Excerpt from Taxation of Personal Property, Impracticable, Unequal and Unjust The same thing is true concerning every form' of debt. Notes, unsecured by pledge or mortgage, book accounts and debts of every kind, are of no value whatever, except so far as they constitute a good and readily enforceable claim against equivalent visible, tangible things, in the hands of the debtors. And, to this extent, the property in the hands of the debtor really belongs to the creditor, although the latter has no right to select any ...
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Excerpt from Taxation of Personal Property, Impracticable, Unequal and Unjust The same thing is true concerning every form' of debt. Notes, unsecured by pledge or mortgage, book accounts and debts of every kind, are of no value whatever, except so far as they constitute a good and readily enforceable claim against equivalent visible, tangible things, in the hands of the debtors. And, to this extent, the property in the hands of the debtor really belongs to the creditor, although the latter has no right to select any particular article or to seize any thing, until his debt is due. If the debt does not stand against tangible property, it is worthless; and, even under the mcleod theory, it would add nothing to the general wealth. If it does stand against such property, it diminishes the general stock just as much, by its lien on that property, as it adds by its own face value and therefore it still adds nothing to the general wealth. It may be asked: Is not Wealth, in fact, greatly increased by Credit? Does not wealth grow more rapidly, in a country where credit is freely given, than in one where no man will lend anything? About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at ... This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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