Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1869-08-10

great bulk of property ofthc State
bic 'and imperishable, and furui.be,
DULY sure basis for taxation, and tbo.,
no deductions should be allowed +,
owners of this class of property to, 4,
Indebtedness. The stability and im'
ishable character of real property ms,
the expense Of its protection less Than
ogmovable, perishable, personal Dro,,a
If the Constitution requires every c,s
property to be taxed, to pay its bran,
ton of the expense of protection it uaJ
seem that equal ifnot wei 5htier r,,,
exist for allowing deductions for deA,
the owners, than for such allowaD,,
the owners of property.
The Constitution seems to conem,,,
tax upcn the person together. With A
obligations Of personal service in in the II,
Of war, to defray the expense of pu,..
ing life and liberty, and tax upou mn,
erty, to- defray the expense Of pfoteet'
property. If this be so, why should b.
all property, without deduction for delhi,
be taxed upon the basis of its ''true val,
in money!" But if deductions for deb
are to be allowed, arc there anv On.
reasons why this allowance sbo5I
be conceded to the owners Of one clas
property, and denied to the owners
another class of property? and can it \
said that taxes levied upon this basis AZ
"justly laid ?"
Within the last twenty-five years ther
have been created within the State "a,
Gus railroad, telegraph and express con
panies, corporated bodies extending the
franchises and property through scve,
towns, which have received their existepc
their rights and privileges from the han
Of the State the granting of whose cha
tiers, the settling of whose rights adj
privileges, and the protection of who.
property, have occupied no inconsiderab
portion Of the time and attention of ID
Legislature and of the courts, and LARGE
increased the expenses and taxes of d
State. These, it would seem under ID
provision of the Constitutioti Should col
tribute their proportion towards the q
penscs and taxes of the State. Such
not been the case except to a Very limit
extent. This result has been due to val
Gus causes. In their inception the none
ed value Of the franchises and proper
of these corporations was supposed to
represented by their capital stock, II
Legislature seems to have proceeded
on the theory that it is preferable to d
the stock Of these corporations, in maj
cases, passed from the hands Of the stoc
holders into the hands Of the bondhoIdet
and the sfocks Of such corporations
come worthless. No attempt was maj
to tax that proportion of these s(cI
owned BY non-residents till 1854. d
ing that year the Legislature proyi
that stock owned by non-residcnts, ye
ing to such owners a profit or dividend
SIX per cent. on its par value, should p
specific tax of one per cent. of that "
ne to the State Treasurer.
1t is difficult to see why property
this class, having a moneyed value yld
ing less profit or dividend than SKIP
cent. on Its par value, should 60 untaIe
while all other classes ofproperty are TAI
cd on their value in money regardless
whether they yielded profit or divdeO
to the owner or how taxes imposed W
on this basis are justly laid.
1t was claimed that this law mpnR
this specific tax upon this class of roN
ty--thus taxing it ina manner dhieHH
from what the other property of the sag
was taxed-was unconstitutional, and
payment Of the tax resisted. The re'FH
decision of the SUI reme Court OF ID
United States has substantlated
claim. Hence, up to the present 0"
crs of this class Of property have DEC
taxed. Probably not over cne-hundEeO'
part of the cash value of the properly %
franchises Of these corporations has nH
far contributed to the expenses Oh I"
State.
The estimated value of this class
property in the State is from fifteen
twenty millions af dollars. Rece'Vln9"'
existence, rights and privileges their"
protection, and that Of their prOpe'
from the State, the Constitution require
these corporations, valued on int "I
basis on which the real property Oh
State is now valued, would amount 10"
less than FIVE millions of dollars anu'A'
as other property is taxed, would pay
taxes an annual sum Of not TAR lrOu
hundred thousand dollars. Nearly
sum has been thus far, annually I@
the State, aud consequently ne'"
burden of taxation imposed upon ~"