The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-05

reads nor any other thing. Their oru-
ers have to take care OF them entirely at
their own risk and cost. Strange to say.
though, that while soma classes OF prop
erty causing large outiays TO tho conf
mrnity are often assessed at small parts
OF their true values. these papers, which
only represent values already taxed and
which put the Government to no cost.
are always assessed at their highest mar
ket values.
| Nor should mortgages be taxed. a has
a lot and wishes to put a. house on 1t, but
has no money. He borrows $1,000 from
B to build house, and gives a mort
gage on the house. When a has, spent the
$1,000 on the. house neither ne nor have
the $1,000. but together they have the
mouse which cost that amount Were
taxes collected on both the house and
the money, 1t would be taxing the same
value twice. Money Is a medium Of ex-
| change. and they have only exchanged
the $1,000 in cash for a house Of that
value, the money has gone to the build
ers and for other purposes. One or. tho
other should be taxed, but not both.
| If railroad. or anything else, is built,
| this is equally true. You cannot make
| real values by slips of paper, and real
values only should be taxable. The Stata
/ gets all justly due it when It has coll
/ lected taxes on all real values in its
! boundaries.
/ After all. what is Invisible propcrty?''
/ Stocks, bonds. etc. are generally under
stood to be the bulk of It. Make a bonfire
| OF all the stocks and bonds in Virginia
land the real property which they repre-
sent would not be injured a dime In
value. but, destroy all the real property
these stocks and bonds represent ant,
what would they be worth? They would
be invisible properties then, indeed.
even to their owners. Again, could the
| State In the former case reduce her OUT
| lay because OF such Instruction. No, be-
cause it makes no outlay for their beua-
| fit or maintenance, as is the case with
| the real property which these papers rep
| resented
This tax, too. will always and only be
paid by the highly conscientious, infants
and others unable to eyade 1t. The in
telligent even though honest as the aver
age go. will use the many legal techni
| calities by which they can escape. while
| others less conscientious will by equivo-
t cation or direct falsehood resist a law
| they consider so unjust. thus causing in
justice to some and provoking others to
! immortality.
But, leaving altogether aside the ques-
/ tor of right, though 1t should be the first
| in all law, 1t seems that at this
to adopt what may probably seen pc
| the law in all the advanced States, as 1t
| Is now the law OF most enlightened ma
| tons. Virginia needs people and needs
| capital. How many people living entire
| ". or partly, incomes In Northern
| cities, or elsewhere, would buy homes
| and live in the State If such a law Is
| enacted, and how much, with q proper
| income tax, would the State gain from
these and others, directly or indirectly,
| would be difficult to estimate, perhaps
/ but almost certainly would be surprising
ly large In both cases. This question de-
| serves right now the attention OF the
| w-makers of Virginia, and the law
| should be permanent to inspire conf
| dence. AS policy only, it would be use
| less to follow in the wake of other States,
| The English system of calculating the
value Of property from the income de-
| rived from it, or a tax on rents, has much
| to recommend 1t, and its practice Is easy
enough under their laws.
| Hasty legislation is often disastrous
| how much more SO would be hasty Con-
| stitution making. So do not hurry the
| convention: it is working hard and think
| ing hard, to the neglect of personal in
| terests OF most of its members. The Inn
| patience of some people shows their lack
| OF appreciation of the magnitude and
| difficulty of the work on hand. Ihis
body is composed of the very best men in
| the State, and they were selected as the
| most fit for their work They have since
studied and discussed the various ques-
| tons under the most favorable circuul-
| stances. 1t may be said that they are
| now experts and should be treated as
! experts; that Is. their opinions should be
| considered as much more valuable than
| the opinions of the great masses, 50 let
| them take their time to think out great
! Constitution. just and wise and practical
| BILE and then proclaim it. No sick man
would summons board Of physicians
and then put their treatment to vote
| of his neighbors, nor are experts ever
! supervised in their work by non-experts.
The members OF this convention should
know better, and undoubtedly do know
better. that which is for the general good
| than does the whole body OF voters. II
they are good men. they will do what
they think right, and if strong men. they
will; not fear the Mysteries Of few who
may object but give at once the State
a good Constitution and trust to the fu-
ture to demonstrate their wisdom and
patriotism.
Albemarle county, Jan. !, 1902.
| n G In. IL