, 1873-11-19
ttanehso t,na and goodwill. And yot this Board In,

1
Tint tl'ia capltal stock waa worth ss,. .Aoo =,
tnomgh tley found TINT tho ontiro assets Of Il,
80 eaap1at'y. a1 altor paying its dobts, wero wort omi
foJ3a, H., Uneorve thoy stick 10 tho odd dollars
Ibov s'iuy terminate tho figures with 10 sllo,
was 10th to boliovo that TIM poar;, had ovo
~np}', ~u;oq % snch rn!o when informed Of it, no
@ sopy ana, Gwen then, thinking tlioro must b
ihnt to 'uaSon s,oi which could not comprohcnd-
noanl,-I Immediately aot myself 10 ino,ro roc O
every !, aonsib bio maj, l mot tho reason
@ aor anch rulo, but all aoo.noa ns t1omentol a,
myno1 and hayo concluded! to yont,lro 10 oirol
70 mo s!,pto'noly absurd. Possibly your Honor
Or tho Atsoinoy-G -Gonera1, may onlIghten mo, nnt
eve mo aroason for TINT which I cannot NOW
/ understand.
Suppose tue Slate Board had takon tho infor.
nation contained III tho Assessors report ne
statl1g tho true amount Of tho Indebtedness ol
tho Company, and added to tho s1O3 Gt() or tfohts
tue $32, ,600,-ll,o full value OF tho atock,-thon.
aot thoe # os @ 'hey .s Tod ays saosse h
truly n'orciful aud mhgnantn,ous on tho part of
tho Board 10 Indulge
CHARITABLE DlsnEL1rr
as to the amount Of tho indebtedness. and 49,
aMe @ e71 ~ cso knu Of intutivo knowledge. that it
Asacssor. Dnt for this wo sl,os,ld have beoin ro-
1n!ro1 to pay taxos ou el3C,00O, insloai Of
s61, ,420, aH tie va1ro Of tho oanital stuck now
required by tho Doard Of Equalization. must
otpIosa p or acknowledgements for this mitigation
Of tue harslnoss and severity Of tho rulo adopt-
ea ny tho Board for Its own government. Dit.
aB 1t ID, they assesaod o,lr capital stock OF,
amount rs Wild and unreasonable as tllo ruin is
M unjust md illegal. Aud this is not ali. They
fraction of twico its face, wlon It mover sold
for moro thnn rs conts on tho dollar, hy
aualhg n supposed indebtedness under the
ru'o' but tlioy hayo gone further, and added this
10 sne Hp an9nt oan Of TIE tangible property, nking
~ for taxation; mud tho Auditor instr1cts tic
County olork to oxtond tho tax upon this full
amount, ailtl tl1o Clork is nor about to do no,
unless restrained by tl,e ordor Of tlls Court.
NOW, lot ns forget for monont, If that be
possible. tho mos,stroaity Of this assessment or
valuation Of tho capital stock, aud turn our at-
tontion to thls feature Of
DOUBLE TAxAr1oN.-
this taxing tho capital stock whicl, may be srp-
posed to represent tho va'no Of tho property Of
the Company after tho payment Of its dobts, and
statute. Tho fourth division Of tho third section
o. the AoYenuo Inv is tho ono under which tliB
Wholo assessment Ia mndo, and Ia aB follows:
The capital stock Of all companies aud associations
now and hereafter croatod u1dor tic laws Of ta sto
shall be valued hy tho stnc Board Of Eu,iazation
ns to ascertain and determine respectively the far
ehe aooys tic Value * tho s ans sp.
bic property Of such company or association. Saia
taining tho fair castvaun Of sch capital stock Is 10
It may seem equlIahlo mud Just; and such rales and
~ so TnGa 90 40 hanptea II not neosiatens with
eonapea IN Ills II ne a o. @ oaxsp effect "a a.
change alteration, or amendment ,nay 10 found,
Provided, Tint IN ali whero tho fangiblo prop
erty Or capttal stock OF any company association
an sS .s act, G enres o. capital stock Of
in ta sar %s oz sha a, o 10
nrnl 3snking laws Of Ills satc.1 '1e& N''1'
Ibayo ofton bcara comn1a;,.a of .ho T., trst;oo
pf tLis statute. nnI from WHAT haI - 'ro
disposed to fo{n in thoso complaints for + raJ
ooon lod to believe that II i1nposod d donbjo trr.
.tiou upon substantially tho anmc th;no 1' nnt
Is aoon as read tho statute. aaw At ai'co that
ho inust,cc was not ~ ~ etoI"ta ~ ;1sni3 tias h,t
y the congtruction mt mon #, '$0o''' o"'
ny THE eTlTr ientnn ~ rou,,,v.r,ov
n which fIote comnionno hovs ano,,;as,o5
gitbnut 1ooitinv nj t1,n atat1,7a ;+sn1f Ao'~'>''
Lot us look at tho ]nnr1,arn ~ ibo ata,r,,
nd ro shnll 90 r. ;s MI 6n S,,traaoauo
hougl It nav imnoso somo si,ohf h,rdcn nv" ,,non
hose corporations which mitrht wall hayo h hnon
hall ascertain and determino 4 tho hss fsir cnsi,
aluo ff s,1ch csnito1 stnnt fncu5nn +t,n tran
biso aver mi ahove thc assassad vo1,,o ,o ~ H.
angible prororty Of atach comnbnv ' nr nsaoeia0
ion" The orror consists in t1oIr havin~ % rom-
annfest that tev monn M - ac wl9h t;n IL IL xc
nean i, erces. n tie vonn -, thas tonriI'iss
.rnno1tv and X ia aniu ~, tto tl,ot 'ans.u.o
Int Wa aro tn ' ho w ta4a;, ta1s oacess u.s.
apiial stock. sunnoso yonr fTonor wnro ~ ~ ~
ct me to moas,rp thn 5ioIt ~ Tn,,m me.v yor ~
boyo tic l,irht of 1nmss and 'T'Id shonid III ~,
DIN to bo CiS feef bicj1 mil :Tamcs rcat ,a. aia
ou would oxuect mo "a renort tint fo,ni 15 T56,
be- six inches orey nnd oi,one t1,a % h+, oit ~
aues, and not OK feet ouer a,d oSove ti6 L;cTt IT.
James md whst wom11 IN, +h;.,,s sAe - w.
t,,nidItv ~ nv rannvt ~ s,,c,, y, , so
,,c1 stato ~ fnctss Smnnnnn ro', roa',|od N.Y.,
our Mostor-in- -Chancorv ia rannrt {,o rsia ~
:, csfate nre,. ond ohono +a nn,ouet 'ao ~ ~ ~
abty md he fonnd tha estota ~ Il. ,vor4,, ~
2 O1o and tho dojas al nm yor ,s,,,i o"nt "oasls
in to report tho axcesstI,nt ia te amon1 unpoos
10 assets oyer and aboro ~ thn "Is dahta.sto ~
o 81 900 and, should he atd tho s2 1f]i1 to Iho
/ 900. md roport the assots over ond nboro tho
cbts, to bo sd. GOO. Won wo,Id bc ''-0 "o''o 'n'
AMAZED Ar 4,s pEnyEnslTY on srnp,n,rv.
nd yot thia is precisely what th;s S.nta naord
t Egualizatlon las done, for they have n,. onn.
trucd these words preciseiy ~ be fthc ~ ater1
ould have done in the casa sunnosod rrhny |