Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1866-11-23
DEBATE IN THE HOUSE,
Nop. 10. on the bill to TAG corporation


MIR SPEAKER As the bill under confederation In iis
passage through the House seems to create fear in the
minds " some that It's urovsions arc not called for aud
that will operate ruinousy upon the industries Of the
stale, l beg leave 70 resume for shor time it's con
eideraiion When | gave my views In brief way,
some time since desis ned 10 leave the bill rect up
on It's own merts and to make Us way u final action at
he hands oftbe General Assembly But, sir, the OPP
position Il has received and the character Of the discus
sion is calculated to mislead and shall attempt to
show that the fears oft opponents groundless We
have been told bv the Renter an from bennington that
this BILL II IL become law, will drive capital from the
State, will diminish our population, make our fair fields
waste, and convert the state into large sheep pas
tute Aud this is not Hll, will diminish grand
list in all probability sixty millions Of dollars and that
he has invested the last dollar IN private corporate pop
tty and hat hereafter his capital will seek inyestment
who the borders ofthe state where it will receive
more legitimate protection. II the genteman's fsais
are well grounded aud he consequences Which he has
described were TO follow, would unite with heart and
hand TO prevent further action upon the prup0sit be-
fore us But cir misapprehcnd entirely the effects Of
this law " o. will operate uiuriously TO the true inter
tsts ot the state Let us examine the provisions u the
bill
Secs and2 of the ao, prescribe the duties Of cashiers
aud CLERKS Of private corporations aud copied yefba
tim from the General statutes changed ouy in phfa
soooW 10 adapt them 20 the provisions Of this bill.
Secs. TO u inclusive prescribe the duties Of coec
tors and other officers direct the manner Of proceeding
in he sae Il stocks, alike penalties for the violation
Or neglect Of duties and are in all essentials copy u
the statute now in force
! Sec IS repeals certain laws in force inconsistent
with bis bill We find then the objections contain
ed in Sections aud
sec isueary the rs those in the laws Of New
No,k and Penusrlvauia also a. Connecticut Massachu
sctis aud Other New ~ gland States Similar provisions
are now in our Statutes IN regard 60 the duties Of oah
icrs Of banks, ana have myself made certificates for
the last twenty five years fr bank whore reside 60
lh're be, howevr Ia the acc ion under txaminau
duty required. that s the cctfcans must further itae
the amount Of Oh dividends dec arsd during the year pre-
ceduR the 81 day Of april and The per cenum of such
dividends and stat, msnt of a. SUR lus accumula ed
pr0hisi also the market value the month prcctdiu
he hist day OF April of such thafes Of stock uch VAL
uo be astcrtaued which shall be verified upon oath
al lff O. ties he "a net al IN in
the laws Of the tite but are common IN the l'ws Of
other States 10 Connections The ASSESSORS are re-.
CURED TO set stock IN the grand list st it's market value
reported together with All accumulated surplus snd
he market value Is he only rule TO ascertain the value
OF stocks, while in Massachusetts, the value is esm
rom boih the dNdends anu accumulated pruhts They
have hoece statement Of maet value TO aid in form
ing correct Judgment or estimate Of the property 20 be
taxed hat feature Is there 10 this change In our
system fcretodmR disaster viii it effect our ruin
viii fair statement from railroad other corpora
ton allowing the ayers Of the State to understand
the advantages or disadvantages Of associated capital.
e work our run2 whit damage the State and her in
tere fs 10 know the market value Of her Stock? VIII
reg red rehta upon oahf The property Il the far
mt and mechanic nown TO he assessor; shall the
owners OF stock, or ohrr cor crate properly be- allowed
the privilege OF cnctaiment " M tie n4wedge Of the
listers, while that pies is, by The nature OF the case
denied the former meohsnc and other business men
sHcuos requires stocks 10 he set IN the grand
lit at one yer ccuum of their true value in money.
and is copied from the statutes in force Gin regard
10 real estate and person al sttates1 go thar we
L
value Of sch aud al and personal property 1h first
proyso guarding against double assessmrnt or vaua-
ton, does not ap r this foi our statute but is
contained in the Jaws v most Of the New England States
and D. REGARDED wholesome rule soytrn listers In
o discharge Of their duties The last poviso Of this
section Is unlike The laws Of ANY state as far as can
Ascertain II an aronay. 1t e2tmps all orporste pop
try from taXAton unless the corporation shall earn and
pay dividends Notther STATE venture say has pro.
visions b,nifcent md giving such ucouag tment o.
investment Of eapta' and such exemption from tax
% alton.
