Year: 1879

| EOr Ine EnQulfer.

 l Taxation of Debts.

 I To the Editor. Your article in a late num- Der of your paper on Double Taeasson, has commanded my attention, and has led to re- fection on the many devices which men of ample means employ to evade their fair share of the public burdens. In the town in which 1 reside, property of the probable amount of more than one hundred thousand dollars, has, for many years, escaped taxation, by COL struction of our tax laws which the decision of the Supreme Court has shown to be false and unjust; thus throwing heavy additional burden upon the farming interest By our law ''all notes, bonds and stocks (except U. s. stocks), monies, credits and choses in action" l are taxable, and common sense dictates that no more just subjects of taxation can be se- lected from the different kinds of property, l which are the subject of ownership. Our Su- preme Court has decided that all such proper ty is taxable by our statutes, although the | owners have thought proper to invest them in securities in other states, and this decision has been confirmed by the Supreme Court of the | United States and now you advise that our Legislature should give complete exemption from taxation to this species of property. I cannot believe that our law makers will ven- ture upon such an experiment, as it will de- prive our town treasuries of large sums of money, which, under our present law can be collected from those of our citizens who are best able to pay it, and burden our agricultur- al interest, now greatly overcharged in our system of taxation, with obligations which in justice and honor the wealthler classes should assume.

 It is said that this tax is unjust, as being double taxation of the same property But where is the injustice on our part? A citizen of our State has money, which by the express provisions of our law, is taxable here, and loans it to a man in Illinois who secures it by a mortgage on real estate there. Nobody can doubt the justice of the tax on our part. and because the laws of Illinois tax the mortgaged property unjustly, are we to be deprived of the money justly levied on our citizens here The injustice in the case is in the act of Ili- nois in taxing their citizens to greater amount than they ought. But the giving up the right to tax our citizens here would, in no degree, relieve the citizens of that State They would still be compelled to pay the interest on their bonds, and the taxes on their real estate, and all the benefits which would arise to anybody would be, by shameful surrender If the right of taxation to class of our citizens who are best able to bear it.

 You speak of the fact that our bondlolders have to avail themselves of the laws of Illinois to make their incomes available, and that the risque they thus run should be taken into con sideratlon on this question. In reply to this it may be truly said, that the bondholders were well aware of this fact before they made their investments, ,.and they probably decided that 10 per cent. interest was a sufficient war anty against any danger in that behalf

 The doubt expressed that the aid of the State of Illinois might be withheld in enforc- ing the contracts of the citizens of that State with those of other states is rather slur upon the character of that Commonwealth. We should feel indignant if the citizens of other states should be advised not to enter into ar- engagements with those of Connecticut, from the fear that our County and the State author ities would not give them all the aid they need in enforcing their rights

 The objection that our assessors would pe unable to ascertain the amount of debts due from othar Stofoo fro,,, tho a;Aio,,,tv of avo,, ming records and other sources of proof, is an admission of gross delinquency on the part of the bondholders. Every man who has been made an elector has taken solemn oath, that he would ''be true and faithful to the State of Connecticut, and the constitution and govern ment thereof" This is our oath of fidelity, and it binds every man to obey the laws, and to be in every respects good citizen. Our stat ute requires that every tax payer saa1 give in his list, specifying the different kinds of prop erty which they own, subject to taxation The argument is based upon the supposition that our bond-holders will entirely neglect obedience to the law in this respect, in viola tion of thelr oath of fidelity to the State. The penalty now annexed to neglect of this duty would be somewhat efficient in preventing the wrong, if the law were properly enforced by assessors and board of relief, but in this matter they are greatly deficient. If more stringent laws are necessary for that purpose the legis- lature should enact them.

 There is no other way of enforcing just and equal way of taxation than by the exhibi- tion of true statement of each mans taxable property, and every act or omission which pre- vents true estimate of such property is msal- practice not consistent with honesty.

 C. F. S