St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1874-12-04

double taxation and would not furnish
the same relief to all other corporations
circumstanced if any such
there were or should be: in other words
because the legislation was special rath-
er than general. Immediately on learn
ing of the Governors objection and veto
we amended the act of Interpretations OBJ
tanned its rc-cnactment by the legisla-
turc. and also obtained an amendment
to the general laN fol- the taxation of
incorporated manufacturing companies,
so that if such Il company is taxed on
its property represented by its stock
and situated in another state or coun-
try. by such other state or country, the
value of the property 50 taxed Is to he
deducted. aS well as the value of the
real estate and machinery, from the
value of its capital stock in determining
he amount for which the stakeholder
is to he taxed in this state. See Sec.
II Chapt. -, Gen. Statutes AS now
amended.
Bl this amendment double taxation
of the property of such corporations is
avoided and no exemption secured to
such corporations. and by this amend
memt to the general law. and by the act
of Incorporation as now passed, both of
which have received the approval of
thc Governor. we have secured the
same result we sought to secure i'll the
original bills.
This is in harmony with the laws of
most if not all of the states i'll regard t.
taxation. Some of the states limit by
special statute the right of taxation t.
property within the state" and Others
provide that no statute shall he 50 con
>trucd as to subject property to d"ubls
taxation. 1t is i'll harmony with the
spirit of our laws. BY Sec. >. Chap. :;
General Statutes. Il person resident IL
! the state is not taxed on stock i'll ;
foreign corporation. if the property Ii
taxed to the corporation i'll the state
where the corporation is located.
If it is the policy OF the law to secure
a person against double taxation. wh'
| invests in the stock of Il foreign corpor
alton. much more should it he to secure
the same protection t" II person VIII" Ii
willing to invest his property i'll cor
polItion in this state and thus establish
and carry on II permanent business here
+ II IN earnest and honest cndcavOr to So
cure such protection to ourselves an'
lis T." the charge of attempting To >rcur,
/ special exemption from taxation. we an,
willing to plead guilty and abide the re-
suit But if it i simply demanding an'
securing what i Just and equitable. an'
hat which initiates Il policy which VII
tend to foster and render permanent tn,
manufacturing" interests ni the state ;n'
uhich will invite capital t" remain II
+ the state for such purposes 10y fair an'
] Ili>l law 1HIlltl iIlan tll\t ~ ~ blItI
states hN untlicudly. not To say unjust
/ legislation. We are UNIV illing To have on
efforts To that end lrin" upon us the i'm
pu1atiou of having attempted I" >"rrIr,
an exemption from the almcnt of on
full share of the public burdens.
BY organizing" under the general law'
of the State of New York. where sucl
property is taxed t. the corporation
which We could have done. a> ",
have Il large amount of our property 10
Gated there permanently, We could have
secured all we have secured to our
selves hv this legislation. and by Seq.
above referred to. all "ur corporal,
property except the real estate and ma
chiurrv would have been relieved from
taxation here.
Except for ON strong and lifelong
attachment To the state and earnest de
sire for its prosperity and that its law
should hc Just and equitable and sue
a> to invite rather than to drive capit;
from Il permanent investment i'll manu-
Featuring corporations in the state. W
) should have withheld these efforts an
also this public statement.
Very respectfully yours.
IInRNCE FAIRBANKS.