, 1874-06-22
THE TAX CASES,

valuation Of t1 Cnritni EtDCE OF NIL lilo nr1Yht0
oornorotous in tho ptato OF Illinois. rhoy
roucod tho valuation Of this oapttal stock by tho
to'nw;n, nrooesa, Trhov tool, tim mr. va,na
wl,on IT WAS not ouotod, Or whom It was ouotea
ahova nar, t1,e current martot va1uo. md to thia
aaaed t,a aynouue ot aehta. II anv. dna from
t,,o corpo,ot,oo. From tt,fs tbov dednctca t1,o
,e,oaeod vo,us of tina fanp;b,o nrone,tv of tho
,on,n,nx ana +,,o rom,,naor 7voa cart,,o1 IN fin
A,,,,;t,. =. 4ha ,oxo,,,o ,,o,,n =, tho ,o,;+o1
atoc17 a,,d frano,,,ao of thu comnanv. Aco,net
tr,a croceoa,rp thcvo vaya a. eroat roanv in.
Iurot,ons os1xod hv co,norat;ona n, t1,s oronnd
t,,o 4or,i,ao ,,rora,4v If +no connnnv vo. in
.to ,,.+nro =, dorh1o +o,at,on cna tnat tra 1nx
i,,at,oa .,a ,aoo,,1;t. r,oo f,3,,or a. 1v
+,,o .aa,,on ~ III, ononnt or do1ts tn t}s vn,ua
n, t,s o,n;tal al acf na nart tr,ereor r. wae a1ao
oh,aotaa ,1,o+ ,,o cor,to1 atoct ,roa not onea ,v
+ta ccrc,r.t;,,,a hut bv ;,2;v;a,o1s rcs;ainc IN
a,1 rorta ri t-br;atan,on, and honca tbat tha
co,rnnon,oa voro toxcd t,non aomoth,nr vh,c,,
+,,o,, =, ,,nt rosaoso Anothar c,aaa NJ cornora,
+tona +o1sd warn thcso ;ncornoratea In otbor
sta+ea nua do;nc 1,ust,ees herc. yq,e Roard at
noualization undertook to apportion tho capital
stock Of those companies to tho business
done in ts,s State, md to assess them ao-
cordlncly, Tho supremo Court Of Illinois,
attor hearing arguments in all tho casoe, en-
bracing every variety OF corporation, have ren-
derod decisions III t0o cases, ono covering homo
corporations and tho other Of foreign corpora
tionH,
In the case Of tue Rockford g. Roct Island
Railroad Company, chartered by tho State Of
1lliuois, tho Court substantially declare tbat the
Revenue Inv, like al other statutes, must be cou-
strued so that tho whole ehaIl etand, and when
ovor AT, act of lie Lorielaturo can be go con-
ettucd and epplied as to avoid a conflict with tic
Constitution and a;yo It tie force of Inv.
suoh coustruetion mint bo adonted. Had
tho Logis|uturo powor to REQUIRE tho capital
etock. Including tho franchise Of corporationg,
to be assessed for PURPOSES OF taxation7 Tho
noyer of tayotion ia vested in tho Locis1aturo.
whose power ia plcpary, exccpt 30 fur 40
restricted BY tic Constitution of the United
states and Of the State. It ia olear. tho Court
say. TINT tho franchise Of a corporation Ia
property, aud Il propor object of taxntion. It
las even boom held to bc liable to be condemned
for publio uso. under tho right of omlnont do
main. Owing to the peculiar nature OF such
urouorty. II nav ho difficult to ASCERTAIN tta
actual value, and gross iuiustice u,ay bo done,
but ,av onunot bo held to bo unconstitutional
nora1v bocarse 1ss proyiBions arc unjust. Fran-
c,iscs and CREDITS aro both intangible, but it las
beon tho uractIce ia this State, sustained by tue
Courts for yoars. to Tux orodite. In tho csso Of
this CORPORATION. Its franchise Ia 1nortgasod to
its creditors, and, II 1t havo valuo sufficiently
dotinlto to bo mortgagod, it must bo susceptible
Of assessment for taxation,
l. Under tho Constitution OF tho State Of Illinois
Il ia loft ontirey to tho Legislature to determine
whether corporationa shall DO taxed ID only on
thoir tangible property 10 On tue amount OF