The daily Argus. (Rock Island, Ill.) 1873-1877, 1874-02-16
The aiIg Arg1ls,,.
Independent an Eoerythi,ag.
Concluded from second mage.


property of the company: and we should |
hardly know how to answer the Board of
Equalization, if it asked us into how many
shares the debt was divided.
| desire further to call the attention of
the Court to the fact that in every other
case, ESQ far as my examination has gomez,
where taxes have been held to be in the
nature of excise taxes, measured by the
capital stock, or the fair cash or market
value of the capital stock, the words leap
| ital stock have been construed to mean
the aggregate OF the shares and not the
entire property OF the corporation. Com
monwealth .. Hamilton Mani. Co., and
| the other cases cited J; and | think
! it will be very difficult to find case
where ''carital stock" is held to mean the
capital stock and debt
Allow me again to state this position, as
| follows:
While, to etfectuate the intention of the
legislature to have all the property of the
corporation taxed, the words capital
stock might be construed to mean more
than the aggregate OF the shares of stock,
such an extended definition will not be al
lowed to control the ordinary meaning of
the words, where there is nothing to show
hat such was the intention of the leylsla-
| ture
/ And if this is to be regarded as an arbi-
trary impost and not a property tax, we
have only the language OF the act itself to
determine upon what amount it was in
tended to impose this excise in this case
the meaning in which the words are used
in the remainder OF the act must prevail,
Especially as that is the ordinary meaning.
Such being the meaning of the words
capital stock, " it is clear that the Board
of Equalization have arbitrarily, and with
out authority of law, sought to increase an
arbitrary impost.
| have refrained from arguing many
questions which naturally occur upon this
bill, because | feel assured that they will
be fully presented by other counsel en-
gagged in similar cases now before this
court.
! As will be observed from the statement
of the case which have the honor to pre-
sent, there are special circumstances O
hardship connected with it. A new rail
road company, unfortunate in its concep
ton, and robbed from its birth, is seekin,
to preserve an existence for the benefit o
the holders of its Indebtedness The take
g which it has paid in the past have necessa
7 rily been exorbitant, when compared witt
J. its earnings. The valuation of its propert
st has been raised by the Board of Equaliza
ton to more than the entire value of it
R property including its franchise and the
it is proposed to tax it on valuation c
l. one million of dollars more ; not on prop
lerty, for its property is already fully taxed
not on franchises, for those have bee
!. fully taxed with its property not on il
shares of stock, for they are of no value
s se so it must be on what it owes on the del
to which it is seeking by economy to max
l. more valuable and this value is ascel tair
Il ed by men who know nothing of the roat
n; and without any opportunity being give
ID to present to them evidence of its povert
and necessity, or inform them of its col
OF dition.
+. The Attorney General claims that tn
finding is final, and no tribunal can revie
Of Of it but cannot believe that such man
fest injustice will be tolerated in this
nd any other court. CHAs. NJ. OSBORN,
AZ AZ Solicitor for Appellee.