The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1909-01-23

Reno, Nevada, Jan. Is.
Probably no other thing has done &C
much toward keeping out the necessary
capital for the development IF the
splendid ~esource of this old
desert State as what has commonly
been termed validating" What it
means needs no explanation. even to
the fastener, although it may be a
Western term. The remedy is so simple
that it seems foolish to attempt to go
into details as to what our Legislature
should do in the matter.
Make the capital stock of every COR
poration engaged in any part Of the
many different features Of mining assess.
able-that is all that is necessary.
The location of a few mining claims,
so called, it makes no difference where
they may be. so that in the immediate
vicinity. a strike has been made, then
follows the formation of a 81 200, 900
corporation with one dollar shares, fully
paid and non.assessable. How fully
paid? Will some one please tell us?
On to the market it goes with a vel
worded prospectus to catch the un-
sophisticated sucker. 1t makes no
difference that the promoters have taken
out 100000 shares of this 1000, 900 as
their fully paid and worcestershire
portion thereof" For what reason?
Because they believe in the value of
their locations? Hardly, but so that as
o o as a hole is started. raid for by tie
suckers money, they can commence TO
unload their private stock at from one
cent to five cents per share, and make
a clean up and get out for another start.
Either require a physical valuation Of
the ground turned into a corporation for
which the stock becomes fully paid and
worcestershire, or provide that not to
exceed 25 per centum of the capital
stock Of any corporation shall be fully
paid by reason of a deed to mining
ground executed to it by the owner of
such ground. the balance becoming
treasury stock, and all of it assessable
for debts of the company.
Such a law, requiring less than one
page in the session laws, will forever
stop validating in mines in this State
and bring to it the wealth that is hidden
in its sage covered hills aud valleys.
Cost of Living Too High
In q very recent issue of the Evening
Gazette. an editorial appeared upon the
subject Of the high cost of living in
Reno, and giving the reasons therefor.
and wound up by saying there was no
remedy for it. II the statement of the
Gazette is true, then one of two things
stares Reno and all other cities of this
State In the face, viz. a setting
in again of a loss of population. or a
reduction in the cost of living.
The reasons as set forth for this
trouble were well defined as high freight
rates, which il the least of the causes,
high taxes, which is the second least
cause, high rents, which is the foremost
cause. but which is not the entire
reason. for vacant buildings will sooD
bring about an adjustment of that
condition-instance. rents in old Vir-
ginia City are not excessive. The
fundamental reason for this is twofold,
the foremost of which is that the system
of taxation or of raising revenue is all
wrong, and those who should support
and pay the principal running expenses
Of this government of our State and
counties should be the ones deriving the
most benefit therefrom, or earning the
most money from their investments
therein.
The recent decision of the State Board
| of Assessors to assess the Southern
cash value Of their property in the
State, while every other individual has
to pay on a basis of So per cent. is the
primary cause of the high rate of living
in the communities. Gambling is the
secondary. When / say gambling is the
secondary, I do not want to be under
stood as meaning that the fact OF
gambling alone is the cause. but what
has grown mp among us a result Of
gambling.
refer particularly to the system OF
raising revenue by license or the license
system. a system justified only under a
law for police regulation. and yet levied
against the butcher, the baker. the
csndlestick maker. the cobbler, the
tailor, the toiler and the laborer.
Fifteen thousand people in Reno,
1000 of them poor people, but the
consumers of IA l5ths of all of the high
priced living of the community. and
the consumers of l4-15ths of the toll OF
the. cobbler who tacks the half-soles Cd
the shoes of their children for which he
must first pay a license, or rather the
parents of the children on whose shoes
he tacks the half-soles. must pay it. The
butcher whose meats are consumed by
this same 14-15ths of poor people must
pay his license for him, the grocer and
so on down TO the man who paints the
house you build and the mill which cuts
the lumber out of which it is constructed,
aud all of this because the gambler can.