The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-12-01
Railroad Taxation.

The bill which passed at the late session |
of the legislature, taxing railroad property.
fixed the maximum valuation at 80, 900 per
mile. The house fixed tho maximum at
$4,000 per mile, and the senate amend
ment, concurred In by the house at $4,000,
and exempted roads hereafter constructed
for ten years.
We insist.that railroad property should
not DC made subject of special leglsla-
tion--that neither our statutes nor listers
should be numbered and pestered with. these
special enactments Any special system of
taxation is not, in our judgment, promotive
of the public good. We apprehend that
the critical examination which it will re-
ceive from the Governor, will result in his
withholding his signature regarding any
special legislation or system of taxation as
against public policy. But, admitting that
the bill should pass the executive ordeal
and become law, what have we in fact
that amounts TO system OF taxing railroad
property
bt NQuul ali
never oppressive. An excessive valuation
of railroad property would not be counten-
anced by the people of the state, nor do we
hesitate to say, by the people of any town.
Our people are not highwaymen nor cut
threats, and If the law had simply au-
thorized and required the taxation of rail-
road property as other property is taxed,
no board of listers would consent 10 any
unwise or oppressive valuation.
We insist that every town is entitled to
a fair valuation of the property in lis lin
its for the purpose OF taxation. Assuming
that this is true let us examine the practi-
cal workings OF this bill. We shall take
the Rutland railroad for illustration of
what we desire TO say, because ii is en-
plia,ically cur road-a Vermont road and
is in our town. There are 100 miles of the
main track of this road between Bellows
Falls and Burlington. BY this bill its total
valuation cannot exceed S240,000! Its
capital stock is $685., 700 and its valua-
ton as represented by its capital stock is
S54, PA per mile Until the late modifca-
ton of its lease to the Vermont Central
railroad, 1t received in round numbers an
annual rent from the latter road of 5000
600 This is equal to six per cent. on a
capital stock of S9,220,O00 or S3,S3i, 900
more than its actual capith The abatc-
ment of rent mutually agreed upon be
tuoon the ,artiee reducce thie amount c,u
sideraby. But IN any event it pays very
handsome interest on what it is represent
ed to be worth by its capital. OF course
we are not sorry for this-indecd we are
exceedingly sralified with this ex'raordi-
nary financial success
But this property, so productive in pc
cuniary results, is TO be taxed, and it goes
into the grand list at a valuation not tc
exceed $4,000 per mile. Assuming that
there are seven miles of tins road in oul
town, we cannot have an aggregate val
uation for the purpose of taxation thai
shall exceed $4,000. In other words, the
railroad side tracks, public buildings ant
workshops of the Rutland road will e
into the grand list at less than one-half o.
the value of General Bakers Kelly farm
Any one of the four buildings of the Rut
land railroad are worth more than lively,
times as much as this bill allows the lister
to put in the list single mill
of this road in our town. and W
will venture tie further statement, tina
any one of the following named buildings
the depot, the two machine shops, and tn
round house, are worth more than doubl
what the whole road in our town can
appraised at under this law Such legis
la,ion ought not to be dgnified with th
name Of law, and Is repugnant to ever
> sentiment of justice and equity. Ho,
y long the people will submit to such ran
injustice it is not easy to say. Like the oil
> womans cells, they may be so FUSED
skinning' that it don't hurt them, but W
mistake the temper of the public mind,
such things can be endured much longer
y A submission of the railroads to a fair an
u reasonable taxation would have promote
mutual good will, the opportunity fc
" which, we fear, is now lost for some tim
~ to come.