Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-05-07


| SHALL RAILROAD CORPORATIONS PAY
TArEs For the past three years our citizens
have been gro ,ning under q Dad Of taxation
that has we'll nigh ruined them These taxes
have, As . general thing been promptly paid,
venlence to some and misery TO others. We
have struggled manfully to raise the vast eun
OF money necessary to pay the interest on our
bonded debt. and We have generally succeeded
With what degree Of success our future efforts
viii be crowned, We cannot pretend to say-
We have sanguine hopes, however, that on the
first day Of January, 1861. the city will not
have a dollar of interest unpsid To
accomplish this We have to raise about
100000 eash. In ordinary times this would be
. very easy matter, but it will require great
effort on the part Of tax payers to raise the nee.
essa.y amount in these times. We do not
think our citizens should be compelled to p.y
oil these taxes, when the law plainly says that
Corporations. through the stockholders, shall
be taxed the same as private individuals We
find in the code, Sec. 462 of the Revenue Law,
the following.
The property of corporations or companies con-
structing canals, railways, plank roads, graded
roads, turnpike roads, and similar improv ements
Is taxed through the shares Of the stockholders
and when any such stockholders are non residents
their interests are to be taxed this State in the
county in which is either the terminus Of the
structure in the State and to that end the Assess
or Is directed to require the Secretary or Clerk or
whatever officer Of corresponding duties there may
be- to render under oath list of the names and
residences Of such non.resdents holders, with
the number Of shares Of each, and both the par
value, aHd the market value Of such stock. But if
such Secretary or other orresponding officer, do
not resi- i1e In this State the Assessor may require
the same of any officer residing in the State and
II such ocer refuses, the shares of non residents
shall be assessed to the company or corporation,
and may be ascertained in the best manner within
the power of the Assessor. In such case the coun-
ty first listing or assessing, to levy and collect
the tax.
The NJ. & Railroad Company has proper
ty in this city valued at about 81 500, ,OOO.-
They also have a lease Of one half of the Rail-
road Bridge. which is worth probably $780,
900 mole. See. 45s provides for the listing
and taxing Of mortgages and leases, as fol.
lows:
Property under mortgage or lease is to be listed
by, and taxed to the mortgagor or lessor, unless
it be listed by the mortgage or lessee"
Thus it appears that the company has about
s,6oo.o0o of taxable property in this city
The law plainly says they are liable to be tax.
ed on this property, the same as any private
individual Such being the case. how does it
come that the city has never derived one cent
of revenue from the company The mortga-
ges on the road are recorded in this county.
and the holders of them can very easily be
reached The stockholders can be found With
out difficulty, and they should at once be CON-
PEELED to list and pay taxes on their inv esmen'.
The Railroad Bridge should be taxed the
same as If it belonged to a private individual,
and in no way should these corporations be
showed any psrtiaiity. The city OF Daven.
port should derive revenue from taxes on the
property of these corporations. Of at least
100000. This would go grea. w,ys towards
paying the interest on our bonded debt. and
would wonderfully relieve our tax burdened
We trust City Attorney Lane will give this
matter his earliest attention, as it is of much
more Importance to the city than getting hold
of $4,000 OF worthless stock, in . bankrupt
corporation. They can be forced into paying
taxes. but it would require powerful plaster
to draw dividend out Of their treasury The
citizens Of Davenport have this matter in their
own hands. They can COMPEL the NJ. NJ. rail
road company to pay their pro rata share Of
taxes, and thus relieve themselves from
grievous burden. Let them no longer delay
in demanding what is justly their due Our
word for it, the company will very coon see
the necessity Of comply ing with the city's de-
mands and will gracefully submit.
RIVER ITEMS.