The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-05-19
TAXATION or CORPORATIONS.

TAXATION or CORPORATIONS.
The discussion of this subject appears to
have raised the cry on the part Of many OF
our corporations that there is determine
ton In the Convention to Cypress capital.
and place such restrictions upon 1t as Will re-
pei 1t from our borders. We fall to discover
any Indication OF such disposition, but we
do find d determination to secure more
equitable distribution of the burdens OF taxa
ton than has prevailed heretofore, anu We do
not hesitate to commend 1t.
There Is no denying the fact that the loose
and irregular manner In which our "fearfully
and wonderfully made" revenue laws have
operated Ia one Of the main causes Of the dis
arrangement of our State finances. We need
go no further than to point to eight items OF
delinquency on the rolls Of 1877 for several
years, which aggregated $4,000, in order to
establish this fact.
True 1t Is that an attempt has been made
by the Legislature since that time to correct
the erroneous features OF these assessments,
but almost every corporation then in litiga-
ton continues to resist the requirements of
the amended laws.
luS IHtl Vtih GJupulllt6 Hpptultu Ea6 UWlDk
the enormous sum Of $34s, 900 taxes on capital
alone much Of which resulted from erroneous
assessments; but when the laws were modl-
fed or made more definite, and the ASSESS
ments limited to their properties and values
strictly within the State, these companies
continue litigation In the vain hope OF escap-
Ing all taxation on capital.
We have heretofore referred to another
class-the foreign insurance companies and
agences-who appear upon the assessment
rolls as delinquents for over 100000, and In 80
doing we thought we were treating them
with great fairness. Surely such was our in
gestions with hostility.
Our purpose Is simply to remove the petty
annoyances Of which they complain, but at
the same time bring them under fair con-
tribution to hesupport OF government, based
upon the amount Of business they transact In
the State, and to protect, measurably, the
people of the State who do business with
them. This Is customary In many other States,
and we see no reason why Louisiana should
be less mindful OF the interests Of her people.
1t can scarcely be charged in this case that
bLl5 SUut6ublOu WuulA NO lSp6lAluk CdplJtblp III
asmuch as the capital OF these companies Is
now located elsewhere. They draw from our
people to the extent Of their premiums less
their losses, and show no capital whatever
In Louisiana-at least upon the assessment
rolls. s=.@.z
Another item In the roll Of delinquency is
the Crescent City Gas Company, whose in
debtedness amounts to over $4,000. True 1t
is that this claim has been against the corpora
ton organized under the new gas company's
charter, and which has since been purchased
by the New Orleans Gas Company, and we
do not know II the New Orleans Gas Compa-
ny can be held liable fol. these taxes. which
accrued prior to 1878. This Is Ques-
ton of law which we presume the
proper officers Of the government are
considering, but 1t brings us to the
consideration Of the relations OF the State
to such companies In the future, and In this
connection 1t is proper to refer to bill now
In the hands Of the Governor for signature
| which practically exempts this company
from two millions OF taxation, by authorizing
the company to convert two millions Of it's
stock into bonds, or to reduce their stock and
issue bonds to that amount.
The Governor wisely declined to approve
the act when he discovered the effect upon
the finances OF the State.
We believe that the Convention will lay
down equitable principles Of taxation that
will bring all these values and the business
Of insurance under fair, uniform and equita-
BE contribution to the government, and that
values OF corporations will be embraced for
assessment whether they be in the shape OF
stocks or bonds.