THE COLLAR-BUTTON SYSTEM.

6l

“ Perfect or imperfect in its details, the scheme is objection-able on principle, as involving an inquisitorial prying intoprivate affairs. It would violate the citizen’s natural privilegenot to be compelled to furnish evidence against himself. Ask-ing a man to spread out upon the public records a full accountof his affairs, the property he owns, the debts he owes, and thedebts that others owe him, and to put his business secrets atthe mercy of irresponsible officials, is something new in thispart of the country, and not likely to meet with anything butopposition. A few conscientious, law-abiding citizens mightcomply with the demand, but the majority would defy orevade it.

“ The enactment of such a tax law as that now proposedwould serve this purpose, however, and therein lies the singlevalid argument in its favor :

“ It would bring out more plainly than our existing lawdoes the folly of trying to tax personal property at all, and itwould help on the needed reform of putting all taxation uponreal property. What is called personal property is, mostly,nothing but interests in real property in this State or in otherStates. Holders of mortgages are, to the amounts owingthem, joint owners with the makers of the mortgages in theland mortgaged. Shareholders in railroad companies, in man-ufacturing companies, and in other corporations, have noth-ing but rights to dividends earned by investments which arefor the most part composed of land and buildings. Moneylent and credits given are in the same way represented by theproperty of the debtors, and this, too, is chiefly land orimprovements affixed to land. The only personal propertywhich it is reasonable to tax at all is composed of merchandiseand of household goods, and the value of these is compara-tively unimportant. A tax upon land and its improvementsis easily laid and cheaply collected, and would furnish all themoney needed for public purposes without being oppressive.