Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-04-05
THE ASSESSME NTS.
What is said For and Against Them by
Leading Merchants, Bankers and
Property Owners.
Chairman Algeo successfully Quotes the
Law in Defense OF the Eqbali-
cation Board.

| far ss much anxiety in corporate minds ss
| the azsessment N ade by the Board OF Equal
| ization. The small amount of taxes paid
| by banks and other incorporate COM
pan;es in proportion to that psid BY in
| dividusIs of the poorer class has been often
| complained CT, and the seton OF the board
| has brought Il ne mi alter fairly before be pub
/ lie. An APPEAL man yesterday applied the
| Interviewing pump TO a number OF parties
interested, and CLEANED what follows:
COL. H. A. MONTGOMERY,
manager Of the Merchants Cotton Press aud
Storage Company, said: "The board are
I lot of Communism who own little or no
| property, and are, therefore, reckless. Our
| company has been raised from Sl50,000 TO
| S400,000 which would make our taxes for
| 1888 four per cent, instead of two and a half
| per cent as at present. The former estimate
| includes the levy for the city debt settlement
on the basis of the late compromise. l 1n-
derstand chat only niue OF the tweniy-six
assessors composing the board were present
when the assessment was decided upon. In
/ case this is true, their action is illegal. The
result OF such taxation would be TO discour-
age manufacturing and industrial enterprises
and keep capital out of Memphis"
Mr.. J. R. GOODWIN
| declined 10 enter into the merits of the
I qu6otlOD, DuL tlOuSuk IL un"lbs 10 raise tue
assessment on property when the revenue
accruing from the levy based on the present
assessment would be sufficient.
MB. s. P. READ
did not believe in taxing personal property
| at all. He thought real estate should bear
| the expense of government, as a tax on cap
| ital would lessen investment 10 maDufactur-
ing enterprises, and thereby work injury TO
| the progress OF the county.
Mr.. JOHN ovERToN, JR.,
could see nothing wrong in the action OF the
| board. "The constitution of Tennessee" he
said, provides that all property, personal,
real and mixed, shall be taxed equally and
alike l see no reason why a mans capital
should not be made to bear It's proportion Of
the public burden, as well az his house. Dis
elimination ia injustice. For instance, the
Memphis City and fernando Insurance Com
psniss, the Union and Planters Bank aud
the Bank Of Commerce, under the provisions
| OF their special charter, pay only one-half
| of one per cent. taxes, while other institu-
lions OF the came line of business will pay,
| under the proposed assessment, three and a
half per cent. Tnis naturally gives the eI-
empt corporations an undue advantage in
business, by enabling them TO charge lower
rates"
JUDGE T. J. LATHAM,
prefident of the Waterworks Company, said
81 was present at the meeting OF the board,
and saw nothing to make me think they
wished 10 act unfairly. The petition we pre-
sented TO the County Court, which the AP-
| PEAL published this morning, was not Y
| protest sgainst the advanced assessment so
much an attempt 10 obtain certain credits
in our favor TO which we think we are en-
| titled, and to locate the assessment properly.
Il is our opinion that we should have re-
duction OF 100000, the amount Of our
| mortgage, which was made necessary by the
great expense We we're put 10 within the last
two years IN getting machinery for temper
ary service which is now useless. The other
obi c'iOn is that $50 coo OF our property lying
In the Fifteenth District is combined with
that held in the city, which would make our
taxes very much heavier, as the city rate Of
taxation far exceeds that OF the couaty out
side
| Mr. J. ALGEo,
chairman of the Board of Equsliz ,tiop, ex-
| pressed himself as perfectly williug to stand
| upon the course of himself aud colleagues
"No corporation" said he, "hss been assessed
at more than ff'y per cent. Of its full valua-
| ton. The custom has been heretofore 10
| make too low an estimste of such values.
The assessment law Of 1881, now 10 force,
says:
"Ssction s. That no tax shall hereafter be
asssss d upon the capital OF any bank or
banking association, or Of any other joint
| stock company org anizsd under the au hor-
| ty of this State, or of the United States, but
the stockholders in such bank or banking
association, or other corporations, shall be
assessed and taxed on the value OF their
shares of stock therein; said shares shall be
included in the valuation Of personal prop
| erty OF such stock holder in the assessment OF
State, county or municipal taxes, at The
place, town, ward or district where such ba (
or banking association, or other corporation,
is located, and not elsewhere, whether said
stockholder resides in said place, town, ward
or district or not, but not at a greater rate
than is assessed upon other moneyed capital
in the hands of individuals in the State; pro-
vided, that all banks or banking associations
shall be made liable for taxes on any prop.
erty owned by them, bonds or assets not in.
cluded in the foregoing provisions OF this
eclion.
SEC. 9. That every banker doing business
under the laws Of this Stale is hereby re.
quired 10 declare upon oath before the asses.
cor the amount OF capital invested in such
banking business, and each 800 of such
capital, for the purpose of this act and ior
The purpose OF taxation, shall he held and
regarded az one individual share in such
banking business, and such shares are hereby
declared 10 be personal property. II such
banker have partners he shall declare upon
oath fore the assessor The number of shares
held by each of them in such banking bust
ness, ascerteined as above provided, and the
shares go held by any partner shall be in
csuded IN the valuation of his taxable prop
erty In the assessment of all taxes levied in
the city, town, ward or civil district where
| aIIph Sna h,nEar IL lOnats1 and nj
elsewhere; and such individual banker sh L
pay lhe sam, and make the amount SO paid
a charge in his account with such parties
And If such individual banker have no part
ners, he shall be held to be the sole owner oil
all the shares Ia such business of banking
and the same shsll be included in the valu a.
ton of his pereonal property in the assess
meut OF all taxes levied in the city, town
ward or civil district where his bank is To-
Gated, and not elsewhere.
The law further requires that the assessor
shall ask: Are you engaged in any bank
ing usiness, or he officer OF any incorpor-
ate bank or other corporation, il SO state the
number of shares held by each stakeholder
OF them in said business, and the value Of
said shares?
"Anolber section of the act provides
That in all cases where any person, com
papy, firm or corporation shall fail neglect
or refuse 10 return 10 the assessor the seized
ule OF property for taxstion, the asst sol
shail make such an assessment in each case
from the best information he can obtain, and
shall add twenty-five per cent. to the valut
of The prep rJy.'
"In too many instances heretofore the as
season has allowed a corporation to give in a
nominal amouDtas lis capital, instead OF re-
curing specific statement OF the number
OF shares held by each stakeholder ard the
value Of them. For the accommod alton he
would get twenty. five or fifty cents apiece for
;he stockholders instead of fifteen cents, the
fee allowed by law. We have tried tc
remedy this evil By carrying out the Law, but
have not in any case imposed the twenty five
per cent. penalty. The city valuation OF
personal property for 1882 was ST ,555, 1921,
ard that for he county 1881 ,S12, no;with-
standing the $1,000 exemption allowed to The
cnuniry. The total assessment for 1888