HOW TO DO IT.

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money which shall ultimately satisfy the debt (if it everis satisfied) has paid the tax. If it were practicable toassess all the property in the State at the same momentof time, it would be clear to every mind that an assess-ment of a credit was an attempt to transfer to it a valueelsewhere assessed. If a debtor were found to be theowner of one thousand dollars and is assessed for thatsum, and his creditor is found to be the owner of his notefor one thousand dollars and is assessed for a like sum,and if the day after the visit of the assessor to the creditorthe debtor shall pay his note, it is clear that the samevalue has been twice taxed ; since the debtor has partedwith his money, and received only that which is certainlynot taxable property in his hands, and which can neverafterward be assessed. When a debtor pays his debt,he does not abstract or destroy any portion of thetaxable property of the State ; the aggregate of valuesremains the same.” .

Chief Justice Wallace, in the same case, says :

“ Suppose, were such a thing possible, that the entiretax rolls exhibited nothing but.indebtedness. Taxationunder such circumstances would, of course, be wholly fan-ciful, as having no actual basis for its exercise.

“ Those who possess capital not invested in businessenterprise, and do not seek foreign investment, caneasily escape taxation within our own boundaries, by thepurchase of United States bonds, Pennsylvania State loan, and Philadelphia city loan (untaxable), or reimpose