Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-03-04


tunity to know how 1t is themselves.
The new revenue bill, levying forty
millions of additional taxation on the
whole country, passed the Senate
Tuesday night by a cote Of 80 90 %.
Among the thirty who assisted to
fasten this enormous burden upon a
people already depressed by financial
misfortunes, We find no less than nine
Southern carpet-bag S9ators, in
Guiding such fellows as Clayton, Dor
sey, Spencer and West. Florida alone,
which IS not likely to pay 800 Of this
whole forty millions, furnished two af-
frmative votes, those Of Conover and
Gilbert. Cast ont these two carpet
baggers, and the bill would have failed.
THE RAILROAD PROBLEM.
Among the many important ques-
tons pressing upon this Legislature
for solution, the railroad problem is
second only to the State debt, in the
magnitude Of the interests involved,
and the discriminating Judgment re-
quired 10 handle it properly. The sub
ject presents two aspects: that of tax
ing railroads, and that Of regulating
them.
Natural Justice and our constitution
al law, requiring all property to be
taxed equally, combine with the ext
gencies Of our State finances to dictate
that it is time these corporations should
share the common burden. The State
has been generous, having aided them
far above its means to d. so, as the
event has proved, our present debt
being mainly on their account. Fur
Their, the State exempted them from
taxation for twenty years, in order to
give them a good start; they are now Of
age, and do not need the help accorded
to new and struggling enterprises.
Still further, the State has given them
opportunity to liquidate their debts 70
her IN any Of her bonds, dollar for dol
lar. no matter how low they were pur-
chased IN the market.
Weare glad to learn that, contrary
to what seems to have been general eI-
pectation, the representatives Of our
leading railroads recognize the propri-
ETY. Of taxation, and positively dis
claim any intention to contest collec-
ton, upon an equitable basis Of assess
ment. This course Is certainly to the
true interest Of the roads themselves,
as they have nothing to gain by IN.
voking odious legislation in other re-
speets, while the question Of State rev.
enue is simplifed by counting their
property among our taZables. 1t re-
mains for the Legislature to prescribe
the mode Of assessing this class Of
property. Kentucky Jumps the matter
bv taxing all roads at $4,000 a mile.
Virginia taxes at $4,000, but adds an
income tax Of one per cent. on net
earnings. Alabama itemizes main
track. side track and rolling stock.
Other States either tax on capitalstock
or on gross earnings, as the ascertain
mo Of net earnings is an ambiguous
task. The latter systems allow each
railroad to be assessed IN the county
where its main Office Is located, while
the plan Of assessing the road bed calls
for assessment in each county through
which it runs, leaving the item Of roll
ing stock TO be otherwise provided for.
The claim on the part Of the State to
regulate railroads IN their charges and
contracts. is based on the fact that the
States right Of eminent domain Is n
voked to secure them the right of way,
and condemn lands where the owner re- |
fuses to sell. This fact places t'em,
pro tanto, on the basis Of public high
ways. By accepting charters limiting
their charges, the railroad practically
acknowledged the power Of the State
over the subject.
During thepast two years the UNION
AND AMERICAN has had much to say
in condemnation Of the oppressive mon |
opolies and combinations, which, ori-
ginating in the war era, have been al
lowed to grow mp unchecked under
Radical rule. High rates to eXuort
from the public full interest on watered
stock. bond dividends, credit mobilier
construction and other forms Of steal
ing have been freely denounced. Yet,
Justice to our own State and railroads
requires recognition Of the fact that,
owing either 70 our peculiar location or
our lack Of Jimfskian enterprise, such
rascalities have not fouushed in this
latitude. No Tennessee road Is a part
nar In any Of the great combinations
which periodically upset all CONNER
cial calculations by their shifting and
arbitrary tariffs. We may have our
grievances, but they are not 1.-THE Of
what the people Of the North, from
Iowa to New Jersey suffer. We are
not called upon to legislate against
suab apormous evils as have enraged
the people of other States.
Two grievances are complained of
among Us. which should receive due
consideration at the hands Of both rail
roads and people. The first is the diff
ference between local and through
rates. The RAILROADS explain that it is
the difference between wholesale and |
retail prices, which prevails throughout !
the commercial world. It IS also de-