Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1874-12-02

d although the law was as stated. we dc
c sired to comply with the law, if We be
b came Incorporated This latter bill faileC
4 TO become law for reasons that need no
e be stated. The Governor then objected
y to our act, not because it gave any ex
emption from taxation, but because it ere
] ated different method for taxing III,
, property of the corporation from that pro
r vided by the general law and would re
lleve the corporation from double taxation
/ aud would not furnish the same relief IF
all other corporations similarly circum.
stanced If any such there were or should
be; il other words because the legislation
was special rather than general. Irnme
diately on learning of the Governors OBJ.
lection AID veto we amended the act of
incorporation, obtained its re-enactment
by the legislature. and also obtained an
amendment TO the general law for the tax
alton OF Incorporated manufacturing com.
panles, so that if such company is taxed
on Its property represented by its stock
and situated in another state or country
by such other state or country, the value
OF the property so taxed is to be deducted
as well as the value of the real estate and
/
machinery from the value of its capital
stock In determining the amount for which
the stakeholder is to be taxed in this state
See Sec. IA Chapt SO, Gen. Statutes
as now amended.
by this amendment double taxation of
the property of such corporations is avoid
ed and no exemption secured to such cor.
porations, and BY this amendment to the
general Law, and by the act Of incorpora-
ton as now passed, both of which have re.
ceived the approval of the Governor, we
secured the same result we sought to Sc
cure in the original bills.
This is in harmony with the laws of
most IT not all the states in regard TO tax
alton. Some Of the states limit by spec.
ial statute the ri sht of taxation to proper
ty within the state" and others provide
that no statute shall be construed as to
subject property to double taxation. 1t
is in harmony with the spirit of our laws.
BY See. 5, Chap. 49, General Statutes, a
person resident in the state is not taxed |
on stock in foreign corporation. if the
property is taxed to the corporation in
the state where the corporation is located.
1t it is the policy of the law to secure
a person against double taxation, who in
vests in the foreign corporation, buch more
should II be to secure the same protection
to person who is willing to invest his
property in corporation in this state and
thus establish and carry on a permanent
business here. If an earnest and honest
endeavor to secure such protection to our
selves aud others in like circumstances.
subjects us 10 the charge Of attempting to
secure special exemption from taxation,
we are willing to plead guilty and abide
he result But lift is simply demanding
md securing what is just aud equitable,
Ind that which Initiates a policy which
will tend to foster and render permanent
he manufacturing interests of the state
md which will invite capital to remain in
he state for such purposes by fair aud
ust laws, rather than drive it TO other {
tatcs by unfriendly, not to say unjust, {
egisiation, we are unwilling to have our 7,
Efforts to that end bring upon us the i'm
'utatlon OF having attempted to secure
N exemption from the payment of our /
ull share OF the public burdens.
BY organizing under the general laws
# the State Of New York, where such :
property is taxed TO the corporation, which
rc could have done, as We have large ]
mount OF our property located there per- 6 6
we could have secured all we !.
ave secured to ourselves by this legisla- e
ION, and by Sec. 5 above referred to, all f
ur corporate property except the rca! es.
ate and machinery would have been re. a
ieved from taxation here. Except for b
ur strong and lifelong attachment to the <
tate and earnest desire for its prosperity Il
nd that its laws should be just and equ- :
able and such as to invite rather than to
rive capital from a permanent investment + \
n manufacturing corporations in the state, 2
re should have withheld these efforts and d
lso this public statement. il
Very respectfully yours, fc
Horace FAIRBANKS. .
NAn