History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial TimesMyers, Gustavus
History
History of the Great American Fortunes, Vol. I: Conditions in Settlement and Colonial Times
Myers, Gustavus
United States -- Economic conditions; Wealth -- United States
At another time the facts of his thefts of taxes might have been
suppressed or toned down. But at this particular juncture Chicago
happened to have a certain corporation counsel who, while mildly
infected with conventional views, was not a truckler to wealth. Suit was
brought in behalf of the city for recovery of $1,730,000 back taxes. So
clear was the case that the trustees of Field's estate decided to
compromise. On March 2, 1908, they delivered to John R. Thompson,
treasurer of Cook County, a check for one million dollars. If the
compound interest for the whole series of years during which Field
cheated in taxation were added to the $1,730,000, it would probably be
found that the total amount of his frauds had reached fully three
million dollars.
The chorus of astonishment that ascended when these facts were divulged
was an edifying display. He who did not know that the entire propertied
class made a regular profession of perjury and fraud in order to cheat
the public treasury out of taxes, was either deliciously innocent or
singularly uninformed. Year after year a host of municipal and State
officials throughout the United States issued reports showing this
widespread condition. Yet aside from their verbose complainings, which
served political purpose in giving an air of official vigilance, the
authorities did nothing.
PERJURY AND CHEATING COMMON.
As a matter of fact, the evasion of taxes by the Pullman Company had
been a public scandal for many years. John P. Altgeld, Governor of
Illinois in 1893-95, frequently referred to it in his speeches and
public papers. Field, then, not only personally cheated the public
treasury out of millions, but also the corporations which he controlled
did likewise. The propertied class everywhere did the same. The
unusually thorough report of the Illinois Labor Bureau of 1894
demonstrated how the most valuable land and buildings in Chicago were
assessed at the merest fraction of their true value--the costliest
commercial buildings at about one-tenth, and the richest residences at
about one-fourteenth, of their actual value. As for personal property it
contributed a negligible amount in taxes.[184]
The reports of the tax committee of the Boston Executive Business
Association in 1891 estimated that two billion dollars of property in
Boston escaped taxation, and that the public treasury was cheated out of
about $17,000,000 in taxes every year. As for New York City, we have
seen how the Astors, the Schermerhorns, the Goelets--the whole aggregate
of the propertied class--systematically defrauded in taxes for many
decades. It is estimated that in New York City, at present, not less
than five billion dollars of property, real and personal, entirely
escapes taxation. This estimate is a conservative one.
Public-domain text, read in full here on John Shaqi.
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