The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-05-21

The above statement does not take in oil
the Banks in the State, as some Of the Coun-
ty Auditors have so far failed to comply With
the request to fur iSh the desired informa-
tiOn, but 1t will suffice to show that there Is Il
very great inequality In the matter OF assess
ing property possessing identically the same
intrinsic value which should not be the case,
for "whilc there may be difference In the
value of mules or lands In different counties,
surplus dollars have exactly the same value
in every part of the State" 1t vii also SUI.
flee to inform the Attorney General If he has
not already been apprIsed of the fact, that his
opinion as TO the liability Of Banks 10 pay
lakes on their surplus and undivided profits,
us we'll as the circular of the Comptroller
set at naught by the Bank officials and the
County Auditors in almost every INSTANCE.
Furi ihermorc, it wi ii serve to show to all who
may chunce to sec II, that there is very u7-
just discrimination In the matter OF the Vnlu-
alton OF property for purposes of taxation
against the poor man, who has to pay taxes
on his little all, frequently at more than It's
true value and in fay of the fortunate own
cr Of valuable bank stock, and that the same
is being done in open defiance OF the plain
letter OF the law rs contained In Section l9o
of the Reviaed Statutes as already quoted IN
full. Yea, more, that 1t Is being done In oper
defiance of the Interpretation of that law by
the officer whose special duty 1t Is to make
such Interpretation when called upon TO do so
for the guidance Of the officers Of the State.
Tie Attorney General may have been igno
rant of these facts heretofore, but he certainly
cannot avail himself OF such Il plea from this
on, and the tax payers will no doubt wait
with no small degree Of interest 10 see what
he is going TO do about It,
But what about the Comptroller General :?
He certainly could not have been ignorant OF
the fact that no regard had been poi to his
circular by many Of the County Auditors to
whom 1t was addressed. and such being the
CASE II seems TO me that IL was incumbent up
or him to have reported the facts to the Gov
crnor, by whose appointment these dCrelict
lpt 4 tl,n 4 ft.kp
ney General, the prosecuting officer OF the
State, in order that he might institute pro.
CT edings against them for malfcasancc in Of
flee.
The Auditor of Charleston county, In his
letter transmitting the returns of the various
Banks Of that county, says, "The Board %!
"EqualZation could see no reason for dcvia-
"ling from their determination for previous
years, &C.. and could but come to the deter
"minallon that the surplus was not liable to
"be returned for taxation"
Adopting your own language as used in an
editorial some two years ago. when the attrn-
ton OF The public was fist attracted to this
matter, we would say. Mr.. Editor, "iS 1t any
"wonder that our people are diSShtiSnrd?
Are the capitalists the banking corporations
land the railroad corporations dominating
"thc State" There is food for thought in
1.-THE Fact that here are banks dodSing lhous-
lands Of dollars OF just taxation right at tEe
"donrS of the leading newspapers OF the state
''yct thsy arc as silent az al Egypti3n n:nm-
"my"
But the matter does not end with the fact
winch we think we have clearly shown. that
there il n very large amount of the best pay.
ing Investments la the State, in the shape OF
bank shares, which arc escaping taxation,
but we think we can as clearly demonstrate
that there is n much larger per cent. OF The
railroad property in the Stale which Is
equally fortunate.
Let Us take for example the c. & q, railroad.
In the report OF the transactions OF that road
for the fiscal year ending June 30 lSSQ, II np-
peorS that the net earnings, AFTER ucuuCtln5
all the expenses of operating the road, lnclud-
Ing taxes, repairs ana improvements,
amounted to $l9I ,l57 being a sum equal TO 8
per cent on 81, $780, ,iG2.
Nov we take l. that II will he conceded by
every one that an investment Wlioh Will pay
per cent. net over and above all incidental
expenses Is Il good onC-thrrefOre as IL has
been shown that the Z. j. u. rond Is paying