5
Sodh associations and he feared the bin
MouIo provide a double tax, but he wa,
grad TO saw that it did not. Counties
We're authorized to tax such associa-
oons not exceeding the tax levied bv
me state. but he was gratified to state
that New Hanover county had naysr
taken advantage OF that privilege. As
u tne merchants schedule B tax. the
present bill will make this tax less than
II was before. He vas sorry Mr.. Will
iaro was not present to explain the bill
ninSei1. Too much responsibility
should not be put upon him for the
Dill. as others no doubt had something
20 do with shaping it As to the tax on
companies and corporations,
ne SAD the TAX from companies of the
state was infinitesimal as eounared
with the tax on companies outside the
state which do business here. but have
no capital in the state to be taxed. He
bought, therefore. that to tax their
gross incomes was the only way to get
at them. and hat 1t was not a parallel
with taxing corporations which have
their capital stock inside the state. Mr..
stevenson said the tax of a half cent 4