The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1890-06-19
$4,000 A YEAR.
THAT is THE TAX THE w. & w.
r.. II. WILL PAY.

r.. II. WILL PAY.
The RailrO Dad Investigating Committee
Has Accepted the Proposition of the
Wilmington & Weldon Railroad. i.
and it Will Pay Tax.
The committee having been in session,
with closed doors, considering the pro-
position made by tie Wilmington l.
Weldon railroad to compromise the mat
ter, opened their doors at 12 o'clock yes
terday, having, after hearing argument
and fully considering the matter, agreed
to accept the proposition, Mr.. Aycock,
however, dissenting from the committee.
The following is the proposition of the
Wilmington & Weldon road:
The Wilmington & Weldon R. R. Co.
hereby proposes to voluntarily submit the
road bed of its main line extending from
Wilmington to Weldon in this State as
well as all Of the branches to the same
now constructed or which may hereafter
be constructed, as well as it's locomotives.
engines, cars and other rolling stock, to
taxation by the State of North Carolina,
tor State and county purposes only, as
hereinafter set forth. The valuation of
the said property to be ascertained as
provided by law for the assessment of
the property of other railroad companies
in this State for taxation, by the State
and the counties, provided that the said
road bed as to the main line shall not be
QcSaS40d of h0n 90 nm
and as to said branches at not more than
y, 900 per mile, and provided further
that the State and county taxes COM
bined to which the said railroad COM
pany shall in any way be lia-
BILE shall never exceed the rate of
50. On every 500 of the property
assessed against the said R. R. Co., and
that in no case shall the said r. r. Co.,
or it's property be liable to any special
tax that may be at any time hereafter
levied by any county in this State under
any special act or approval of the Gen.
eral Assembly for any purpose whatso-
ever, or to any tax beyond the general
limitation of 66 and 2-3 cents on every
800 worth of property assessed against
the said company for both State and
county tax combined.
But this proposition is upon the con-
dltlon that in consideration of such quail
fed surrender of its exemption from taxa
ton the State of North Carolina shall
grant to the said company certain rights,
powers and privileges in addition to
those already held and enjoyed by said
company, as set forth in the following
bill, which is hereby submitted as part
YVzDu VUy
1884, s.the property of the said company
and the shares therein shall be exempt
from any public charge or tax whatso-
ever" ** By the laws of 1855,
THAT the Wilmington & Raleigh Rail-
road Company shall hereafter be known
by the corporate name of W. & W. 4.
r. Co."
And whereas the said company by vir-
tue of the hearinbefore recited pro-
vision in it's charter of incorporation, as
the same has been interpreted by the
Supreme Court of the State and of the
United States, has always been exempt
from all taxation, and the said company
by communication in writing bearing
date the 18th day of June, A. D. 1890,
addressed to the committee of the Gen
eral Assembly of North Carolina, ap-
pointed under q resolution ratified on
| the 1st day of March, 1889, entitled.
"Resolution," &C., proposed to "volun-
tarily," &c.
Then follows the bill.
The first section provides for the in
crease of the capital stock ''not to ex
ceed ten million dollars and tt
be in all respects the same as the com
| o%oo1> - <ho coiI v,onv OF ony
time heretofore issued
Section two gives them the right t
consolidate or buy any other railroa
company, to buy and hold the stock o
other railroad companies, to connee
with other roads, to "enter into an
traffic or other agreement with any sue
railroad"
Section third gives them the right
purchase rolling stock or equipment an
t. to ''lease cars or other equipment to ar
!. other railroad company"
Section four accepts the contract mao
by the committee and ratiies the CO.
tract submitted by the road, and clos
thus: ''But nothing in this act or in sa
proposition submitted by the said raj
= road company shall be so construed
to destroy, diminish, impair or in al
wise injuriously affect the chartered g
. emption of the stock and property
- the company from all taxation, Stat
II county and municipal, nor any 9th
l. chartered right, franchise, privilege
it immunity of said company except to t
" extent and in the manner hereinbefc
d provided for State and county purpof
,r only"
to Section five gives them the right
change the name of the w. & w. to
"Atlantic Coast Line"
Sec. 6, that the acceptance of &
act by the said company or the exerc
n. by it of any of the privileges her
granted shall constitute the same q
tract between the State of N. =. q
said W. & W. R. r. Go.
he Sec. z, that all laws and clau
ay of laws now existing relating to taxati
- under which any town, city or mum
q pal corporation might claim the righ1
ne tax said company, ARE hereby repealed
". far only as they can be held to autho
An the taxation of the W. 4. r. r. Co.
as any city, town or other municipality
any purpose whatever and nothing
this act contained is to be cOnstruel