The state chronicle., 1891-02-11
THE W. n W. ItAILkoAD's nv
OSlTIDN.

& Weldon railroad company. Briehy |
stated. that road which IN Its cnarSer
of 1898 is given an absolute exemption
from taxation, offers to pay taxes - the
State. and counties through when Il
Rms upon its road bed based upon
maximum valuation of s., 900 pr mile
upon it's main line and $1,000 per mile
upon its branch roads. IN consideration
Of paying this stipulated tax the com
pany asks the following privileges: 10
increase its capital stock; to consolidate
with other roa15; to acquire Other Fail
roal property; to acquire stock, bonds
or other securities Of other companies;
to make traffic or other agreements with
other rlilc ad companies, and to lease
other roads; to cnange the name OF the
company, aud that tho act shall cosisii-
tuse a Contract between the company
and tho State; and thai the moaiy
shall not be subject to any tax other
than that mentioned i'll the proposition
offered, whether county, city or munl-
cipal. 1t is estimated that tho taxes
thus paid would amount to about $50, :
OOO year.
All the IN embers of the r. r 1nVestl-
eating Committee, except SENATOR AY-
COCK, recommend the acceptance OF this
proposition In their report they express
deep regret that it was ever thought Wist
or polite by former l. 'gislatures TO grant
,n
tion to the Wilmington q Weldon Rail
road, but that sucn is the case, and Is
beyond the alteration Of the Legislature.
The United States Court has decided that
the roa.i's exemption is absolute, and
as they see no way of compelling the
road to pay tax they recommend the ac
ceptance # the proposition. The com
mittca add:
It has been so decided by the Supreme
Court Of the Unitsd States. the hls hest
iulici4 Il authority in the land, and SO
,ong a. that decision remains uure versed
i is {. matter not IN the power OF tns
G an ittee to determine.
We must accept the law as it has been
ildicially construed. Thai bt ing so,
I.e question recurs, shall the State o.
n nth Carolina accept proposition
from the company which Will pay into
the treasury annually about twent ty
thous and dollars more than the amount
now in any event recoverable agalns
said company under our revenue iaTs
This question, to your committee
seems too plain for discussion Fyr tn
SJI,e of Ncrth Carolina to refuse to ac
cepJ this amount, would be to vp!unlar
ny waive an opportunity TO collect :
much larger amount out OF this corp n
alton than ls now IN any event collec
TITLE, and for this reason, your commi 6
tee unhesistingly recommend the ac
c"ptance OF the PROPOSE Ion of the com
pany.
SENATOR AYCoCK dissentad from tn.
recommend alton Of the committee, an
gave his reasons as follows:
After ma urely considering the propo
siton Of the Wilmington and Wei iol
Rs,lroad Company in the draft of a BIZ
SUI nitted to this committee, l am com
PEELED to dissent frem the action of the
cor mittce recommending the accept
ance of the proposition, for the follow
IN reasO.,S:
] The powers given to- make connct
tit anu ZIG SN1l'iht pi pSStoh
d ~ the bill on the com pany, are too
ell ral and far reachlrg. the grant OF
i.llf1iteG powers n consultations being
il my opinion, can ,hlt of being so used
a T. prov, Injurious 10 the interest OF
the people of the State.
II. The valuation of the railroad bed
If the main track is fixed at not more
th;.u IS 600 per mile, and that of the
branches at not more than $4,000 pei
mii., and The State bound by contrac,
nos 10 exceed these valuaJiOaS for pur-
pos IS Of taxation, thereby putting the
properly of the corporation upon diff
erenF footing from that of the private
taxpayer. | think the valuation ough!
to bo made under the general law, and
not -trlc:.d, A. IS proposed. If the
state should be bound by such con
tract As is proposed, the value Of the
Io.arsd might double or #, b e, but the
tx ss u would remain a.wa, t1s same
III . lder the proposed bll! the prop
erty Of the company. the value of which
has o. yet been ascertained, other than
tae roa',-bed, locomotives, engines, cars
and other rolling stock, would escape
taxation
~. The bill limits perpetually tht
rates cf taxation. hxes the valuation O.
road be-. for all time, and recognize.
and approves the principle that one law
OF taxation may exist for the property O.
,rporation, and another for the taxa
tion of that of the individual
V think the surrender of exemp
tion should be made with fewer con
ditions, and believe if it were so made
the company could safely rely upon OBJ
tanning from the Legislature such privi.
Snht ~
such rs may bs necessary to it in the
Conduct Of its business. The railroads
of the Stale have been trusted by the
Legislature with unequalled power, and
they have no reason to fear any un,
reasonable refusal Of legislation in their
behalf.
vi. The alleged contract, whereby the
company has always claimed its exemp
a source of irritation to the
people of the State, and a
constant source of annoyance to the tax
ing powers, and / am not in favor of the
entering into any new contract with this
company, or any other, which shall have
for us effect the suggestion of any claim
OF exemption from taxation. or the cur
failing Of the right of the State to derive
revenue from any and every species of
property within its territory.
In arriving at these conclusions, am
not iDsensipie of the great benefit which
VIII be derived to the people of this
State by the contribution OF so large a
SUN to the treasury as the company has
proposed, which would yield to the State
and counties about $4,000 per anuu,n,
but seeing the danger of such legisia-
ton has led me to the conclusion that
the proposed legislation would be uu-
:. wise.
| regret that I am unable to concur
with the majority of the committee.
On Saturday We published the long