Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-09-30
For the Jour, al.


.e-re For the Jour al.
The Revenue Law.
Mr. FULTON Your counsel and comment respectful
requested upon the leading questions below and ancary
subjoined arising under the administration OF the
latest revised tax law. The main ques
ton is
What the proper construction be put the clause
relating to land valuation?
The question involves several other Inscribed
those anciary to the ma one, for instance:
Was not the intention of the friends Of the act that
lands should be assessed something like their real value
1t being we'll known fact patent TO the most nGl1erent
observer that under former lands have been put
down at the insignificant of nominal values was
intended by the Reconstruction and modification of the
mode of assessing to have lands rated somewhat yea
largely accordance with their actual ma ke prices
and sales the word market being used TO SIGNIFY all trans
fers and transactions in land.
! What do you consider cash valuation!
| Do you consider it such all amount per farm, as each
wond bring if all of them in the State flung into
ket at once surprising every holder of such land
must from the nature OF The case happen should De
seller and none OF that class purchaser eppose ana e
supposition is simply the putting of genuine example,
tract of land be held at 81 600 and could be readily DIS
posed of for 200 cash would $500 be such valuation
you think the law contempates in instance OF the KIND
designed by Mr. Fries, the Treasurer and the
voters for the law TO have the valuation very nearly if
quite up to what exists fact that the State may in
few years relieve herself o. the heaviest OF her burden OF
deht and of all spicon and apprehengOn reputation
II IL admitted on All hands tist lands (tiabe ones) are
out Of all proportion above their intrinsic r0T III ms sec
ton Of the State leave out rice lands ana hey maze poor
er returns of labor expended Oh them than
anv lands in the Union But The worth of them is in
question it is their value and that Is reguaed PS Inc de
mand that the State il AFTER aud not their nominal ana cap
rcious worth?
nection, but still germane to the object OF enquiry
Is it considered the soundest and sErest eydence OF true
democracy oppose in the Legislature and there to vote
against iaw intended solely to sustain the cfedt
of the State and to enable her promptly to meet and cancel
her honorable obligations
Is it not undemocrac unpatriotc, and the part of dem
agogue, to insist upon such construction Of the revenue
land lose to the State thousands OF dollars OF revenue and
thus defeat of the panes and most important clauses
of that act:
This has not been written merely ordinary commun
cation to go into that department of your paper where ed
hope that YOU will give thought and prominence to
reply even you should exclude the accompanying text
MANY ORTHODOX DEMOCRATS.
The above communication has been received from 8
respectable source and therefore to require some
attention at hands. We cannot pretend to give
legal technical answer 10 the main question, or tC
those arising out OF it only give our ideas
based upon what seems to to be the zeal meaning Of
the law in question: and the intention OF its trainers
The value of anything is what such thing will sell
for A diamond necklace might not in the opinion Of
A. B. or c. be worth its weight in corn but if it can
be sold Tor fifty thousand dollars, fifty thousand dollars
is its market value and if it can be sold for fifty thous
GSNuCl
Lands or other property, subject to the rules
The question is not for the assessor say what lands
ought to be worth but what, at actual buying and
selling rates they worth for cash. Tor as We said be
fore, commercially speaking, anything is worth what il
will sell for in market. The difference between cash
and credit values is occasionally considerable in specu
atye times, but suey 20 per cent onefOurh would
be large average difference. If a man, say,
farm which be holds at and for which he obtain
thousand dollars giving the usual accommodation surely
it would be large deduction for cash, to pat down
in the assessment at eight thousand. AS for assuming
that all the property in the country is to go into The
market at once that not supposable case nor one
} contemplated by the Legislature
The object Of the Legislature in erecting county
boards of valuation partly to rectify the errors
the district boards, but mainly to equaze taxation
throughout counties, for unless assessments are made
fairly, rate of taxation be equal, Ii in dis
trict property assessed at nearly up to its marke
value while in another the valuation is merely nomina
or bears fair proportion to tie actual market value
it is evident that at the per hundred dollars
the property holders in the first district pay a fal
greater tax On the real value Of property than those
in the last do. The ends of Justice and fair dealing car
only be attained by equality ard uniformity in the as
sessment of value and to arrive at this the actual
ke ralue for cash must be taken for standard and
suggestions and impossible allowed to be substi
uted as such We trust that our correspondent is mis-
taken in the example he cites Of tract of land readily
disposable Of for $1,000 cash. being valued at $500 fol
purposes of taxation Common sense will show that thu
! law contemplated no such thing as this
If A, B, C, and Others partners, a majority O
them legally representing the firm Of A, B, c. & Co,
contract debt, pedging the faith of the firm for it
payment, it is surely their duty to pay it, It can only
be paid out OF the property or income of said firm
aid partners and to oppose the assessment of rate
j. adequate to secure such payment would hardly De re
garded the correct thing in private life business
But suppose certain rate say Is cents the hundred
dollars worth of property belonging to each partner t.
be assessed for common purposes, and A. having taxa
BILE property worth in market ten thousand dollars is
returned and pays thereon $l5 anil G. having propert
to the actual marketable value, is returned at v
thousand dollars and pays s. So what should we thin
Of the transaction? Would any regard it as RICH
and Just to a We think not
)t We think have answered tie last questions prc
> pounded We know of no rule applicable to the cas-
have supposed that is not also applicable to the que
IL ton Of state debt and taxation well as the assessmer
Of values upon which such taxation shall be levied
Il cannot be denied that there is too little uniformity
the mode of assessment adopted in different parts Of tn
e State in different parts of the same county
argued in favour of State aid to internal improvement
that the enhanced value of lands will yield such arge
increased will fully compensate the State f
her outlay. Practically this is not Frequently II
in ket Will