, S1c c,r,tee lien on stotL 10 sprure final arr,,
Of taxes This also is rot stature The stock
Of steamboat or nIortston mt anits bias alway
been held in Ike maniSr such sr in my opinion,
The provisions Of The law have attempted to state
them fairly When auNiyzcd, what are they they are
in essence what the law Of 1854 was dtsgnte TO be. 1t
/ differs Only in three particulars -
Fmsr, requires cashier and clerk TO add their m
nua statements The amount Of dividends supusses and
: market value Of stocks.
SHcoND, IL sxtmps forn taxation all corporations un.
til they pay dividends 10 shar6holders.
AND THIRDLY, n,tead Of exempting railroads from
taxation, uldl they shall make dividends amounting to
SIX per cent eyempts all private corr oTaOns from all
taxes until they become success, and dent cd
WIN the industrial and producing enterprises Of the
Such is the imp'e english Of the whole matter Cash.
eIs must make statements CORPORATIONS ice r.
thej make dyfitns (ard not till them they pay
taxes Natre in ths provisions Of this aw is the cause
# Of lear in what section he found word expires
sion which leads tn fearful champion from Bennington
toTredict ruin to cur beloved state How he thu.
be mistaken IN the purport Of th, law Can gui
halueit aton the distant future have wrought upon
his inns gnaton without predict that state
shall under the feet Of his law become sheen pasture
and that The gland list shall fan the sum Of forty
millions Of dlllati uriug the session have noted
I she quiet manner in which memrefs Of this body
hay, Appropriated money for the Of the State -
Itey have voted 20 tax themselves and their con
! sttuents, and while the Governor has recommended
Tax If four hundred add fifty thousand dollars fer de-
faying enses Of government, they have quietly in
creased that sum humid cd thousand dollars without
dissenting vote 10 etTieye part Of The funded debt
aud protect The credit Of the state, but when inquy
made 10 compel private corporation Of colossal
pay It's proportion Of taxes which has tepudattd
for the ast five years roprestn alive Of millions appesfs
for heir and cries ruin ruin leave TO the in
: elligenoe Of this House 10 craw us concuto
The iollosirR estimates are made tom the Railroad
Commissioner sReport for 1856, and from other
Estimated cost of bafo@ds Vermont 81 COO 900 90
, VI y Canada 8 VI. Central 8 4 90 coo co
Atlantic \ 81 Lawrence, 900 600 90
, Vermont Massachusetts,, 500 900 90
: Connect Passumpsic 800 900 90
Rutland & burlington aud VI ooooo,o
Rutland land : Whitehall $1,000 Is 900 90
IA extern Vermont so 0OU 90
Rutland " Washington, 100000 90
The present value in stock bon d is about G 600 900 90
None Of these Roads pay dividends except he but-
land and Whitehall Western Vermont and Vermont
aud canada, other would within the poo
visions Of The bill. None, Or but small portion, have
o ever paid taxes
GThe manuscript Of Mr. Clarks remarks sent with
copy Of the bill, hence the printers could give
, the sections referred to.
NJ. Pease Of Charlotte said
Mr. SPEAKERl confess TO great trepi1ston of heart,
as again to speak 10 the bill before us, not be-
cause have doubts or scruples TO the policy OF
the bill, its final sucoess-ths question is as
ceiye fairly demonstrated by it's history; it has most
evidently vitality rarely attained By any bill brought
before this house
Since it's first Introduction 10 your notice, il has
been exposed 10 the most trying ordeal, and it has
emerged from its crucial state like gold tried in the fire,
only TO assert anew its power and its benifoence.
Once demolished before your committee, it was cast
founding on your care, and under it exposed TO
the oRthng attacks Of It's opponents 1t still survives
and though by the eEgenoies OF parliamentary delay
aud myers II may fail 10 lake it's place among the
recorded acts OF this legislature yet it truly i'm
mortal, founded the eternal principles of Justice
and equality. Ii never die But SIR shrink from
entering the lists against the influence and talent ar
ray Jed here all unused | am 10 this new and UNI
/ tried duty. tremble at the risk Of crossing lance
with the renowned and mail-olad knight leading this
high tournament, clad in triple steel of talent, will
I and experience, backed by friends and wealth.
Listened to by this house last Saturday for the best
part OF two hours, with care, with interest think
may safely say, With enthusiasm, his trenohant blade
cutting night and left. his feats of skill have excited
some wonder and some admiration
, He commenced by demonstrating that the bill was
OF no practical importance, reaching, If to
credit his opinion, only very uncomfortable amount
Of taxable property aud scarcely at all enhancing
the Grand List Of the State Before he leaves us, he
denounoes il the persOnihcatiOn Of the most oolos
sal and gigantic attempt 10 undermine the very found.
ations Of our prosperity and safety. lie tells that
We shall add next 10 nothing TO exchequer by the