The Caucasian. (Clinton, N.C.) 188?-1913, 1890-08-07
THE EDITORS CHAIR.
HOW THINGS LOOK FROM
OUR STAND POINT.
The Opinion Of The Editor and the
Opinion Of Others which we
Can Endorse on the Various
Topics of the Day.
DANGER In 1T.

with TIE CAUCASIAN in condemn
ing the proposition of the Whining
ton & Weldon Railroad Company,
that was accepted by the Railway
Investigating Committee. What is
the proposition? In substance it is
about as follows:
That for a consideration of about
$50, 900 taxes, ii be paid by the Will
mlngton & Weldon Railroad Com
pany, that the State enter into con-
tract with said company that it
shall never be taxed more than above
amount and that certain rights and
privileges be granted the company,
viz: That the capital stock of said
company be increased to SIC, 900 900,
III all respects like the stock before
issued, that the company have the
right to consolidate with or buy any
other railway or stock of other COM
panieS or to enter into any traffic
agreement it may desire without
further permission or consent from
the State.
In the first issue of our paper, aE-
ter the proposition was accepted by
the committee to be recommended
to the next General Assembly, we
said that it would not do. We gave
warning that there was al Trojan
horse in it. No people can afford to
grant such extraordinary and per-
petual privileges for such pittance
of taxation, and any Legislature that
would swallow the bait would be
untrue to the people. We are OPP
posed to accepting a cent of taxation
that comes loaded with such a bur-
den. Senator AycOck, who was a
member OF the committee, voted
against accepting the proposition
and we are glad to see him out in a
card giving his reasons. His card is
as follows:
After maturely considering the
proposition of the Wilmington 81
Weldon Railroad Company in the
draft of bill submitted to this COM
] am compelled to dissent
from the action Of the committee
recommending the acceptance of the
proposition for the following rea-
sons:
/. The powers given to make con-
nectiOn, and the general privileges
bestowed by the bill on the company
are too general and far reaching, the
grant Of unlimited powers of consol-
idation8 being, in my opinion, capa-
BILE of being so used as to prove in
furious to the interest of the people
of the State.
2. The valuation of the railroad
bed of the main track is fixed at not
more than $4,000 per mile, and that
of the branches at not more than
$4,000 per mile, and the State bound
by contract not to exceed these val
uatiODs for purposes of taxation,
thereby putting the property Of the
corporation upon q different footing
from that Of the private taxpayer.
l think the valuation ought to be
made under the general law, and
not restricted, as is proposed. Ifthe
State should he bound by such con-
tract as is proposed, the value of the
road-bed might double aud treble,
but the tax value would remain al
ways the same.
3. Under the proposed bill the
property of the company, the value
of which has not yet been ascertain
OIL hnr thar thn wood -ha1
tive5, engines, cars ana other rolling
stock, would escape taxation.
A. The bill limits perpetually the
rate of taxation, fixes the valuation
Of the road-bed for all time, and
recognizes and approves the princi-
pie that one law OF taxation MAJ eX-
ist for the property Of corporation
and another for the taxation of that
of the individual.
5. thina the surrender of eXemp-
ton should be made with fewer con-
ditiOns, and believe if it were so
made the company could safely rely
upon obtaining from the Legislature
such privileges as it might reasona-
ably ask, and such as may be neces-
sary to it in the conduct of its busi-
ness. The railroads of the State have
been trusted by the Legislature with
unequalled power, and they have no
reason to fear any unreasonable re-
fusal of legislation in their behalf.
6. The alleged contract, whereby
the company has always claimed its
exemption from taxation, has been
and still is q source of irritation to
the people of the State, and a con-
stant source Of annoyance to the tax
ing powers, and am not in favor of
the State entering into any new con-
tract with this company any other
which shall have for it's effect the
suggestion of any claim Of exemp-
tiOn from taxation or the curtailing
of the right of the State to derive
revenue from any and every species
of property within its territory.
In arriving at these conclusions, l
am not insensible of the great bene-
fit which will be derived to the peo-
pie of this State by the contribution
Of so large sum to the Treasury as
the company has proposed, which
would yield to the State and coun-
ties about $4,000 yer annum, but
seeing the dal ger of such legislation
has led me to the conclusion ths I
that the proposed legislation would
be unwise.
L regret that l am unable to con-
cur with the majority of the COM
ihlttee. B. F. AYCOCK.