Great Falls tribune., 1922-02-18
INTANGIBLE WEALTH
AGAIN.

LIN NAA4NUAD1IE VLkAL1A
AGAIN.
THERE was a meeting Of So
called tax experts at Billings
the other day. The self-seeking
politicians were nearly all there.
The purpose was to form some kind
Of state organization, we under
stand, in opposition to the one
formed at Great Falls some months
ago. Governor Dixon was there
talking once more vaguely about
taxing Intangible wealth." but
NOT telling us where it was locat-
ed or what it was. Professor Fisher
who is drawing a salary as a pro-
fessor in the state university, but
not teaching because Of the protest
Of the ex-soldiers to the board OF
education, was there. Rev. w. ].
Hannah Of Big Timber, who once
enjoyed much notoriety over a
question of Intangible wealth"
while member Of the legislature
the time Senator Whiteside laid
bare the location Of a good deal
Of intangible wealth, was there.
Ex-Mayor Edwards Of Helena, was
there, and he was the only one, 50
far as we know, who undertook to
tell us what he meant by "intangi-
BILE wealth that escapes taxation.
He said it was watercd stock. But
watered stock is not wealth It is
worth only what the real wealth OF
the property it represents may be.
We have in mind just now, silver
mine in Cascade county. 1t IS
stocked for a million dollars. The
assessor values it at $1.25 per acre
for its surface ground and it sold
for taxes at that valuation some
time ago. It's stock is all water.
Is it the idea of Mayor Edwards
that this million dollars Of watered
stock is Intangible wealth" that
should 60 on the assessors book
at full face value when it has no
value? Issuing stock certificates
against a property does not create
any wealth or value that was not
there before the certificate was is
sued. This silver mine property IS
practically without value. Print
ing watered stock against it to the
amount of ten million dollars would
not add cent to the property or
wealth to the owners Of the prop
erty. There is no wealth in stock,
watered or unwatered, that does
not inhere in the property the
certificates of stock represent. It
the property itself is taxed for all
it is worth, there is no intagible
wealth left to tax in the bits of
paper that give evidence of shares
of ownership. The trolley Of Mr..
Edwards is off the wire. We do
not deny that there is such thing
as Intangible wealth" It lies most
ly in good will, reputation, ability
to earn money, and such things.
Ex-Mayor Edwards has some Of
this intangible wealth" if reports
are true. We hear he made pot
of money while he was mayor of
Helena, and deposited much OF it
in banks outside the state. The
ability to do that is source OF
wealth. It is Intangible wealth" !"
You can't put your hands on it or
touch it, and that is why the adjec-
tive Intangible" is applied to that
kind of wealth. But we never
heard of Mayor Edwards insisting
that his wealth of that sort should
be taxed, or that he even turned in
to the assessor the real wealth that
he acquired while mayor and kept
in banks outside the state.
When these buried treasures of
intangible wealth are talked about
by politicians with an axe to grind,
just ask them where they are locat-
ed, and for chart to describe
where they can be dug up. They
generally content themselves with
making mysterious motions in the
direction of the Anaconda Copper
company. That company has been
recently paying out good money to