The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1890-06-04

| ing Investments iu the State, IN the shape Of
bank shares, which are esclping taxation,
but We think we can as clearly demonstrate
that there is much larger per cent; OF the
railroad property in the STATE which Is
equally fortunate.
Let lis take for example the G. &c G. railroad;
! In the report 0t the transactions or that road
for the fiscal year ending June 30, 1889, 1t ap-
| pears that the net earnings, after deductinE
all the expenses of operating the road, includ'
Ing taxes, repairs and improvements,
amounted to $l9l, ,l57 being sum equal TO s
Now we take IL that 1t will be conceded by
every one that IN Investment which Will pay
! per cent. net, over and above all incidental
expenses Is Il good one-thprcfOrc as IL has
been shown that the &. & &. road Is paying
! that much net on an amount equal TO $3.50 I,
! iU2, that amount should be taken TO represent
the value Of said property-ahd yet the rail-
road board of equalization, OF which Attor-
ney General Earle Is Il conspicuous member,
fixed the value Of the {. & q. road for pur.
poses or taxation for the last fiscal year al
81 ,3j5,I21; more than one million dollars less
, than we have demonstrated it 10 be worth nc.
cOrding TO Il sound rule in our opinion for
arriving ut the true value of an Investment.
But to fortfy the position which we have
taken as to the true value OF this road, we
would state that the present owners thereof
when ii was sold In 1881, paid over s2,40O,ODO
for it, and that too, under circumstances
which certainly did not tend to initiate the
price and fur; hermo:c that the first mort
cage bonds placed upon it, amounting 10
S2uo,WD are quoted ut from 10 10 lOb In the
daily market reports.
II should he borne in mind too that In ad.
ditiOn 10 net earning equal to per cent. on
Il capital or $3.50. 1872 this road has made I'M
provcineI. ts in the way OF new iron and Ioll
ing stock within the last few years, to Inc
extent Of hundreds Of thousands Of dollars
80 that the price at which 1t was sold (2,i0O;,
OHU and the valuation which we put upon IL
according TO our process OF reasoning (S2,3S9
1927 is more likely to be under than above the
true value thereof.
Now rs the G. & G. road constitutes onl-
about one tenth of the entire mileage Of rail
roads in the State, and being about an average
road and assessed for taxation at about the
same per mile as the other roads, ii Is reason
able 10 conclude that if II does not pay taxes
onwhat II really should by over Il million OF
dollars there must be at least Ten million dol
lars worth OF railroad property In the State
that Is escaping taxation.
Add to this tie large amount of bank prop
erty which likewise escapes, and we have ali
amount Of property, and that too Of the very
best species Of property, which, If 1T paid its
cgitiniate share OF taxes would raise Il sutfl-
&c, TO maintain both the South Carolina Uni.
trrsity and the Clemson College In first class
style.
The State Railroad Board of Equalization is
conn., posed of the Attorney General, the
Comptroller General, the Secretary of State
and the State Treasurer, and 1t Is their duty
to take the returns of the different railroad
Companies as made to the Comptroller Gen
eral and cQualiZe the Same-having the au
thorily 70 add 10 the valuation in tile case Of
any road where they may think the same Is
placed too low, or deduct from the valuation
in any case where they may think the same
has been placed too hish-in other words they
are tho railroad assessors.
Now, rs Attorney General Earle demanded
of Mr.. Tillman whether or not he considered
that he, Earle, had been inefficient or want
ing III zeal in the discharge Of his Off iCial
duty, Ind stated that he was ready at any and
all times tn givean account OF his steward
In. I,li tiNt hn cod
TO have him explain how that he, as ;tn efii-
cent and energetic officer, charged with the
special duty ol seeing that all State and Coun-
ty officers discharge their respective duties,
should have failed 10 know that certain OF
these officials had refused or failed to carry
out certain requirements Of the law, after
their attention had been explicitly called to
the same by himself, the States Attorney
or how it was, IL lie knew of the fact OF such
derellctlon Of duty, that he neglected or
failed to require of them to answer for the
same in the Courts OF the State.
And pe would be pleased to have him eX-
lion of the many other Woodworking but i'm
pccunlOus tax payers of the state how, in
view Of the plain provision of the law as con.
tanned in Section 33 of Article . Of the State
Constitution which declares that, AL tdreS
''ShuH be laid upon The actual uuiue of the prop
"CFty turcd," he could get his consent 10 agree
with tie other members of the Board of asses
Surs TO assess the railroad property in the
State at a little more than one half of its act
ual value, as established by the application OF
the best known rules for determining values:
Respectfully,
a. w. JONES.