Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1873-01-30
Governors Message,
Continued.
soUECIS uF kLyENUB.

Tie Ii, aI,CIai embarrassment oi
Of tie 5 ate very lolclhiy susgt Sir
the necessity OF seeking new sour.
ces r, venue.
The charters OF our railroads
exempt pe,petnaLy hom taxalion
The cnpl(a. stock VI hese cOrpU
atluns. Without arguirg tie
question Whether the attempt at
perpetual erenlpti0a is In culso
nance with our organic law, soI
within the scope OF Legislation, II
i enough to sly that SucL poa er
is denied by many Of the ablest
Americnn jurists. The Su Il, me
Court of enmessce, however
leaves nu room f,T doubt, tbat tue
mptlon of the capital atOc6 ota
cot1Srdtiolt does not e.oeml,t lie
sHAkES OF STOCK nn the corpora
ton. la the h nds OF iHitGldUHi
6toclhoiier8. lhnt qu stlaIr' WAS
Directly present d t. the Curt,
in tue case of the Ualon Bank
agau ST the State 9th Yetger =
Rrpoits. Page 49o..s L is di, incD
~ held IA rAsi case, Iha', althougt
by he charter of he hesUnlona Bank
is caplal oek Is exempt from
toNa ION, a I'll the ermmatIon of
It's corpl.te Xistence, yei. that
tie shares Of etoch; in the hands OF
iuilvldu / stockholders are 4, t
thereby exemp', bus snch shares
ol sock are The sulJscs of IAN
alion at hcli cash ratr,e, like o'h-
er proper -
This pr,riple applies, Of course,
to shares Of Stock held in all corpo
raii0ns, ss... q. ss .-.. "a.
You need not be reminded that
vi der Il his ruling son are lett with
out uptio in sxing .hes storks
under he provision Of our lon'
stitutian (Artrclt Ii, S ctIpn z6)
prun idimg tHat "ali ptap fty. rea', /,
;.e soilal or mixed, shut be tdrea. ,
oihce the questlpn cf t'N':.ES
suits beigre Justices of the Peaee
was c,nsidefrd by your predecess-
Qrs, and rejrcred because of d6dl IS
at the cons itutionaiIty oi taxing
litigation, the SGprt me { oult Of
Tennessee. Ia tie case # lldrlis, n
Pepper ct al. vs. I |. Wits, IA;
helrl ihat the General Assembly
has the consti U Ionai power 10
iWposa surA lax.
| now submit TO you whether
nnder he provisions al cur Con
si,utlon, declaring THAT taxes
saail be equal and uniform
tnuushout the State" you can
tbx iiugolon. in Courts of Re-
cords, aud exempt suits before
Justices of tie Peace. The for
ner Yields considerable revenue
aud cannot Ice dispensed with.
Tie latter would produce a.much
larger amount, and make a most
valuable addition 10 ihSaSgre'
gate of our revenues. and would
bea ghl bmdpn upon lnlgants.
SALES OF LANDS FOR TAXES.
The attention ul the last Gen
ernI Ass, mbly was directed t. the
$, stem under which lands have
been sold Tor he coilt cIuD ut un
paid taxes. and | ulged the ntces
shy tor The afoptinn oil more
s ngs rules, IN order to MAKE
sucu sales ilcctive IN The prouuc'
tiouof revenue. repeal to you
what then said:
-a-e~Y -ur attention. Is invited L
the lac that Tor many years landi
sold Tor laNes, under section o..
OF the Cude have been purchased
liz Tie name ot Treasurer, as Su
,p,ainteIdent ui PGblc lnstruC
ton, or be Use OF c"bniOn schools
" L. the IN ai,y oi instances, Tia
only result h these sales has DteI
Ia charge the State with hrS
bllls ol cost advanced from tn
schuoI fund to pay the expense
oi selling the land.
such lands are raFel y redeemed
aud Iiie original owners are Hneve
Disturbed In the pJseessSlon OF ei
jaymei,t OF them. ltls generali
lands held aupen speculation, or
iaTge b, dies, that are sold. Im
sys em is ala immunity to those d'
hnqaents agalI.st the pay ment o
taXrs, aud tue honest tax pay {
is the sufferer, because the dehcl'
thusereated, are made made up b
Increased ass essmehts against hln
a large amount, perhaps man
hundred thousand dollars of th