The Providence news. (Providence [R.I.]) 1891-1906, 1902-01-06

1901. lyvU.
Bonded .......... as.S2i'ooo 90 ss $4,000 %
Fioting .......... 4974e0 46 i76,SN 20
Total debt. S7 7.s2i .l6O 4s sissl2, 800 70
Sinking funds. aZs4,oA ~ -''-o''V- -
Net debt. t...... niOss, ,sss IA slt.1sS,eO1 81
Water debt. in .o,, noo M
cluded in above 5,O9.OW w oVll'VVo W
ssO27. .sS9 IA sS172,eo1 81
Showing the net debt at the close of the
fiscal year for 1901 TO be Sl4e ,662.6' Tess
than at the close OF the preceding yvaI'
This has been aceomphsned' n9wvs,Tu TeS,,s,nr
demands which were I'm themselves pIopea
and Just by making no proVlsloh TOT snr ~
growth OF the city ana ny porpom,ifh lhoMtd have
been made in the annual tax ~ VIII pu
Impossible for the city TO continue tur
many years longer upon It's pit,' p,it,ng ats
come without seriously nhl'ihs Tvs
growth and development. L.. s.o,,-
There is no department or the CITY eoS
ernment which is not cramped TOT iunus si
and obliged TO practice unwise ana ITe.
ouently uneconomicat management 1tt
we have no reason TO expect, uhuer on
present laws. any material ihcIeaSe III
personal property valuations, which are
todav larger only by STO4s2o than In INV
The ieprecia ton in real estate NaIues ~
many parts OF the dty will Keep the va, ,
uation Of that class OF property AVih '''''
STbe probiem. then. Is: by what means
can the revenue OF the city be increased.
Fxnerfrnce has shown everywhere that
personal property taxation by clues anu
towns against individuals has broken
aoxn The tax assessors have failed 10
keen pace with the great increase or per
sonaI nroperty. not because they nave not
done their duty but because under mooerh
methods the great bulk or personal prop
ortv has passed into channels where un-
der our present law the assessors cannot
reach IL.
EVASION AND FRAUD.
Tho taxation OF personal property by
oi,tos and towns is constant occasion
for evasion and fraud. IL has recehtF
been stated TO me by a person most COM
netent 10 know that there Is SWoWoooo OF
nersonal property owned IN ProNluenCe
and vet we find IL practically imposslole
"a increase our valuation over $iO,WoV1'
believe that the only solution OF this
nroblem Is the taxation OF personal prop
erty by the state and largely upon corpor-
.tions In this way the evasion OF taxa
zion bN removal from city TO country
would be avoided and by an extremely
lov rate. say Of from four TO eight mhls,
a revenue could be obtained which woulu
he largely I'm excess OF the needs OF the
state and which could be returned TO the
cities and towns 10 be by them expended
Cor the support OF public schools or such
other functions as the, cities ana to"hs
undertake for the state.
I recognize that such radical change
,n the method Of taxation could not be
made without long and painstaking inves-
tigation. and I am as anxious az you 20
sec what can he done Immediately 10 fur-
nish for the city additional revenue.
would suggest. first that the time has
como whom the state should raise its own
revenue without le,ying direct tax up-
on the cities and towns. ! believe that
there are many sources not now subject
10 taxation from which the state could
easil, Supply its own revenue. \ very cas-.
ual eNaminat ton of the methods OF raisins
tho states revenue in our surrounding
states shows means bv witch Rhode lsl
and could easily obtain all her needed In
come without recourse TO n direct tax.
such = course would relieve Providence
of the yearly payment of fsli .@o. and
would be a saving equivalent to a tax Al