The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1876-02-04
The Law of Ess2.

AN ACT to encourage the introduction OF
Machinery and the establishment OF Facto-
ries in the State of Mississippi
SECTION |. Be it enacted By the Legtssd-
tare of the State OF Mississippi, Inat IN con
sideration of the construction OF IactoFiSs'
and the introduction of machinery Ior tne
purposes of erecting. furnishing anu carry
ing on factories in this state, LOT tne naho y,
facture of cotton and wooden goods' OF
vans. or fabrics composed of those or any
other materials, and for the making OF ali
kinds of machinery aud implements OF nus
bandry necessary for the cultivation OF the
SOIL and to manufacture all other artlcles Vi
things OF whatsoever character or uescrip
ton not inconsistent with the laws ano
constitution of this State, or OF the Cnlteu
States, and of the great benefit which tue
state will receive in the development of its
manufacturing resources, by means OF salo
factories and the large and 1ncreasen
amounts of machinery and capital that VIII,
by this liberal-spirted policy, be invited
TO the State, thus giving employment TO,
and supplying the wants of thousands OF
our people, and, also, the increased value,
which will thereby be added to the prop
erty of the State, thus enabling the state TO
greatly increase its revenue without auol-
tional and burdensome taxation on the peo-
pie, the State hereby agrees with any ana
all manufacturing companies in this State,
whose capital stock shall be not less than
ten thousand dollars paid in, not in opera
ton before the passage OF this ACT, tnaG
all taxes to which said company or compa-
MES shall be subject for the period of ten
years, are hereby appropriated and set apart,
and shall be applied to the payment of the
debts and liabilities which any OF said
com panies may haye incurred In the con-
! struction of factories, or the purchase or
machinery, or for money borrowed by any
manufacturing company to construct build
| ings or to purchase machinery, or paying
| debts incurred by any of said companies in
constructing or purchasing the same; and
it shall be the duty of the Tax Collectors in
every county, in each and every year, for
| the period of ten years, to give to each of
said companies a receipt in full for the
amount of all taxes due, upon receiving
! from each of said companies and affidavit
made by the President or Treasurer of each
of said companies, that the amount of said
taxes have actually, and in good faith, been
paid and applied by each of said companies
during the year, in payment of debts in
CURED, or money borrowed, as aforesaid,
and which receipt, so given, shall be in full
| for ali taxes, County, State or Municipal
TO which said companies shall be subject ;
| Provided, That whenever the profits of any
of said panies shall enable it to declare
and pay to its stockholders an annual divi-
dend of four per cent. upon its capital stock
over anu above tue payment of its debts and
| Liabilities, then the appropriation OF the
taxes aforesaid shall cease towards such
company or companies declaring said divi-
dends, and said taxes shall be paid by said
panies declaring such dividends to the
Tax Collector, to be by him paid over as re-
quired by law; Provided, further, That moth
ing in this Act contained shall be so con-
strued as to exempt the property of any
manufacturing or mechanical company
from any tax levied by any county, city or
town. to meet the principal or interest on
bonds issued by any such county, city or
town, to aid in the construction of rail-
roads; and taxes thus levied and collected
shall be applied to the payment of such
bonds and interest thereon,
SEC. 2. Be it further enacted That this
Act shall take effect and be in force from
and after its passage.
APPROVED, April ], 1872