The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-10-11

In relation to the action Of the State
Board Of Equalization assessing the stock
Of private organizations, the Chicago 7ri-
JuHe says:
The nineteen persons called the State
Board Of Equalization have shown their
ears again in the matter Of taxing the cap.
tal stock Of private corporations in Chica-
90 As an illustration, let us take two cas-
es. The Chicago Past Is published By an
Incorporated company. The Chicago .Lo"r-
nal Is published by private firm Both
papers are published in the afternoon. As
a matter of fact the yourHm is much
more valuable piece Of property than the
Poh The Post has employed in printing
its paper press, and certain amount Of
type and furniture, worth perhaps $50. 900.
Inc Jo,Tnm has machinery, etc. employed
IN the printing Of its paper, property Of the
same kind, valued at the same sum The
Board Of Equalization has provided that
this property shall be assessed at Oper cent.
OF its real value, or, say, $2l 900 cash
But the Post being an incorporated com
pany, is taxed, in addition, on 10 per cent.
of its capital stock, and the two tax-bills
will be thus made out:
E1sEiHg Journal TO State Of Illinois Dr.:
Tax Of per cent on $4,000 property ..... $2lO 90
ErshiaQ Post TO State OF Illinois, Dr..
Tax Of per cent on $2i coo property ... s2lOGo0
Tax Of per cent. on S3l,5W capital stock Sl50U
s125n0
Or. BY tax property 2io.0O
Net .......... .S315.0O
Assuming that the entire property of
both concerns employed in the publication
of their papers TO be the same, it will be
seen that the Post will have to pay 500
more tax then the JoUrHd
And the Chicago Times says:
The perfect absurdity and iniquity Of
that product of supernatural legislative
wisdom the new Illinois revenue law, are
very strikingly exhibited by this assess
ment Of the capital stock of corpora.
! tons. In the first place. the assessors as
scssed all the visible or tangible property
OF corporations, as they did other taxable
/ property. at its full value Then come
/ the Board OF Equalzcrs, who proceed to
/ inquire as to the amount OF capital stock OF
/ the corporations, and its supposititious
market value From the amount so deter
mined they deduct the assessed valua
ton Of the property, and assess the
remainder as so much additional property,
W Inch Is, SIMPLY, assessing the hypotheti-
cal good will OF persons doing business as
corporation, as so much taxable property
The case of the Chicago Tribune, as
compared to that Of the Times, furnishes q
capital Illustration of the operation of this
device of legislative ignorance. The 7'ri.
bnRe is published by an Incorporated com
] . ha 10, "a
any contrlvance OF Legislative prestidigita-
ton. The Times property is greater il
amount and value than the Tribune prop
erty, either including or excluding the rea
estate of the two establishments. What
valuation the assessors have put upor
these respective newspaper properties the
Times does not know; but each is assessed
on the properties to whatever amount the
assessor determined to be, under the law
the full value. ! he Times is assessed OF
its property only; the Tribune is, in lik'
manner, assessed on its property, and in ad
dition to that, the Board of Equalizers fine
it lawful to assess that unfortunate con
Germ on some 1928, 900 of capital stock.
Again, the corporation known as thu
Chamber of Commerce is assessed on it
real estate, at the corner of Washington
and La Sale streets, which comprises al
the property, of every kind, which tina
corporation owns. But then, in addition
1t must pay taxes on no less than $500, OOt
of capital stock, representing nothin,
} but shares in the property already taxed
What is imperatively demanded in tn,
present emergency is some course of acton
that will put a stop to this deliberat,
scheme Of wholesale robbery. There is n,
time to lose. Men owning property il
J Cook county should go at once to the court
and apply for injunctions upon the count,
clerk 10 restrain him from proceeding u
carry into effect this monstrous scheme O