Vermont daily transcript. [volume] (St. Albans, Vt.) 1868-1870, 1868-10-12

10 en- )rce the collection OF the tax upon
the stock OF non-residcats in the Yer
mont Il Canada Railroad Company. ~
ILL in chanccry in behalf OF such stock
holders, was, theaciOre, brought az inst
the State Treasurer, and All injunction
pto.urcl RESTRAINING that officer from |
collecting the tax. This suit is no b! |
pending in the Supreme Court of the
United States and 1t is expected Will be
heard the present winter. | deem |.
the part OF wisdom 10 postpone further
legislation on nissubjCct undi the courts
have passed upon the questions now UNI
der consideration.
| am advised by eminent counsel, that
should the decision OF the colrI be III
favor of the State, the enactment of the
bill of last session would render quite
doubtful the power to collect the accrued
taxes now III arrears, -cstlm ltcd to
amount to over one hundred thousand
dollars. The inquiry from interested
non-rc5ld his i'll rcgas ii to the late Oh the
bill, since the close OF the last session, IN
clineS me 10 the opinion that there was
Il design in the amendment not apparent
to the legislature when the bill was UNI
der co. s.dcration, and it apply illustra-
ties the evil that may grow odt of legisla-
ton under Il suspension OF the rules dur.
ing the closing nOurs OF Il session.
There WAS III my mind another serious
objection to The oil. The law OF 1914
required the tax vi on the stock OF non
residents to be paid in.o the state Ir,aS-
ury, where all the people oil the STATE
would receive propoftlOna,e dement,.
! The proposed amendment gave the adj
vantage from taxing stock OF non-rcsid-
cnts 10 the Towns III which the Railroad
corporation might keep its principal
/ Uilicc.
] ,.l,nnII ho dana t, Of
fccl the validity OF the law OF 1854 until
Il final decision Is reached III the case
now pending, it may be well TO consider
whether 1T would not be sound policy to
| adopt Il system OF taxation which shall
be consistent III It's various parts and do
/ equal Justice 10 ali.
Ncitncr the existing law, nor the pro-
posed amendment, apple, to railroads
Duiit or owned by bonuholuers. The
holder of Il bond, who may receive his
interest regularly, Is not taxed, though
he Is II NONRESIDENT, but tuc nOu-lcS4u-
cnt owner OF Il share is To be taxed, al
though the bond is practically us much
Il part OF the railroad capital as the
stock.
u unable to see any sound reason
way stockholders and UOnlhOlders i'll
Possession, should not stand on the same
1ooUing III Tins respect, or why railroad
corporations should be subject TO di.-
1crrnJ rule i'll regard to taxation from
other properly holders. There can be
no dourt OF your power to tax the real
property in lniS OIatc owned by cOrpOI-
aclons. 1t is the present rule TO TASK il
Us such, except III Til ; case OF RAILROADS
and by including the real property Ol
railroads under the general rule, W.
should reach alike The resident and non
Resident sock and bondholder, anC
should work equality and justice to ali
Inc only dllIlcd.ty, II ANY, in the ap-
plicatiOn o! such rdle, would be 1OunC
:. IN the exemption from taxation granted
in its chatter TO lhc Vermont Contra
Railroad Company, which privilege l.
not enjoyed by any other railroad com
I puny lii the STATE.
; \ or is it apparent why we should APP
ply, as we now 60, to the personal pro
perty OF residents III other states, Il rui,
of taxation different from that which w
adopt for our own citizens.
: Our laws consider personal property a
II following the dOmlciIe OF the owner, ant
, require Lilat all personal estate or an i'll
naultanG snail be taxed where he resides
Wnlle we recognize this principle III TIL
Z ease OF our own citizens, shall we seek t
! impose taxes on the personal propert,
OF non-residents, for which, by tne sam
rule, they should pay taxes where the.
reside? This seems to me clearly Iii
II Just, and should it be insisted upon, vii
$ tend to prevent the investment OF foreign
II capital IN those enterprises so essentia
ii TO oar prosperity us the extension OF on
e railroads, the improvement OF on
t. water powers and me development {
+ our uuarries, mines and other resources
a Onc step towards the removal OF thes
II objections, is to tax The real property c
& "a, in tho SnVnroI
sucn property is situated, upon its actu;
+ value, irrespective of dividends. i
}, tins means All the towns on the line {
$, the railroads, or III which any corporal
IL property is situated, will receive thel
20 Just proportion OF tne taxes.
x In tins connection [ would renew tn
= recommendation of the last Annu,
Is Message, III reicrence to the collection
III taxes. This mattcrls one OF mpOrtanC
rs to taxpayers, and should not be passe
OF ovci WiJnOuC that consideration II
is merits demand.
~ UNITED STATES SENATOR.
es The provisio rs of law require that yo
" should proceed, on the second Tuesda
IL OF this session, 10 the election of a Unlte
] states Senator Tor the term OF SIX yea
Ell from the 4th OF March next.
-, ~ NATIONAL CEMETERIES.
| transmit herewith the report
r. Major William Rounds, Trustee or ii
is Antletam National Cemetery Assoc
at ton, and have, lis Cnereln recommcnde
Int certlneu to the Auditor OF Accounts II
~ proportion to be pad by Inc state.
ed nave, also, Il communications from ii
Il Board OF Comm 4SSiOnerS haVin., c.iare
to of the National Cemetery 1T Gel,ysb N
al requesting The adoption, on your pan
is OF !, RESOLUTION recommending VAC tran
fer OF that Cemetery to Cne care OF IL
t. General government. In ,se papers u