The Cairo bulletin. [volume] (Cairo, Ill.) 1872-1878, 1875-08-15

| ing 1868 as the basis of valuations: this
law has been DECLARED unconstitutional.
| The people voted this debt with the UNI
| derstanding that the taxes upon such in
creased valuation should be applied to
the payment of the interest upon the
| debt created under the law of 1859, and,
| but tor that law most OF this debt would
never have been created. and many miles
| of railroads, that we now have and en-
joy, would never have been built, and
| while local causes. no doubt. prompted
most of the votes. the debt so voted has
Injured mostly to the public good. 1t
has opened up to the public, III this state,
more than 20OO miles of railway. These
railroads have added largely TO the pros
perity of the State. and will continue to
| add largely TO the prosperity of the state
| and public for all time to come.
Let us examine the bearing of this plan
| upon all the parties Interested in it. Ii
Is first proposed to release all Railroad,
Telegraph and Insurance companic.
from all local taxation upon property
held by them for their legitimate
business, and that in lieu thereof they
shall be taxed upon their gross receipts.
These corporations would be released
from the annoyance Of local taxation.
They would pay directly into the State
Treasury. This would be a great con-
venience. They would not be annoyed ~
local assessors and collectors. Ii would
be simple mode of assessment and coli
lection of taxes by the State. These cor
porations would deal only with the Au-
ditor and State Treasurer. The law
would fix the amount TO be paid, and the
times of payment. The corporations
! would know the amounts TO be pad and
when II would have to DC paid, and could
make their arrangements and business,
| conform to the demands of the law. Ihi.
| mode of taxation would be especially
just as to the local and foreign Insurance
CompaEics. At present our Local In
strnsice Companies pay a tax upon all
| their property and capital stock, while
| the foreign Insurance Companies do the
largest portion of the business and pay
no revenue to the State.
The second proposition j. to release all
real and personal property from taxation
for state purposes, which will be equiva.
lent to an appropriation by the State Of
all the State taxes upon such property
| Propositions have been made and favored
in some localities TO have the State as
sumo all municipal Indebtedness. Thi,
plan is simpler and more equitable, ant
certainly more beneficial to localities tina
have large local debts. For example
take Cook county and the city OF Chi
cago where there Is large local debt ant
see how the rule will work. Cook coun
ty had Il total valuation of property, a
appears from the Auditors report o
equalized assessments tor 1873. of S306.
2OS, $4,000; of this the cqualized valuation
| Of railr
S3,Gll ,2S2.00: cqualizcd valuation of CAP
ital stock S2.5l0. 90. added togethe
make. a total Of So, l22. 1900; deduc
from gross valuation leaves $500. 0sG, 800
90. Now by this plan Cook county SUI
renders to the State her right of taxatio
for Municipal purposes upon 81, l22, "
and secures in return therefor relcas
from State taxation on $500. 0SG, 800. &C
j. Cook county not placed in better con
dition than she would be to have th
present system of taxation remain an
have the State assume her entire loo;
debt: The amount of State taxes upo
the surrendered property will pa
the interest upon her local debt
create sinking fund to pay Off the prir
cipal as it falls due, and send n surplu
into the county and city treasures
The same beneficial results will be foun
proportionately to apply to almost ever
county in the State. The counties tina
have local railroad debts will all favo
this plan. The counties that have n
| railroads or railroad debts will favor TIN
plan. for they will be released from al
state taxation upon their property, rea
and personal, and surrender nothing. IN
| other counties will receive "a benefit 81
much greater than what they surrendc
that they Will be in favor Of il. And G.
pecially Will the counties along the lin
of the Illinois Central Railroad favor il
for they have for years suffered all tn
disadvantages of this plan without an,
of its benefits. The railroads will gen
orally be for it, especially the new ones
and | have no doubt many of the oil,
ones. The Local Insurance Companic
will be for it. The only interest. tina
will be seriously hurt by it will be th
Foreign Insurance Companies and tn
Telegraph Comprehensive institution
that have thus far mo Il adroitly managed
to avoid taxation.
A point of great importance to be con
sidered, is the ability of the proposed plal
to accomplish its purposes.
think 1t may be safely assumed tina
by the time this plan can be put into Op
Grafton, the gross earning will equal $50.
0OO, 10000 from railroads, lie insuranc,
S5,OO0.000.OO, fire and marine $1,000,
10000: making n total from railroads am
insurance of 81 ,000,000.00. We hav,
not at hand any statistics showing the re
ceipts of telegraph companies in thi
| State.
| Al per cent on railroads we have 81, 600 900 n
! AT per cent on insurance we have ~, 900 u
| Making II total revenue from the two
i
do not insist that the percentage i,