, 1875-04-12
CAPITAL. STOCK.
Judge Drummond's Opinion In tho Chi.
cago & Alton Case.
The InJunctlons in This and Similar
Cases Sustained.
Injustice Of tho Rulo Of the Board Of
Equalization.


In tbe case of hfotris K. Icaaup va Tho TreaB-
r-,r ~ ~. AIN, + ctic.oo na,1wav fonn.,v.
and The Treasurer Of Cook County, Judge Drum
mood or.ntnd fninnctfoua some weeks nno To
-as,s.,.e en H.. a,,..t,,r ~ ,bo t.r m ,.n;,,t
1estts'h Ine ooliscs'on u Iuo '*A U" esl4s"'
stock and deb.u of various railroad corporations
In I1,lnoi, ia Ina racently 0lcI hia opInton. of
which wo eiyc tho material points. It will bo
econ tint IL ia IN direct conflict with tue decision
- H.. c'.. r..,~. ~ Ilfinni. In In M. -
u tuo ouFEcmo cout" " A'tao'" - |no c@oo u
tho Rockford, ltpCk 16!And d ". Louis Railroad
f,omponv.
opinion Of thu Court b7 pr,mmond. ,.-sumerou.
Court OF tho United btaso4 iof tne nouhesA Dftttet
" !Haho!e| the oblect u mncL >. !" uAtH u.e COZ.
leestnn Of t.ias which naso Seen MsGs.ea, az! atc
sought 10 10 letied upon rus eatta' tosk and cor
pots's pfoposT o. o u liz mrsscnt t!,n. n1S a
.pply 10 other bls watsh h4ys = eeen en-. aea IN The
Gon5 u. ~ my % srrt ~ ~ aIn H.. Hne &C.
- ecrse ~ ceate A!ouau . "uu ~ Mua! t.o teas
ss.ie ths facts In tho p1snsapai case.
ws omit tle state.nsut.1
Tie noor sx..,.rd Tho ya,ue Of tfs cs,,t,i .tor, NJ
ths oli;sso ! xtoa i;.;lso,S 9s~psoy' .aa ii -
C,1n,sav hal mia coutracts Ind iii. Tas donc
w,ni mi :. ~ H.. ,inn nr onnortmnIt% Il ic h..-d
lin Wilma rsroads. in eoaiormty viii tLa rnI.n
a.nn'si i~ ia io.rS for ths year 1si3 for s,ato
county oxn s,!I;s. :tty, md .. special M 'a.s.
Ihn as.e.smcnt and iesT q tanes le ~ essential
faculty OF hll RoEennents upoh u the htate doehda
foT ths exercise q al 's functions. ard Tho surfo1t
9t 4, vations ofleets legslsss. sxecnt'se ind js-
u'ea M9iis ho pe"sf ~ ~ s1srsso s
x.1. It my safo 1na alsrote O. M property, ID
summary way IL osdef 20 fa'e1 we necessary ms1hs
70 carry on the Government. su. u not ~ ahTo-
;nIe powers there arc soma eonsttu,onal tesuetlons
imposed as rro'ect!on ogainat tts its }. souse.
Tax upon properly u lue e1ti hou.ee oi !efenHe
In th'a State hut that al must 70 efiea "
10 NAT every person Or cofpolAnn thau Fay tat ~
proportion 70 the Taus o. thc pfofer's owntl. u
y tax hron e!aBe OF fesho,s or oh tA9te Using
iraehsee It NUT ne by general ~. M uniform Az
10 inc elabA On Which IL oeetstess Gonstlohs Art =,
ste: !. ,...., ill.,, ....,.,.
II wonld 1eenf therefore, tnat ptorefty-ta3. AZ
fe.fed for county or municipal purposes must " by
valuation Of tho properly ActualJ or consTuci'velJ
wi!llu its territorial lnlst1.
The law already re:erred 70 required tho capital
htock oi a" corporate conFanea ol tn stae to he 30
xaea by he boafd Of E4n.l1stson ~ 70 dettrn1sne
Ia far cash value, neiuun8 the tfanchitet osef And
abore the assesscd value o. their tanGiae proterts
and the oard wAo authorized to adopt such rules tu
tuat end :" ha to It may secsn equal aud Just"
Wlsn The ,sngble property Or capital stock wns ss-
bs td tho shares Of ths cat- stock were not to le
assessed. seef. ~.
~ osscr to certain the value Of the capital stnck
nha 5fAcli.e, tho D0Atd Auopttd Hn1ef lha lax, the