The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1891-03-01
SIT WISE TO ACCEPT
onOPOSITION OF THE w.
N RAILROAD?

General Assembly.
,,.6sre has been any one thing which
.uRlSlcLE, during its career, has
alre earnestly advocating than
.,t.r n. - the doctrine that taxation
IN, bear equally upon ALL For
oe have called the attention of the
.s 10 the fact that the great corpor-
,a. IA the State, with few exceptions,
e5u.rbuting little or nothing to
,u.e Treasury in return for their
.ra3.t franchises and the protection
the State has afforded their
..,ry. Ii has been-it is-a crying
N. aat any parties or corporations |
Itai)y immunity from the burden |
/. aytg5n, aud the representatives OF |
.,r p'c ought to leave no stone un-
rra .a compel al to contribute alike
.,bs Is penses of government.
Taa RS ago (hanks to the wisdom
N 8rc,isaJ of SENATOR AYCoCK to
MI III he taxpayers of the State owe
,,nz deb. Of gratitude) commission
w,la,ed to investigate and ascertain
hose railroads claiming exemptions
ra3e. their charters were not liable for
~ on. During the recess of the Leg
..lre that committee made an iuvesti-
e..la of the Raleigh and CASTOR aud Will
niagton and Weldon and other rail-
roads, and as u partial result of their
valuable services the Raleigh and Cas-
,oa Railroad Gts charter exempted them
rom taxation until they made eight per
cent diyidend) has been compelled to pay
ts tax specified in their charter; and
the Wilmington and Weldon Rail-
road made proposition to the
Committee to pay $l2, 900 back
taxes, and a certain stipulated tax which
wua.d amount to about 100000 year
Tn Thcommittee recommended the accep-
tarce Of the proposition to the Legisla-
tur,, SENATOR AYCoCK dissenting. The
other members of the committee-Sen-
ator KERR, and Representatives HoL-
MAS, SUTTON and CARTER that,
masmuch as the State had tried to make
this road pay tax and had failed, the &C
cep-snce of the proposition was the best
thing that could be done under the cir
clmstances. Since the assembling oi
the legislature, the W. & W. road ha
amended its proposition, and they nov
pDpl.e, after ten years, to let thei
rJad bed be valued at $12, 200 per mil
o. tae main line. and $4,000 on thei
bAch.,. (They propose to let it b.
valued Low at $4,000 per mile OF
tae main line and $4,000 on tn
brancnes.) There have been othe
amendments to their proposition whicI
max 5 it better bargain for the Stat
than their first proposition.
We republish the following, which
their amended proposition, and CON
mend it to their careful consideration.
The W. ~ w. Railroads Proposition
A bill to be entitled "an act to graz
certain powers and privileges to tt
Wilmington and Weldon RailrosG Con
fora qualified surrender of its exemptio
from taxation"
Whereas by the nineteenth section
an act Of the General Assembly of Mort
Carolina, ratified on the third day
January in the year Eighteen hundre
and thirty-four, entitled ''an act to i
corporate the Wilmington and Raleie
Railroad Company" it was, among 9th
things, enacted as follows, to-wit tn
the property of said company and Il
shares therein shall be exempt from al
public charge or tax whatsoever" al
the name of said company has since be,
changed to Wilmington and Weld,
Railroad Company.
And whereas the said company by v
tue of the hereinbefore recited provisi
Ia It's charter OF incorporation as
same has been interpreted by the s
preme Courts of the State and OF
United States has always claimed to
exempt from all taxation, claim whi
~ NV hChuOWleuBCQ Wy Iuo OOnoO.
And whereas it has been communicat
TO the General Assembly of North Ca
lima that the said Wilmington and W.
don Railroad Company will accept
following act subjecting its property
taxation as therein stated.
THEREFORE, THE GENERAL ASSEMBLY
NORTH CAROLINA DO ENACT:
Section l. That the stockholders
the Wilmington and Weldon Railr(
Company at any annual, special or c
led meeting shall have the right fr
time TO time to increase the capital ST.
Of said company to any amount
amounts not to exceed in all ten millit
OF dollars, the same to be issued in sha
Of one hundred dollars each and to be
all respects the same as the comu
stock Of the said company at any Il
heretofore issued; and to cause the sa
TO be issued and sold under the direct
of the Board of Directors of said ct
pany on such terms and conditions a.
them may seem proper.
Sec. That the Wilmington II v
don Railroad Company shall have
right to unite or consolidate with
otuer railroad company incorporated
Ger the laws of this or any other ST