, 1873-12-09
e&Ac8 arc taxed upon their sarcs OF atptk It Ia not
tho fault Of orr lava. hut 1t "a tleir misfortune.

nue sinorae eara"Hehs, mn! have cited numerous
ss;sss s,.m!ss all ss xsa ss
tsn.lo. Nd tlat tia Upon ho eSni stoeE of i!ie
copany ne md hot 10 otcr rersops, nt''s"a
sas l Tossod to ntate, - briefly = ia corsatant
of o rights involved dirocy or Of ttreety iii IN ts
eontrovotay tho considerations md principles which
fosiew tho arHun0lta or auhoritics either sislc
| WHAT CONSTITUTES cohroKAr1oN.
corporstions aro .l1o Creatures q law. vnsil he
law creates tdom, they hhva no cxiteiee. Dy their
cd, thoy have corInn rights and prvilegen wh'sh
called franchises. Thcae franchises may differ III dit-
Tsra + one fssnc'ise wc toy ali hase, aud tha il,
a 70 ~ ~ s9 ,tns S . vs, pssnss e.
aud e1!st1ng on1y tn eontoinplas1on Of law.
h' uase rs Sfp II as y ho Ssa i arun II
property, contract obligattons and DO suod, aud
70 sny oner Thing authorized by no ehartor q Incl
cession undcr n, sriifeia form, 10 that. although s
1enburs tnny ao rytsru, o,urs may step Into thcr
ofa, and nd il no itea m Cd ID s duratio @ - uess a pro-
ab'o 70 nno thslr snrital, energy, end stl,
ant, 10 outer upon important enterprises which no sin.
gio person or associated porsons would undertake..
hat ttls franchise. tlla right to oxht IL of Itself Of
charters aro obtained and 10 many companies organ
se1, and tl,at 1Argo portion of Tho important
business Of Tic country Ia daue through thcn.
TIE ooAFonAr1oN owNs 1rs PROPERTY AND rnAH-
clttsE.
In joint stock corporations, as ordinarily constt-
tuea, the persons who may ha aaid III certan ulti
as and IL, called Stockholders. They nro supposed
70 Irtng forward aud eonsihnto soyaraly, IN certain
and whns thcy Thus contribute Is called tho capstal
stoek Of the vonpnny and Tor eohvenenco is divided
tied to certificate showing the number Of shnrcs ho
has contributed. Thsso sockholo1s, or thoso who
may succeed them us tho ornerh of ther ain CT,
stitute tho members Of the corporation: They elect
is officers n1i through then 'nanago mud control tho
spectivcly, any dividends that may 10 declared, and
corrora.ion il il slnlt 70 dissolved. Tho intor.st
q ar i IL e d. L IN saa
Tho yalue 81 tho shares OF stock depends upon tho
condition e. a Of hs !; a IN may g Il a not
proieryo Of tie company; but tho asockno't'ors are
lnence Or carry on ths bus1neas Tho nrtIeinl res-
sou 90 created by law-that Is, tho corporation isef
% s1 s sness @ % ss sa y
law, or obtained In tho n,oye mentioned. {6oo
AngoI1 Amea on Corporations, Sec. bGo)
TNus THE CORPORATION Nusr rAr THE TAX.
such, and such only, being tho rtghte OF tho corro
ration such thc rglts of the Stockholders
such, II sar!iy follows that when ths taxing
express ianguago ot ho Constitution, 10 evy tax ';so
that anr person aaa corporation sha pay tag u pro
n'ost!1 to tho yaso 9f hs It's property" J. +
domestic corpo. tho legal Of everything
which such corporation has, or Is, Of valne, and
d r ~h S BE- and
anch corporations, establsshea by our own lava, aro
tH'a peculiar domestic institutions belonging
here aud not necessarily recognized tolerated be-
yand tho boundaries Of our own stasc. Excapt upon
ey 10 r Hseas , o omp m
2so,.
"cAr1rA1 STOCK MEAxs s1ocx OF TIE comrAsy.
these corporations directly tho ownars Of all
Eora!e property aud corporate rsEhts. Eyorything
n LAS is nav n Ds s m
sfock its capital or tho eaptat atock All Of those
words arc ia common .ssc both In statutes aud IN tho
denoting substantially tue thing. Whom shares
OF stock arc spuken o %o ordinarily roter to the tu-
"stock" or ,tcaptal atock II may with proprfcty 10
nsea 50 as to denote only tho aggregate Of tho shares
~ w ss % e 0
words "sock or "enpita atock' aro used either In
como necessary, In thia before u.s. 70 Do
tor!nne whit IL the meaning Of tho !aw. or Of the
lon t.at in tho statute under consideration, Tho word
capttal stock mems not tho stock Of TIM aharehol-
e M 5 sa Q, ' 1 ssa a
md operate 10 cary iuto effect tho provisions Of the
Constitution on tho subject Of taxation To give 1t
Of tho shareholders be going out Of tue way Is
aearct Of what under thu circumstances, would t'e
forced md Unnatural definition. for .he pnrpose q
aaS} nSna 'n' "a" '' no spSs' " 'ea A SECS ''A anu
powEna THE sTATE HOARD.
ss0 e. S 1e ssaan to S
provides that " the State Board shal adopt auch rules