, 1879-04-03

cay of NIL kinds of property 1t tho Boutt
.furing tho War, md tho pensionlug OF Rebel
soldiers, ara Interior dc1uctions from tho
doctrine OF stnso Sovereignty, which tho
Democrats arc trying to rcassort by their
proposed amendments 10 the existing 1aws.
Lot tho dobato 60 on till those facts shnll
he thoroughly understood: ,
ANOTHER HITCH AT THE REVENUE LAW.
There Is bill pending IN the Legislature
Of this stase Of considerable Importance
which has not yet beeu discussed, but which
ID 10 10 produced in a brief time, and urged
with purpose 10 compel its euactmont.
Tic declared object OF tho bill is to rcach
ton. The bill can best be understood by
explaining tue present mode Of assessing
railroads for taxation.
Under tho present law oil the property
owned by eaeh road in tho State, including
lands, track, ssations, shops, town lots, roll
ing-atook, md all other forms Of taxable
property, Is assessed by the local Assessors
md by tho State Board Of Equalization as nil
other tangible property is assessed for taxa
ton. In addition to this, tho railroad COM
pany Is assessed by the State Board upon ths
value of its capital stock md franchise. I1av-
ing fixed upon tho value Of the capital stock
and franchise, tho assessed vnlue Of
the fanpih1a nronertv nf tia com.
.. =. 51a.,n4sa .t,..,suaa, oaa .,,o
difference is takcn as the taxnblo
valuo Of the capital stock and franchise
frl,a Stato I3oorfl. IN cn,,nl;z;nr the value of
.,..x.xt,, t., III, o,... - ....4;.., t.h,u ~
Ftopo's' - '"'' o1'''' ~ ",A"'"' Ae'
at 6o per cent OF lt8 supposed real Vatue' LII
estitnntinE-for 1t hns always been q Nero o.
t;nnfa-lhn rn1nn ~ ono;ta1 atocl, en1 firm.
-. H.. n,..a ,,. 49,, r,a,,o,,,o1 H.. H.,
on'6o 'uo A'uai" i1's' osoi. 6o'o'No" ~ 40
own rules. tAo 4aw pfoVlu1h6 no particular
mpthod. These rules haya boon changed
from time to time. md while TIM t,rocess hos
1,aa. ;,.nornood ~, H. ,,o h,,d 90 n.,,;t,,.,,
o'o4 "oAo"aee" ~. Wv Wv t's.AN 40 ~ 't'e".5
anti Oppressive IL Nus oeon ueolarea On INC
other to bn strongly III the intcrost Of the
railroaa companies. Tho proposed bill has
been inspired by tho theory that tho Doard
is really controlled by the wealthy and pros
porous roads, md TINT its assessments have
been scnndalously loniont to those corpora
tions. Tie bill, a full description Of which
was published in TuE TRIBUNE yesterday,
establishes now rulo for ascertaintng the
value of tho capital stock and franchise, and
this rtlo il to reaa
tsEc. 1oD.s. Tho valuation and assessment OF
tho capital stock, ins!aalae the franchise Or Ea'l,
~ I'M ,nannsr following. w. Tbo mt u ornns nr
earnings or Income Of each railroad company shall
DO taken as being certain percentage on tho aetu.
al sa'uo Of the property aud franchises fcrrcsente
oy .he sap.aa t.Sex n o as'aa. Icy sa.o o.
eipal % sum Whci, would produce tho amount o, Inch
net earnings or income at such rate per cans shall
be held to 10 tho true cash saluo Of such capita!
stoek: 4rooa 'nas .ho sa'uo Fase pet cont shs'l
@ sa'ns rcar's ~ valuation and n.se.smcn, Tbn ,.ins
lion 10 found shall te taken as tho asse.sed valua.
lion ofthe capital stock, and tho same shalt bo
cquallzed ny the boato' ana dsstrioutcd TO the
s.,c,, ~ ,ha nanno, n",s n,ovtss h. % i"., :,
'rlo nract;cal onoration Of thja rnte win