The Portland daily press., 1875-03-24


lnanen'i9' o,ort ia de.
The balance of the PRESIDENTS Iepoio 40 ~
voted to the consideration Of the tax imposed
by the Legislature of 1874. Inc Maiho W.
Two, ohor.or or rothor that of the AndroScOggin
'lai onai!ei, Vi ia'nei '"S " -, ..nros.
& Kennebec Railroad Co. under when tne pies
-. MI: r,..I holds ;te organization, is
0n0 1""no Con'iai .o'Ns -1',,.,5ors that
-. ~ 49, ossessed is in
aiuoi ioS pioFisiono NV ,I mn.
direct violation thereof, "and thereAro .--
constitutional and void While this question
oono'i'u'ion"i "uu Foiu. +ha
was before the Legislature ias'
PREss nnhlishAd the sections of the charter
"'@ p''Ae o D,...ora that
under which 1t is held by tne Dneo'oiS ~
tho TOW 10 unconstitutional but las the matter
ono ooA 10 onooA'0''"''' . .h.r,
is still a yery important one, we reprint tneih
- fu
do ioi'o"s' -, s.id corpora-
ton for the use of the same under the hfth b
Of this act, shall be taxable to- sald cor ib
the several towns cities and pianaat S isnds owned
by private persons and shall in the valuation lst,
be estimated me same as otaer OF re nlantaton and
not otherwise and the shares owned by the respect
i've stockholders shall De deemeu PtSnreoS in the
places where they reside and have their homes. And
whenever the net income OF said sr snm upon
the cost of the road and LIS appendages and nciden-
tai expenses tne directors sna from and after
which time one moiety or such other portion as the
legislature may from time to tune tbereafteT over
and above ten per centum per annum, first to Dc
paid to the stockholders sna.l as tax into
the treasury of the state for the Of the state
And the state may have ann an recoVer the same
But no other tax than herein is provided shall ever
be levied or assessed on said eorpora'on' u
Va
the right to inquire into the doings OF bne
o9 ana INTO .ne AND hereby granted may have
been used and employed said corporation anu 70 70
correct anu proven. ali Ses and penalties upon
said corporation which may be necessary more eecs-
nay 70 compG tes hepeinheore set forth and
joined but not to impose any other or further a
he peyobed annaiied altered limited or restrained,
without the consent of the corporation, except oy
uuu p.o'c'S .. Jaw. A.. o.rro of
oiaiinins .n"1 INC onoie. :. - LILA
oon.'ao'' 'n1 ,o-, :.osos 49, 30
'n"' '"1 80" " 49, 80. tho froncbis.
JUG "nu ouo "".- p1. 80 - ..sho, he in
~ VIZ 49, "-1 =, A.. cold railroad
i'eu " a.. '"Ae1 W $40 .aa,;rod hv Low - +.
po-"n' a. ~, ~ar,;s;on. of sact;on
~ ui,ee' oonnos W. ~ po. b, tho 70.
IL "u'o" say, aoo,,,od ,o-sora1
speo'i'o '.ooA nos o,, =. tho ownors
esta'e' anu po saA'oo 90
tnereoi where 'ney fesiuo o'o' a. =.
rresluen' noii';i IVA
par. Vi oo'' DiIsy 1.,-aa ~ frot d.
isiature reia!lns W 'ne i"'.i'1 49, ~.
o'a,o' 'na' 'no w - - I'd toun.
MN, soo"on u ,'' e ~ ILL.,. a. shoros
~ ~n'on i's i0"i e''"'o .le'' .A ..a 49, onlv
arc 'aAeu aS poi'on"' piop1y - ho.n
escapeu eaAa''on "non SUN '. Re. ,,aI,.
ueelaeu Wy a'sesSor9 " n"s1 Nv -. honded
u''uea snan .,',' 'no ,o"N w. :, III, .toto
oeo' '@oo"'ooo', 'ais'y 49, 10 +h;nLs
Gnu open W '"Aa'ion. .,o;n,s GOV.
