The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1905-03-23
Class Legislation.
Wilmington Messenger

1t seems that the North Carolina
Legislature is not the only one given
to class legislation. That of New
York isfollowing along the same lines
if the views of Henry Clews & Co., as
set forth in their current market let
ter as to a pending bill, are correct.
There is movement to places state
tax on all sales of stocks. 1t is
claimed that this act is open to the
same objection as the one passed by
our legislature at it's last session
prohibiting dealings in futures and
which made an exception in favor of
two classes of our business men
manufacturers and wholesale dealers.
1t is highly probably that the parties
interested will contest the constitu-
tionality of the North Carolina law
in the courts. The New Workers vet
have a chance to fight the bill in their
State in the legislature as it has not
yet passed, and if unsuccessful they
will also resort to the courts, for it is
not likely they will submit without
e1hausting every means to prevent
the putting into effect faw which
will work such injury to their bust
ness. Henry Clews & Co. say of this
pending bill:
Zone of the most Objectionable and
unjust pieces OflegislatiOn attempted
i'll many years is the proposed tax on
stock sales recently introduced at AL
bany and likely to become law unless
the legislature wakes up to the folly
and futility of such q tax before it is
too late. This is another example of
the taxing power being used to drive
wealth out of the State and into con-
cealment. If the measure becomes a
law it will divert much of the stock
exchange business to other cities to
the serious detriment of New York as
financial and banking center. Ap-
parently it originated in the brilliant
of some upstate hay
seer legislators, who delight in every
opportunity of increasing the burden
OF taxation in this city, which al
ready pays much more than it's lust
share OF the States expenses. For
the sake OF fair play let the bill be so
as to include farmers sales
OF eggs, milk, hay, barley, cheese, etc. |
That would certainly produce very
revenue, and would nos
sess the advantages OF being more
distributed and would be
vastly more certain ofcollection than
the stock tax. The latter seems so
grossly absurd that New Workers
have not taken the proposal with
sufficient seriousness. They are likely
to be surprised, however, unless WIG
orous opposition sets in. The meas
IRE should be promptly crushed, for
t Is not only OF doubtful constitu-
but very obnoxious ex-
ample OF class legislation. The New
l DIRK stock exchange cheerfully COM
olied with the national tax on stock
sales Tor patriotic reasons and be-
'ause 1t was q war measure that ap-
Died to all markets alike. Underex-
sting conditions a state stock tax
you'd operate not only as an iniquit-
'us discrimination against New York
n favor OF other cities, but also as q
'otally unwarranted discrimination
against securities in favor of COM
nodltles. Driving business elsewhere
would deprive the state of the expect
"a revenue, and the tax when paid
would fall not upon stock exchange
members but upon a class of custom
RS least able to bear it. 1t is about
ime we instituted Hall of Cranks
IS a natural counterpart to the Hall
II Fame. In the former we should
tonspicuously inscribe the names of
he promoters of this beneficent meas
re; SO that posterity should not for
ct those responsible for such a daz- ,
ling example OF enlightened and eff
lent law-making."