The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-01-31
4 NEW YORK EXODUS CAUSED BY
HIGH TAXES

The wealth of this country is GEN.
tered in New York City and around to
a considerable extent. Senator Depew
said a few years ago that he could
name ten men living within a circle of
not more than awenty miles from the
great city who in one hour could precip-
it2te a panic such as this world never
knew, one that would stop every mill
and every railroad car. The money in
huge amount is gathered in that con-
eested centre. But some of these men
IF great wealth are not satisfied with
conditions and are moving away. The
taxes are too high for these magnates.
Il takes nc little of their huge Incomes
TO pay the taxes. But they pay out of
their great surplus. The poor man must
ply out Of the fruits OF his hard toll and
every cent is that much less for bread.
The Savannah News gives some needed
information in this exodus Of million
atredom:
" refer of course. to those whose
wealth is almost wholly in personal
property. Those whose property is in
zeal estate have to pay taxes on their
'OClly "IlCIIIS luSJ are ISSluSlIlS u
the city or not.
sey towns. others to Newport and other
towns in Rhode Island. and still
others to Europe. The point they make
IL that they cannot afford to live in
New York if they are assessed on the
filil amount of their personal property"
No doubt the taxes in New York are
u~nreasonably high, even unjust in
lIanU InCta nPpC Tho nyOnn6ltIIrn of
the city have been simply immense and
Beyond reason and right. Extravaganza
aid rascality combined nave piled up
the expenditures so as TO compel a very
high rate of taxation. many of
the rich are oppressed n 1eeced is
.1ue doubtless. The News gives this
which is to the point:
AS a matter of fact the man in New
York who has a million dollars in first
c.ass securities, other than city bonds
CT bonds of the United States. has not
= very large net income. provided he
makes an honest return of his property.
First class railroad bonds. for instance,
pay only about 3s per cent.-that is
those which can be purchased at par.
Inc tax rate in New York City is fully
212 per cent. The man with a million
dollars therefore would have an income
81 only abou $40, 900.
Heretofore the very rich men in New
York lave not been assessed at the
full value of their personal property.
In a statement in some of the New
York papers recently the personal as
easements of Mr.. Carnegie. for instance,
was put down at 81, 900. 900. If he is as
sessed only on that amount he can. of
rourse. afford to live III New York. be-
cause he is credited with having $780,
Gc0. 900 in bonds"
While some are dealt with unfairly.
oprressively, others are not made to
pay their just taxes. which is a wrong |
and immortality, for it forces a heavier
burden upon the toiiers. The feeling
tn bear their proper share in the bur-
dens. This Is the reason of the move
ment among the rich. Adjust the laws,
make them equal and honest. compel
all to pay what theJ should pay and
Cypress no class or condition. That Is
what is needed and what Is just and
what honesty and fairness demand. A
New York paper recently stated that
Richard Croker. the rich nabob of
Tammany. but who now lives in Eng
land. paid between $500 and $500 in
taxes on last Saturday was a week,
and hat that was the very first tax on
And yet he is believed to be a very
rich man. 1t is known hat he has in
vested a very large sum In real estate
IN England.