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

We cannot furnish our readers with any
more interesting matter for consideration
than the recent preliminary proceedings
before Judge McRoberts, at Morris, on
the subject of taxing the capital stock of
private corporations. Every payer is
pecuniarily interested IN this matter. as the
question involves the collection or the loss
of about ninth of the entire tax for this
county
1t is quite evident to us that somebody
has committed blunder in this matter,
and that the assessment, in many cases at
least,is wrong. The fault may be within the
incorporated companies in not furnishing
the assessor properly made out and sworn
schedule The law in relation to that mat
ter is found on page BAL, of Gross Stat
utes of the State, and is as follows:
/ LISTING CAPITAL STOCK OF CORPORATIONS AND
! Franchise OF PERsoNs-
SWORN STATEMENT REQUIREp.l 81. Banking,
bridge express ferry, gravel road, gas, insurance,
manufacturing, mining. plank road, savings bank,
stage, steamboat, street railroad, sportation.
/ turnpike and all other companies aud associs
. tons incorporated under the laws of this state,
: tlthGT fnan DAiIkS organized under the general
banking laws of this stste) shall, in addition to
the other property required by this act TO be
listed make OUT ana delINer 70 the assessor sworn
statement Of the amount of it capital stock, sell
ting forth pa tieularly: l. The name aud lOca-
! ton Of the company or association 2 The
amount Of capital stock authorized and the num-
Der of shares Into which snch capital stock is divd
ed, 3. The amount of capital stock paid up. g.
The market vRiue If no market value then the ac
tual value of the shares Of stock 5. The total
amount Of all Indebtedness excep, the Indebtedness
for Gu rent expenses-oXcludingf from such expenses
ment OF property. The assessed valuation TO
II its tangible property. Such schedule shall be
made in conformity to such instruction and forms
h may be prescribed by the auditor of public &C
counts In all cases Of failure refusal Of any per
sou. officer, company or association to MAKE such
return statement II shall be the duty OF the
sgseor to make such return or statement from the
best Information which he can obtain.
Duty OF ASSESSOR AND CLERK 3d. Such
statements shall be scheduled by the assessor; and
such schedule, with the statements so scheduled
shall BE- returned by the Assessor to the county
clerk. Said clerk shall, AT the time he makes his
report Of assessment forward to the auditor all snch
schedules and statements sc returned TO him.
Duty of AUDITOR. The auditor shall, annually,
on the meeting of the State board of equalization,
Law before said board the schedules and statements
herein required to be returned to him; and said
board shall value and ASSESS the capital stock of
such companies or associations. in the manner pro
vided IN this act.
LISTING A FRAscHIsE.l "a. Every person own
ng or using franchise granted by any law OF
this state, shall In addition TO his other property
Hat the same personal property, giving the total
value thereof.
The law as to the manner" in which
the State Board of Equalization shall
| value and assess the capital stock of such
companies or associations" will be
found quoted in the remarks Of
Judge Cation, copied from page 352 Of
Gross Statutes of this State The seized
ules alluded to may not have been properly
made out, and if not then the State Board
had to proceed upon the evidence at Its
command.
On the other hand, the State Board may
not have possessed the intelligence neces
sary for the making Of fair assessment
} 1t was Republican party Boards to {
and the members may have thought they
would throw tub to the Farmer whale, il
/ order to keep their old party on its legs
If so, they made monstrous blunder, fol
the Farmers do not desire to see anybody
taxed unjusty, they want all to pay thei
: share and no more. Nor will the Farmer
look with lenity upon piece of stupidit,
or of demagoguery which destroys tn,
validity of ne-ninth part of all our taxes
and involves every county in the State il
perplexing and expensive lawsuits. Tn,
Chicago Tribune evidently thinks the faul
: was with the State Board, and spe axis O
t this Republican party body as follows:
We question whether there can be found in tn
history of legi slaIiOn sach an exhibition of ra
: Rbsurdity as made by the state board of equal
izatiOn. The board might probably hire them
selves ont as the champion idiots OF the day The
n rule that the more man owes the richer he is
fairly supplemented by the other decision that tb
: value of one thing over and above the valu
of another Is the value of the things added &c
gefher. The two decisions will defy the world i
any competitive examination for ignorance an
S stupidity. This matter is attracting attention a
/ over the State, and among intelligent men ever,
! where the proceedings Of the State board are hei
Y in ridicule aud contempt.
! The people will be curious to see wha
Attorney General Edsall can say in defenc
/, of the assessment as made by his part
n State Board, and we shall keep our reader
posted on that side of the case also. Asye
we have seen no effort to justify what az
q pears, on its face, to be double tax on tn
same property.