The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-03-16
THE ASSESSMENT LAW
AS INTERPRETED BY THE SUPREME
COURT OF THE STATE,
Means Double Assessment on All Cor
poraticns--whioh VIII Destroy All
Manufacturing 1nterests-The Legis-
lature To DO Appealed to for Relief

hitcrhoon called JOINT meeting OF the
members of the Cotton and Merchants FIX
changes was held, the object being to con-
slider the important question Of taxation
and especially 10 consider tho effect of the
late decision of the Supreme Court of Ten
nessec on the business interests of the State,
and also for the purpose of hearing Col. A.
$. Colyar, Of Nashville, on the subject, and
who came here as the representative of the
merchants, manufacturers and other bust
ness men of Nashville, to invite concert of
action on the part of the business men Of
Memphis with reference 10 the above named
matters, and with view TO taking steps to-
ward repeating the present assessment law,
which the late decision Of the State Supreme
Court made most oppressive to the mercan-
tile interests Of the State, the decision being
in the case of John Morrow, trustee, etc.
The hour Of clock having arrived, and
there being large number Of representative
men present, DR.. d. I. Porter called Mr.. /.
L. Peters TO the chair, Mr.. Il. A. Keeling
being appointed secretary and the press rep
resentatives present assistants.
Chairman Peters stated In brief the objects
OF the called meeting and introduced Col. A.
y. Colyar OF Nashville, who was sent hero by
Nashville merchants TO speak to the Mem
phis merchants on the subject OF taxation,
etc.
b Col. Colyar, a tall, angular looking gentle
man oil easy address and pleasing manners,
took the stand and invited the gentlemen
present TO come closer ard occupy the front
seats He spoke in conversational tone
OF voice and his manner indicated the
tiained lawyer and debater. lie stated that
he had been induced TO como 10 Memphis by
Nashville merchants for tho purpose OF
speaking TO the business men OF Memphis
on the subject OF the present assessment law
and It's Interpretation by the Supreme Court
in recent case, Morrow, trustee, etc. Some
two years ago tho Legislature enacted a
revenue bill injurious TO the mercan.
tile interests OF the State, and as in
terpreted by the Supreme Court In a
recent decision, no manufacturing interest
could stand the burden. A meeting was
held at Nashville and the matter was consid.
cred, and much consideration was given TO
the new question created by the Supreme
Court decision In case of Morrow, trustee etc
The object Of that meeting was simply 70 see
what our condition was under that Inn
pOrtant decision and what means OF redress
existed. The opinion settled question cal
culated 10 utterly destroy the mercantile,
manufacturing and other Important in terests
In Tennessee. The object OF the Nashville
meeting was 10 confer with the business men
OF the state and secure their cooperation
by getting them 10 send delegates 10 another
meeting TO be held at Nashville NEXT
wednesday. The decision OF the Supreme
Court referred 10 applies fatally 20 every
corporation In the State OF Tennessee or 70
every person who holds the stock or bonds
OF any corporation. The Supreme Court In
its decision, plainly declared that the statute
OF two years ago meant the taxation OF real
interest and the stock, or In other words, a
double taxation. For instance, IL 100 men
put In ~, OOO each and buy piece OF prop
erty, and erect factory consuming every
cent OF their capital, and then issue stock 10
themselves equal 10 the amount they in.
vested, by the present law they are taxed
not only ON the 100000 actually invested BY
them, but on the stock. No State can pros
per when Its laws are 10 inimcal 20 manu-.
featuring interests. Tennessee stands alone
In this attitude TOWARD Investments IL has
been said that no relief can be secured. buthc
did not believe Il and would not believe so un.
III every effort looking toward q remedy had
been exhausted. lIohad found that the q ghi,
when boldly and coupgcously Advocated. |
always won; an appeal must be made % the
Legislature. They will have the prejudice
OF the country against corporations to con.
tend with, but that prejudice Il fast dying
out In Nashville numbers Of people In all
walks OF life are putting their carninrs into
corporations which are helping 10 build up
There Is no denying tic fict
That the late decision Of the court means
absolute destruction 10 corporations In Ten.
ncsscc. We want the Legislature IN a. rcye-
nue. bill 10 say that property shall be- taxed |
or that shares shall be taxed. but not both. |
lie knew that II was sometimes difficult 10
say what a certain corporation ought 10 bc |
taxed. II shares Of stock rise above par
value II might seem reasonable that that |
advance above par value should be- also |
taxed. No remedy can be had In the United |
states courts. because IL IL matter oi Stale |
taxation and the United States Court. u 10 |
had Jurisdiction, would only sustain tbc /
rulings Of the State Courts on subjects that |
are purely OF the State, aud not national IN |
any sense. Our only remedy then would |
seem 10 be In the legislature Our Coustl. /
tuition states that taxation must be uni. |
form and equal. Corporations we're formed |
for purposes OF porpotuation, because parl. |
ncnhips have 10 be dissolved aud closed out |
Il one Of the parties die. Our manuiactur. |
~, are not now making much, aud under |
this court decision they would be ruined. |
We have some men who get into the LEXIS. |
laiurc and who believe that men who arc in.
tcrcstcd IN n corporation are no better than
men who keep a gnningh0use. All lac de- /
sircd Of tho people oi Memphis. was that /
they send committee ~ the Nashville |
meeting Of "Wednesday neat and engage In
The conference With the business men vi the
State who have been invited 10 attend.
Mr.. Colyar, on being asked by Col r. u.
fuyscr Il a nonresident stakeholder could
not take the case Ia The United States Court,
replied that be did no think 20. but even II |
Il could be done and remedy secured by
The nonresident A would only Affect him.
none Others IL was clear 10 him that the
state supreme Court did not give the case
consideration, and that IL was not
argued ~ fully ~ 10 should have been, or "a
~ importance deserved. lie did no believe
The court fully appreciated the magnitude
N the question involved. lie hoped a com.
mitico would be appointed by the nicotine
Col C0lyar was loudly applaudcd at tie
close of his remarks.
Chairman Peters asked. "Genilcmcn, what
will you do in the prcmlscgY'
Dr. y. r. Porter moved that the chair.
man appoint a committee Of twenty-five 10
30 To Nashville aud attend tho proposed
meeting. Tho chairman announced tine
and stated that any gentleman
who desired 81 atietid the Nashville mertinv
r0uld have bis name added 20 the list. and
several additions were ~ made. On motion
The chairman va Empowered 10 nll up tho
" found that any Of those an.
pointed would Die unable 10 attend the
meeting Tho meeting then adjourned.
The Commlttcc N. Peters. m NJ
Nicely John Ovcrion, ir, w. u. liothelL
Napoleon Iiill. y. r. Porter, u n snowdcn.
W. a. harrington, John w. DHlari. W. l.
Cole. Z. u. rurleY,, robert Galloway, n T..
woodson, w. J9tnhiorl, N, Burke. A. n.
r. Latham, 4. D. Gwynnc. w.
w. Scheduled, John X. Speed. John W.
Cochran. VIM r. Moor, Josiah Patterson.
r. &. Uayc., Wm n. Randolph. John 81
rooi, \ H. Monttowcry.
-