The daily journal. (Salem, Or.) 1899-1903, 1903-01-07

ing legal or stipulated rate of inter
est. The note has no value in it but
is a representative OF value; hence
the representatve-the note-should
not be taxed But the holder should
pay his proportion Of the tax on the
partnership property.
To do this we would have all proper.
ty assessed to the person that claims
to own it, (Notes and accounts have
no value, they are only a representa-.
tive Of value so thoy should not be as.
| sessed) When such person IS 80 as.
sessed and the taxes become due. said
person should be required to pay all
the taxes that may accrue from said
assessment, to the tax collector; TAX.
ing his sworn statement of the rate
per cent and date of the levies that
produced said taxes. When said debt.
or is required to pay his creditor or a
portion of IL, the debtor having the
above statement Of the collector, he or
his creditor, can soon determine, by
little mathematical calculation the
amount of tax the creditor should pay
in the partnership property When
the sum is so determined the creditor
should be compelled by law to accept
such sum as first partial payment
on tho note or account, Said receipt
should hear a date noting the time
when such tax becomes a debt upon
the property, which is the date of the
levy, and not the date of the assess.
ment, as some think for that is only
an act to prepare for the debt.
With the above shield for the pro.
lection Of the creditor the debtor could
not possibly swindle his creditor. for
by a comparison Of the dates on the
tax collectors receipt with the date on
the notes or accounts of the creditor
It could easily be determined who was
lawfully required to pay the tax
There cannot be any possible oh.
lection TO the above process on ac.
count of the creditor residing in an
adjoining county or state, for all in.
struments acknowledging indebted.
ness are due at the residence Of the
debtor except by special contract.
We do affirm that notes and ac.
counts have no value only the repres.
entatiye Of It and should not be taxed
as is done in some OF the states, there.
by causing double taxation on the
same property.
All property should be assessed at
it's true cash value. Not for the price
it might produce by a forced sale un.
der the hammer of the sheriff, as some
contend for that is otter far below It's
cash value. The advocates of the
above false theory claim that no per.
son should be compelled TO pay on a
/ higher valuation than the property
would be liable TO produce by the
aforesaid forced sale We do posi-.
! lively insist that law should not be
based upon a foundation as weak and
worthless as the shortcoming fnan.
cia Judgment which lis most reckless
and shiftl1ss citizens might possess.
To not require property to he as.
sessed for its true cash value is Wr
tually requiring the assessor by law
10 perpetlate a falsehood, II cannot
for one moment be conceded by any
intelligent and thoughtful person that
IA law so based will promote the peace
and security Of loyal and industrious
people.
Money has no value, therefore il
should not be taXed-nor is IL a
standard Of value" as many suppose
1t is simply a medium OF exchange.
and nothing more. II cannot feed the !
hungry, cloyhe the naked, or heal the !
sick In shipwreck, flood, fire or dis.
aster 1t has no power TO relieve the
suferngs OF man,
Names of places are obtained by |
common consent. so was money ac-
knowledged 10 be the medium Of eX
change. Common consent could have |
placed the honos upon the pebbles OF /
the sea shore. In that event they |
would occupy the position that mon.
ey now does. and what we now prize /
so highly would occupy the worthless
position OF the pebbles The legislature
OF any nation that Is clothed with the
power to make laws 10 govern her
people have the power 10 produce
money for its people from any one OF
a thousand things and they must
have absolute power 20 regulate It's
value for domestic use.
We do urge il was only by accident
common consent-that what we
term money occupies its present posi-.
tion that it was oply intended as
medium OF exchange has no power Of
production or value. and should not
be taxed
Yours for better government