, 1873-12-15
CAPlTAL-sTOCK ASSESSMENTS.

Application OF tho Joliet S,n.1tprt
conpnny for nn injunction 10 nc.
strnhl THO E1tonsloM Ut the Tux upon
NEUTRALITY-SUSPICIOUS. ,4.i,. ncioro Judge
s,,c ar,.,,.,,.'.ss fn.ssynopsts OK
pnrK.. '@'o @2o"' W. Ia AZ
0ur rro1,, ,.o,,., ,
ton wo will at,tc Il, . sos,aa ~ -. ."ls appii'a-
the outeet 1Lov oro no fa,,an popo7''Ao''a 49,, ns
EYrst-Tbat 10 t1,o roaa.,..'.'a ..~'
tiops AZ nnc,, md =. o-n~".a,,s so,po.'-
guis1,od tron tloir a,oon,,ofdsss 49,.
sons " who bnu,,cn to connnso t,,a.. w. po.@
Liable to bo taxed thot tho,, ,rn ~ w ,n"uo
in two respeota onIv. ,hoir :, o ''ape
tloir franchises ;" th.t .n,,;,. a. Mopolts ana
eenb!S have full discretionary power in framing
tho machinery Of the rovcnuo-systom. md NAV
alopt, II deomol cxpo]ent nm ird,root ;,a,a.5 | :,
direct mothod Of "aseortaininr" tho eau roau,ta
to9alleo, ana' IN this view, might tako tho
capital stock as an index or exponent Of FIN vol.
ucs aaaessablo againBt the cornorot;on OH i. 49,,
bo 80 employed only to ascertain tho yao ~ t, The
properly anu franchises,-no further; that tho
capital stock, considered not Us prpximatc1v
accurate index or standard Of measurement, bnt
as itaolf species Of substantive nrorortv -
in certain respect, 1t uudoubtedv is~.7oss u.s.
1e.oHs ~ LILO corporation, but to tho stock
holders and that, notwithstanding tho ultimate
Identity OF interests botwocn them, this plain dis
t'nction Of legal right, which tho Countitutin,
..NN,1' t.ee6''Aos III 'nahue notn separately
taaaolo' cannot DO diarcgar:1ed in tho widest
range OF discretion accorded to tho taxing
powor.
Secoud-Tlat thu mar,fot.rs,uo =. H.. .-,.-,
-, n"' .ao naa1Aee-Ealno OF Tie capital.
s11o1' 80 lar as IT can DO analyzed ut ALL must bo
..Aeo ~ oAp'ess not only tho value OF tho tanEf-
bic property aud corporate privileges or fran.
chises, but also, aud in perfectly indo1noblo
;nr ;ta .,.;.s =: ~onpoNons elo1nents enhane-
4us ITO Pr'ce III tho estimation OF tho markell
6och clements consisting of tho general fayorn.
ne n,o conditions for auccess and prot attending
ordinary partnerships Vi the ''good- will il OF tho
concern that neithcr in individual nor cospor |
ato enterprises can these considerations bo |
i. Ieckoneo' a either directly Or indirectly,
at,ontod Dits'S ~ OF taxation which may bo
a,a%' 70 extend 1t beyond tho legal |
measure Of TIC property and assots of tho tax
payer; mud that therefore, tho provisions OF tic
.os III question, asscsn'g the eapltal-stock
Scl ta+ tne o docs virtually and in Of
'fo nn hot conl,55titutlonally l,5 taxable.
ami,'a-Ihat tho act undertakes to tax tho
1.na .aicsn T.; oy IN assessment al vorom, as meas
- H., ~ tnS eAcess OF t1e marriott or rea value
~ 80 called ann an a0qyo }hot tue tapg1e
Without warrant in tho Constitution, Which
# 70 ioned tax upon Tie franchises
,thor spccai ~ common W! tho various
,so, . IN sae nature ct license or excise as Ind
ate or WEE nsta1oaca nsSa at specific
H. U eaoi on!out W ouslnesa or Bono otlor reas0n-
ple seaae Of uniformity, which should he deemed
En'aa1 Ill.,. :..
!, ron1SA-ihas. II taxable ad yalorem, aud the
aato sa,.. Goa'a Of Equalization be regarded as
ro',, 'uuS VI assessors a.. TO whom the duty might
,opea!S ,,o M ne conilaea yet tho plan prescribed in
,u ,,ut aes roarth snbdlyiBon,. Sec. 81 il III no
uvs , sense "a an assessment of the franchise be-
na1a aa uIna IL tno measure Of valuation Adopted
'o - sAcess ss;x OF t9o stocA oyer TUG property
~. ~ l!Aea lhulscrllnlnatoIy with oticr ele-
lenss; 's and also because. were this not 10,
ls REQUIRED to be made, not &C.
4.1ns h so Lno personal Judgment and conscience
~, t,io Aseos9or IN each case, md with reference
TUG npecia! nature an1 beneficial value Of lie
trIjnr M ~ oxamna apiHry genera m RUE Of yauatona