The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-08-27
The State Board of Equali-
zation.
~
Assessing the Capital Stock
of Corporations.
Maj. Beardsley going to
give the Board an Ex-
cursion.
Suspension of the Bank Of
California.
Not Gold enough to transact
business, the Reason.
Great Excitement in San
Francisco.
Something New---Shipping
Peaches to Europe.
Death Of Garibaldi's Wife.
Accidents. Suicides, Riots,
Robberies. Assinations,
Murders, Fires, Etc.

SPRINGFIELD. Ill.,, August 26.-In the
Board of Equalization, this morning, quite
an extended discussion took place on the
resolution requiring the board to exempt
from taxation the capital stock of print
ing, publishing. manufacturing and breed
ing corporations, this being in accordance
with the amendment of the Revenue law
of last winter. and on doing this, of course,
the board would ignore, altogether, the
opinion of the attorney general.
Mr.. Derickson first supported the reso-
luton, on the condition that the board had
no judicial function which would authorize
them to pass upon an act of the legisla
ture. They must obey the expressed will
of the legislature, and leave the matter as
to the constitutionality, or other objection
to the act, to the courts. The legislature
has declared, as its will, that these corpo
rations should be exempted, and this
board has no other course to pursue. He
discussed the method of reaching conclu-
sions on the assessment of capital, and
made many good points
Mr.. Whitney followed, in forcible
speech, on the same side. and incident
ally excoriated the last legislature for
its attack on the Board of Equalization.
Mr.. Hunter replied, stating that the
legislature, fearing a certain class of cor
had passed the amendment, to call the
ter, that no mistake in that regard should
again occur. The law was not changed in
the least by the amendment; it was SIM
ply declaratory.
Mr.. McCable held the same views.
The resolution was then postponed till
next Wednesday.
The board also passed a resolution
agreeing that upon doubtful questions of
assessment they would take the opinion of
the auditor on the subject, and also res
olution asking his opinion as to whether
the road-bed of q railroad should be as
sessed as tangible property, or as entering
into the assessment upon its capital stock.
This is the same old question that has
come up each year.
The board adjourned till tomorrow
morning.
An Invitation has been extended to the
board to make trip, in special car, fur
nished for the purpose over the various
railroads of the state, that they may per
sonally examine the property which they
are called upon to assess, The invitation
comes from Colonel James NJ. Beardsley,
who represents the Chicago, Rock Island
Il Pacific railway Company, and he is un-
derstood to, express the wishes of the
other railway managers. Thesboard have
not accepted the invitation but doubtless
will.
SAN FRANCISCO, Aug. 26.-The bank of
California stopped paying checks at a
quarter to three. In an interview Rolston
says the bank has sufficient assets to meet
the liabilities. No one will lose anything.
At present there is no coin with which to
transact business.
At clock the representatives of the
press met in the presidents office of the
Bank of California. The following written
statement was read
The trustees are under the painful ne
cessity of stating to the customers of the
bank and public that the bank is compelled
to suspend business. At this moment and
without reports from agencies we are not
prepared to make statement as to the
situation of the bank, but are now exam
lining its interests critically, and will at the
earliest possible moment make q definite
report. By order of the trustees.
'ISigned) S. f. RANKIN, See'y."
President Rolston stated that on his
responsibility and that of the officers Of
the bank no doubt they would meet all OBJ
legations. In reply to question as to
when they expected to open again they
said, "Not at ALL" Rolston further stated
that abot 81, 100000 was paid out to-day,
No assistance was received from other
banks, though application was made for 1t.
He had telegraphed all agencies of the
bank to close. He thought no banks in
the interior would be affected by the fail.
ure.
The excitement on California street is
intense. The street was blocked during
the afternoon.
The general feeling about town to night
is rather blue. The cashier of the Ma.
tioual Gold Bank and the trustees staed
to gentleman interviewed this evening that
the bank would open in the morning, but
might have to suspend during the day
| This bank paid out all its gold this after
noon and good deal of silver, Ii it car
make arrangements tonight for coin il
may be able to ride over tomorrow. A
meeting Of the bank presidents is calle d
for this evening to concert measures. 1t
Is the belief here that the Board of Bro
kers have also called meeting.
PHILADELPHIA. August 26.-The steam
ship Ohio, which sailed to day for Liver
pool. takes cut 2. 400 crates of Delaware
peaches. The steerage of the ship ha
been turned into refrigerator, and pro
vided With fanssfor keeping up constan
current of cold air. This is the first ven
ture OF the kind.
! ROME, Aug. 26.-The wife of Garibald
is dead.
| CLINTON. Iowa, August 26.-About mid
night last night a brakeman ON Chicag
and Northwestern passenger train was ru
lover by switch engine aud two cars, au
was instantly killed, The body was feal