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population and personal property; or, to put it moreconcisely, men and money. Very well, you say, let themcome. But just there is the difficulty—you won’t letthem come. Let me illustrate by a very few facts bear-ing upon the proposition ‘ to let them come.’
“ An inquiry was made a few months ago by a mem-ber of the bar as to whether a client of his, not residinghere, by removing to this city and investing §250,000in business, would subject that capital to taxation. Hesaid that his client preferred New York as the futurescene of his business activity, but that this city did notpresent such supreme advantages over another city as tojustify him in paying the tax. With great reluctance hiscounsel was told that the law would impose the tax, andhe went away sorrowful.
“ A gentleman from abroad recently brought lettersto a merchant, asking his cooperation in assisting theforeigner in obtaining property for establishing a manu-facturing business here with foreign capital. The mer-chant, in view of the quantity of manufacturing propertystanding idle, advised the foreigner to advertise for suchproperty. He did so, and was alarmed at the greatnumber of answers received, and proceeded to consultthe merchant, who was, in turn, amazed. The foreignervery wisely said, ‘If I had received a dozen answers Ishould probably have proceeded to make my selection,but there-must be some special cause that has vacatedso much manufacturing property.’ The merchant ad-