The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-10-10

State Comptroller =. =. Pickard, is send
ing out to the county trustees throughout
the State the following circular concern
ing taxes levied under the new assessment
law:
desire 10 call your attention 10 the fact
that the value OF property determined
upon by the board Of equalization for the
year 1883 Is final, and no credits will be
allowed you on final settlement OF your nc
count for this year except IN cases OF
double assessments, clerical errors, and on
personal property when same cannot be
found, and on delinquent realty when no
personal property can be found out OF
which TO make the taxes; in other words
county courts have no right TO reduce any
values 80 iar M the State tax is concerned,
or to exempt any property from the pay
mcnt Of the State tax, not expressly cX-
| omptcd by The statute. Sec Section ~ OF
| the assessment law OF 1887. Very respect
fully +. r. PicKARD,
Comptroller.
Comptroller Pickard stated Monday TO
Nashville american reporter that while the
cciycd from all the counties, the returns
/ fully justified the correctness OF the pre-
diction made some time ago that the in
crease in the valuation OF property this
year over $50 would he from S75, OOO, 900 TO
. 800, 900 OOO 4 majority Of this will come
/ from the counties Of Shelby and David
son.
81 think the new assessment law IL
, n good one" said Col. Pickurd, 'and
| believe that the people, should they give
| Il fair trial, will bo pleased with II.
| "That clause which relates TO taxing
stock IN based upon the principle OF the
! taxation OF property, stock representing
property ns much M money or lands.
"Somo complaint may bo made that the
law shows an unjust discrimination In that
the stock oi incorporated establishments,
representing capital, h subject 10 taxation,
! while firms not incorporated may receive
! capital from many investors and virtually
stockholders, and by not issuing stock
curry on the same business that the char
| tered firm does aud escapes taxation. The
! privilege OF the stockholders or partners In
| the two establishments are not the same
! the owner III the stock in the Incorporated
company paying his tax and not being lin-
| bic Tor the debts OF the company, while
those who have capital invested In an in
corpnaled firm arc individually RESPONSE
BILE for the whole debts OF the company
"Tho stock issued by corporation and
| held by stockholders Is taxable, not 10 the
| corporation, but to those individual hold
| EN-; hut the law requires that the man
nger oi the corporation shall give To the
asso ssor the name aud amount oi the
stockholders. aud withhold from the diyi.
dcnds due those stockholders the amount
Of the tax levied upon each While the
holdcr are payers the corporation Is the
collector.
1.-THE law further provides that manu-.
fgclurcn using material exclusively from
Tennessee may issue stock exempt from
taxation, hut the exception does not hold
good, however small the amount Ut foreign
materials used should any be- used nt nil.
"scclion q provides that the attorney.
general shall, Ia ease the property Of any
individual, firm or corporation has been
assessed ON an inadequate amount ~ not
In accordance with the tax regulations,
cite such person or company To the trustee,
whose duty Il shall be- 10 collect the de.
icicncy tax, aud receive - per cent ioI
his trouble. This IL the point now agtat
ing the Nashville mind.
~ think, continued Mr.. pickard, "thnl
the section governing the collection Of
merchants taxes should be- M amended n,
10 allow the assessment 10 bo made upon
the average value Of the stock Of goods ia,
firm carries. and TO allow their notes and
bonds 10 bo taxed IA private property IL
the hands II individuals and not ~ an In
tcgral part Of the business capital"