Mexico weekly ledger., 1890-05-01
THE Law.
The Board of Equalization and
the Assessors Law-One
of the Board Talks.

AAV NV aAS 40 VIC law 0llu0I
which the Board of Equalization
acted
Persons owning shares of stock
in banks or any joint stock institu-
ton OF association doing a bank
ing business, or any other insurance
company, whether Of FIRE, Marine,
life, health, accident or other in
surance, incorporated under or by
any law of the United States or of
this State, are not required to de-
liver to the Assessor a list thereof;
but the President or other chief
officers of such corporation shall
under oath deliver to the Assessor
a list of all shares of stock held
therein, and the names of the per-
sons who hold the same and shall
also state the actual cash value OF
such stock and all the property be-
longing to such corporation. In
estimating the value of such stock
and property, the officer making
the same shall estimate and in.
clude all reserved funds, undivid.
ed profits, premiums or earnings,
and all other values belonging to
such corporation, which casa value
shall be assessed and taxed as
other personal property. Insur'
ance companies or any corporation
doing business on..the mutual plan
without capital stock, shall make
like returns of the net value of all
assets or values belonging thereto,
which net value shall be assessed
and taxed in like manner. Pri.
vate bankers, brokers, money brok.
ers and exchange dealers shall, in
like manner, make returns of all
money, or values of any descrip.
ton invested in or used in their
business, which shall be taxed as
other personal property. Provid-
ed, however, that the license here
after required to be paid by such
bankers, brokers and dealers in ad-
dition to such taxes, shall not OK.
coed one hundred dollars per an
mum.
Article 10, section 4, of Constitu-
ton of Missouri, says all property
subject to taxation shall be taxed
in proportion to its value.
One of the Board of Equaliza-
ton, in talking to the reporters OF
the Mexico papers, says:
"The law says all personal
property shall be assessed at its
fair cash value. Bank stock is de-
clared by law to be personal prop
erty and has always been assessed
as such, bank stock at $1O0 per
share being assessed at $50. so or So
of its face value. MI. Mclean, in
assessing banks last year, assessed
all bank stock at 100 cents on the
dollar; for instance, if the capital
stock was $100, 600, the bank was
assessed at that amount, instead OF
$62, 500 as heretofore. When the
Board of Equalization met the
banks filed written objections as
the law provides, setting forth that
they were unjustly assessed as
compared with other personal
property and that all they wanted
was simple justice. Gov. Har-
din and others personally
appeared before the Board
and showed by the constitution
and the statutes that the assess
ment was unjust and asked that
the same be adj usted to cores
pond with other assessments,
which was from a half to one-third
its value.
"The matter was discussed at
length by the Board of Equaliza-
ton, three of the members hoN-
ing that bank stock should not be
reduced unless a like reduction be
made on all moneys, notes and
bonds, thereby putting the farmer
and the money lender on an equal
footing with the banks.
"The Farmers and Laborers I'm
ion in its resolutions, demands
that all property be assessed at
its real cash value. This would
raise farm lands to from two to
three times the present assessment
which is less than So per acre.
"Another thing. We would be
paying three times more than
other counties.
"Inasmuch as assessing bank
stock at its face value was contrary
to law, unless all other property
was SO assessed, and without
precedent in this or any of the
counties so far heard from, the
Board was compelled to make the
reduction, and in doing so did not
discriminate in favor of the banks
and against the farmer"
Twelve Ysaxs Old Yesterday.
From the Norwalk Hour.
A day o. two ago, while Conduc-
tor Isaac Bowe was taking toll from
a carload of passengers, he came to
a little girl who has been a regular
patron of the road for some time.