The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-05-03

Il & . I /. r y
card would never work a settlement.
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Unjust Taxation.
Referring to, n discussion In some OF OF S Tue
New York newspap ers on the su 10Y I2l
the mortgage tax, the Washington = e'
EMPLOYS this illustration TO sho" my
unjust tho mortgage tax Is:
"a owns title to a farm worm .s. y, 40
on which B owns n mortsasee l ~. s,i $500
no tax a for the full value OF the IA. Ia!iii,
,,ban% sha really owns only three-tentihs
f of n s and to tax the mortgage for . the
ofhar6 seven tenths is double taSht'o!l.
And there are hundreds. II. not thousand 2 :,
~ 'r,ijiions Of realty in the United STATES
I'm are thus taxed. Taxation OF STOCKS ,f,s
~ honds is often double taxation ior z. 4
is applied to property that is iai y, Etaaeuf
in the States where 1t IS loca l.'s
Nobody denies that to tax piece o.
real estate at Its full assessed value, ullu
10 tax. in addition, q debt on me prop
ertv Is double taxation. But advocates 1N ne
81 the mortgage tax argue that - B -
emit the mortgage is to exempt te el'e3
money lender without doing the o " O.
tho nroncrty any good. That is snort
sighted argument. If the money lend le
,,,nst nav a tax on his mortgage ne
w,,, make it up by charging h ~ en-,
rate Of interest to his\ debtor, io .l, =
mortgages are exempt from taxa,'eo on. the
rate OF interest must necessary coil,S
down If there be any virtue in competi-
~ 1,nt whether that be true or not,
tho mortgage tax is a species OF douole
t,x,t,on and cannot be justified
,rhe same Is true Of the tax on STOCKS S
s. 4 stock certificate is not 4property b ~ I
tho evidence Of ownership IN properly lraps
ana when the corporation which ISSUES
tia scrip nays all the taxes fairly assess assess
h,c against it, It's stock should OF
course, be exempt TO tax ooth INC J
nronerty and the stock is double taxa.
stion, and cannot be Justified.
mat sort OF taxation is not only wrong
in principle and unjustitiable, put u IS
had business policy The State cannot
afford5to do wrong; the state cannot ar X
1 ford to be unjust to taxpayers, ana Wh ne.
1t attempts to enforce q policy that IS
,ninst. It necessarily encourages tax
lodging and, in the long run, will lose S.
| more than 1t will gain
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Mr.. Carnegie's Gift to Education.
In all his long list Of benctactions, Mr.
!. Camegie's recent gift Of sloV'o''Oo 70
create Il fund for pcnsloning aged pro
/ fessors in the higher institutions OF
i learning in North America. is decidedly
i tie most remarkable. The size r the sum
4 donnted. and the purpose to which II IS
i 10 be devoted, unite in making the es-
i adjustment of the Carnegie loun3atlon
4 rs this fund Is to be known, unique IN the
4 annals OF benevolence That any iunds
\ set aside with a view to provldliis 10Y
4 the old age OF any distinct class OF pro-
h fessIonal workers, are we'll applied wher
4 allotted to the professors in our col
1 lcges seems obvious enough to REQUIRE nc
i argument. II 1t be true, as has beer
estimated, that the average salary Of :
college professor is $1,000 per year,
would be scarcely reasonable TO txpec
that he would be able to lay by from TN!
any adequate competence for his own oil
age: and nasmuch as the labor OF MI
!. life has been to certain de5rce labo'
OF love- 1t seems peculiarly fitting tina
the burden of his fears for his declining
Years should be in some measure takel
6 from his mind.
The Carnegie foundation will. unqucs
uonably. relieve those whom it Is design
ed to benefit from this ever, present an
harassng dread for their own future an
that of their families. Further, and wha
i is, perhaps. even more important Tor IN
!, cause OF higher education, 1t will eliabl
the universities to retire their aged pro
fessors in favor OF younger and moro &C
!, tive men, when It seems to them desira
BILE to do So without the uncomfortable
g knowledge that they are turning adrii
! old and faithful servants who arc now II
. longer able to look out for themse|ye.
third hope OF Mr.. CaTnegie's In regar
/. to this fund, that It would help TO attrat
4 an able class OF men into educatlont
a work seems rather more questionable
in For, In the first place. there IS no res
IN son whatever to complain OF the charn'
ID ter, zeal and attainIncnts represented !
it the teaching stats in our American co
H. iegcs; and second, II there were, the pro
a poets of a pension OF modest dimension
would scarcely tend 10 bring about
a change In this respect Tho incomes
mt be drawn from the Carnegie foundatl;
nd viii probably approximate $1,000 a yea
n- the promise Of thousand y year at SIX
"a Or six&-flve, will not in all likelihood a
tract. many men into PROFESSIONAL rank
In- who would otherwise have heen aloe
eli, None tho lass. Mr. carnes!e's IA