, 1873-09-05

the taxliat Of corporate property III this city ia
not large enough to pay the wholo expense OF
tho State Govornment, bosidos paying the rail-
rosa-ntd dehts Of other cities, towns, md coun-
TICS. Wo have already illustrated the mode by
which double taxation Is rcaortod to, and now |
state another instance. The rovenuo law Of tho |
State Of Illinois iB, perhaps, tho moRt abomina-
bic statute that wan evor enacted in any civil
izod government. In actunl longth, it exceeds |
tho entire revenue laws Of the United stntoa,
both tariff and internal. In dotail 1t rominlH |
ono OF the machinery Of the Iuquisitfou, With its
questions and tlumb-Horews. Founded on tho
idea that tho possession Of money mud its
Investment In bonds, notes, other Hoeuritieais
crime, tolerated BY society but nevertheless
great evil to be punished, tho Law proceeds to
hunt 1t down, aud to contiscato as much Of it aB
III possible under tho form OF taxation. II a
man purchase horao for 300 and gives llis
note therefor, tho law requires that both tho
horse and tho note bo taxed, under tho theory
that by giving the uoto the property had boon ill.,
oreaaed from one hundred to two hundred dollars.
Tho point sought Is to reach tho "bloatod cap
italists" who hold securities. Tho san1e thing ia
dono in tho caso OF nlortgages,-the mortgage as
well as tho property mortgagod is taxed upon
the assumption that both aro "proporty," and
not that one is moro evidence Of d claim
on the thing morsgaged. The wisdom Of the
State of Illinois Refused to 500 any double
taxation in all this. The present liffl-
Guilty is with respect to corporations which
have omitted or refused to report their
property for taxation in moro than ono form,
Tho exact controversy may bc bost illustrated:
and B, OF Chicago have invested $4,000
cash In q manufacturing business, and hayo put
their capital in the form Of real estate, build
| ings machinery, tools, and materials. Tho
! Assessor has listed all their renl and personal
property, liko that OF all other individuals, at
5000, and Mossrs. A and B aro taxed on TINT
amount, and tho Inv is compiled with. But 9,
D, Z, r, and q, for thu better convenience Of
doing bueiueas whore tho respective sharcs nro
unequal, form themselves into company under
tho general Law to carry on tic Hamo business,
with the same capital rs Mesars and 3. They
invest their money in roal ostato, tnaohin-
cry, buildings and tools. They mako tho came
annual profit that A1eesrs. 4 aud B do,-25 per
cent. Their capital is represented by stock,
which, at that rate Of prof., will be worth $3.50
per phare Of 800. The revcnuo Inv Of tho State
taxes this corporation On its capital stock Of
4100, 900, and also on tho premium valuo Of the
stock, $50, 600. aud deducting the returned value
Of tue tangible property Of $4,000, demands of
them taxes on the remainder Of 100000. Acrosa
the stroet, tho other firm, whoso property, busi
ness, and profits arc precisely tho Bamo,. art
taxed only $4,000. Theonly difference botwee1
the two concerns s, ono Is a private firm of twt
or moro persons, and tho other private corpo
. ration OF tHo or more porsonB tho not Of inoor.
poration giving to tho lattor no rights OF priyi
logos not possessed by tho other firm. Th
corporations Of Chicago, in making their return
to the Assessors, lnvo reported in ono OF tw
ways: 1. The amount Of their capital stock q
its par value; or, 2, pointed out to the Assosso
their real and personal property. andloft him t.
value it. as he values like property owned b
other persons. The Assessors have returned
In all CASES. tho value Of the real and por
, soual property, with auoh other roturnH as th
corporations havo made to them. The fact il
. tho law has oyorrcachod itselt In trying to ia
capitai two or three times, it haa has failed, Al
:. now thore Is an uproar. The Assessment Il
. Cook County has boon Increased by the Asses
- ora from 394, ,642, ,2lo. out Of aggregate for IL
State Of $508, ,875, 848 III 1872, TO s144, 146,G
D. out Of q total Of st,1S0, ,i2oe84 in 1878. The,
T. are somo $14 000, 900 OF county. town, and oil
/ dohts, contracted through the State in aid
eailreads; theso debts haye TO be paid out OF Il
y atats taxes collected on tue increase OF tho d
j. sossmonts over that OF the year 1868. OF courH
III tho grand point was to got guch an Increase
= assessment In Cook County as would email
J. theae other counties to transfer tho groat bu
OF tho State tax 4oro, leaving thom
apply thoir Hharo Of that tax to their loe
III debts. The whole aim OF the lncrea
d OF tho assessmont over TINT OF 1872 "
III to catch Cook County. Tho machinery Of t
u reyonuo Inv hus boon reaortedto, but has faile
IL 1t la now demanded TINT tho Board OF Equal
~ cation sl.a arbitrarily assume to tax tho pro
VI orty Of all corporationB In Chicago upon the G
eees Of tho value Of t4olr stook oyor its r
w. ~ value, and thereby incroaso, 1t IL sssuned, II
,ut assesamont for tllla county another hunqr
od millions Of dollars. Tho faot Ia. that for t
10 yeara tp property in this city haa boon assoBs
pte for State purpoaaa for In oxcoss OF tho prop
n- tiouato value Of tho reat Of tho property In
ia State. As Roon al III inorohae In tile aaso
.r. mont was mala, and a noarer approach nlado
he ACTUAL values, tho share OF this county IN
ao' aggregate fell OF, and now CONSIDERATION p
~ yaila among thoao whose ta1qa hayo .boen p
IL by this county 30 long.
nd Tho Board OF Equalization have plain d
"a. boforo them. That duty Is to return to the
"a eessmont Of 1879; add to that reasonable 7
Le centage Of lnoropao, aay twcnty millions OF d