~ iio0' W soy vua' 10 ,,
emp'ion 'fon, OH '"on A., ,os;t;on
Gov. Morrill, proceeds 10 criticise 'no Po'i'en
taken by Gov, Dingley and the legislature on
th;s srh;oot in a stv1a ouite extraordinary for a
'n'' 'ND! - ~, .to ,vbolo that
corporation rep9rt' assuhins on 'no ""o'o
His Excellency is responsible entirely LOT tne
loo;s,at;on taxino the franchise of railroads
- sso;r :. 30 on ottomnt ssto revive
and denouncing IL as an at'e"p' W io''o
that old prejudice against capital anu corpora'
tions which for long time kept foreign invest
49, oe o,r s,oto ond hrouobt conspicu.
ously to the front diminutlVe CLASS VI s'"'o'-
men who have long since gone to the rear by
-o.,, oonsor+n % rorr dac;ded thrust at the
sene.a' 0on'o.s aous ,rhar
old Democratic party III tnose GARY 0"S' ""II
Mr., Morrill, undoubtedly held to the same poll
ov brt from which he is now delivered.
~ - 49,. 5oo.u;,o oarorcod hv Gov DINO
A"'n.' .Ao - :, ~, 1oo;,Io+,,ro
ICY 'ila' ~ 70 NV - ,oooa;,r Ono mo
no' ann"'' LILO ie'uon0 49, ~, TT..;tod statos
ion VI 'ue ouP pns.:s. H. - Docomber 1879 in
oeiIvefeu ~ o"0. "ee o,e :, rrh;oh !. 10 do
wailace "epo,'s ~ ,,.. ro;I-
ciueu. An"0 ".eA lit osn.
roau ifo,i ''A". a,h,oanont ,ar;sIotura ,,
not De aorosa'ou w
nc .ui'ns. t !. ro;sod to wit. That
ddes not nossess the mower to grant
.to:a corporation a perpetual immunity from
taxation. 1t is SAID that the power OIL IaAat!o''
is among the highest powers of sovereign
state: that its exercise is a political necessity,
without which the state must cease to exist,
and that it is not competent Ior one ieglsia.u,e
by binding us successors,
late to raise this question IN inns couft.
1t has been heio that tne Iesie 1:';.; ;tS
power 70 t Dinu c enu II has been held
powers 10 TAX coIpota'.un' o &c ~ ;noor-
that such provision Ia Tue cnal Iei VI an my.
poraton constitutes contract Wnlch Tue seaVe
NAV not subsequently impair. These doctrines
toTo heen reiterated and re-affirmed so recent
~ as the year 10! l. III an opn'oe ~ xW;Iro;nG
MT. - uSoioo D"ns' IN ,,,,,st h. oons;dered
as settled in this Court
TREAsURER's REPORT.
.ss G CsL;o Eso rrao.uror
Luz iopoi u " =
the corpora'ion' sno"S o"om o or. M, =.
$50, 361.9 81 in the Treasury Dec. 81, 1919. Inc
f o,oro +;no tho road and the or
expenses Vi opoi"0i's wv '
penditures for equi pment, Improvements and
-. - honaad on5 foat;no ,lebt and the
interest," on Oo"oA W s
discount and commissions on sale or DonuS,
-. o;a on+,ralv from the earnings of
nave peeh paul e1
~ o., 900
creaseo oniy @i1'o
The following are the results ana expendl.
,,ras for tho wear.
poao;,od Gov REORGANIZATION. 80 Oss. 6s1 On
:" rents and wharfage, 5,0SS 95
dividends on Dexter q New
mort stock 800 90
Total earnings, s2,osa, $50 ose g
0'''
Earnings after paying expenses, 1889 30
,xrppTsr AND DIyIDFNDs
o,oc roo AT
Interest on bonded GeDI, @So o,aae ~ AZ
floating 40, 1oo'V'o U"
Dividend on Portland q hsn- ,.o.oo
nebec H. H. stocK, , 9d'aod w w
Dividend on Yarmouth sIocA' o ooi1 OO