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WHO PAYS YOUR TAXES?

in Brooklyn 1 the percentage would reach 15.66, instead of2.56 as now. The New York Park Bank, with a capitalof $2,000,000 money, and securities in addition for morethan ten times that amount, would be taxed upon allthese securities, making a total of say 20.9 per cent, onits capital. In other words, such a bill, if enforced, woulddrive out of business or into other States every bank nowoperating in the city and State of New York .

The withdrawal of any money from active circulationin the business of improvement of a city, induced bytaxation or any other cause, is an injury to its inhabit-ants of all conditions in life, whether they be employersor employed, not only depressing existing operations,but causing a limitation of their extension and advance-ment.

If the effect of an actual and direct taxation of bonds,stocks, or other evidences of loans, is to drive them fromthe jurisdiction of the State (as undoubtedly would, to agreat extent, be the case), then, it may be asked, is notthe State subjecting its citizens to restrictions moreonerous than those to which the citizens of any foreignor some kindred States are subjected ? Is not interfer-ence with the movement of capital, in the end restrictiveof development ? Is not the State, in substance, saying

1 Brooklyn assesses each ward separately at a different rate, varying fromabout 2.42 to 2.63 per thousand, according to the amount demanded forimprovements in that ward. The above rate, therefore, is the average ofreal estate for 1891.