The Rock Island daily Argus. [volume] (Rock Island, Ill.) 1872-1873, 1873-11-22

bankruptcy. Take this very case: The
State Board find that all thetangible prop
erty OF the Company Is worth $37 ,257.
Now, suppose that they were correct in
their guess that the Indebtedness of the
Company was SOS, 920; then, after paying |
this debt, the Company would have Just |
IS, 1877 left, and that, TO the ordinary CON- |
prehension, would present the exact value |
Of the stock, less the value Of the fran |
chise and goodwill. And yet this board
has found,
| ON THEIR OFFICIAL oATHs,
that this capital was worth sol APO, al
though they found that the entire assets
Of the Company, after paying its debts,
were worth only $S,327. Observe, they
stick TO the odd dollars, for they terminate
the figures with 7 TO show they have
been very exact
Twas 10th to believe that the Board
had ever adopted such a rule when in
formed of ii, nor would believe it till actu-
ally furnished with a copy and, even then,
thinking there must be some reason which
could not comprehend that must be
lemented, instead of the State Board
Immediately set mysely to inquire of every
sensible uIan met the reason for such a
rule, but all seemed as demented as my
= ! self; and | have concluded to venture to
offer to this Court the reason why these
!; rules seem to me supremacy absurd. Pos
y !, sibly your Honor, or the Attorney-Gener-
! al, may enlighten me, andgive me rea-
4 sou tor that which cannot now under
p stand,
Suppose the State Board had taken the
= information contained in the Assessor re-
!" port as stating the true amount Of the III
u debtedness of the Company, and added 20
., the $l03, 800 of debts the 32,500,-the full
- value of the stock then by their own rule,
~ they would have assessed the stock al
Us $l36, 900, instead of SOL ,420. 1t was tru-
ly merciful and magnanimous on the part
Of the Board to indulge.
tn A CHARITABLE DISBELIEF
nu as TO the amount of the Indebtedness, anC
81; assume by a kind of intuitive knowledge
ol that it was $74,58O less than the amoun
NY reported by the Assessor. But for THU
" we should have been required to pay take
ny on $l36. 900, instead of $6l.420, as the
~, value of the capital stock now required b.
ne the Board of Equalization. | must express
nc nc our acknowledgements for this mitigation
VI of the hardness and severity of the rul,
las adopted BY the Board for its own gov
uI ernment But, as it IL, they assessed on
~ capital stock an amount as wild and IN
. 9t reasonable as the rule is unjust and illegal
l ii And this is not ALL They not only assess
l'al ed our capital stock at within fraction Q
l ~. twice its face when it never sold for NOR
.Iy, than rs cents on the dollar, by adding
. nn supposed indebtedness under the rule, bu
vi vi they have gone further and added this
al amount of the tangible property, maxim
"a "a in all sos, 677, at which they assess tn
n1n Company for taxation; and the AuditC
nus instructs the County Clerk to extend th
' Ia tax upon this full amount, and the clerk
. u now about to do so, unless restrained
' Ia the order Of this Court
'.e Now, let US forget for moment it thi
~, be possible, the moustrosity of this asses
. :. ment or valuation Of the capital stock, au
! - turn our attention to this feature of
the DOUBLE TAXATION
the this taxing the capital stock, which III;
lenr be supposed to represent the value of Il
ate, property of the Company after the pa
ual ment of its debts, and the tangible prope
e as ty also. Let us turn to the statute. II
the fourth division of the third section of Il
Continued on next page.l