The state chronicle. [volume] (Raleigh, N.C.) 1883-1893, 1891-03-11

emptlOns must bO.d-ttat it is q contract
between the State and the road. For
twenty-five years We have thrown our
selves On our legal rights and got no re-
dress whatever. In tue original charter
this road mas ample power to construct
tranch lines anywhere. Under this
they can BULL road from Weldon
TO the Virginia line. Tne limit OF their
capital stock i 81, 500, 900. bnt in addi-
tion to that under the act of February,
1867, they are allowed - subscribe 80, :
900 per mile to any branch road. Prior
10 the Constitution of 1868. no charter
could be amended or repealed. Ali the
authority to build roads and have eX
emptiOn from taxation was passed before
1868, aud We cannot repeal them be
cause Of the United States Cons il utIon.
We cannot tax the franchise, and our
Constitution provides that Income de-
rived from property already taxed shall
not be taxed.
If had the power | would with one
stroke Of the pen strike out all exemp-
tions. 1t is this way: If | own you ST.
900 and the statue of limitations has
barred it, and offered 10 pay $3.50 f
llme were given me, it would be your
only chance 10 get any thing and you
accept we add So, 900, 600 worth of
property to the taxable valuation to
the State S32, 900 is the amount We
Will secure this year and annually about
$40, 900 and at the expiration OF 10 years
$50 600 annually. Tie question is;sha-l
we accept ? As business men we must
accept 1t.
Why does this road propose. to surren-
der its rights They get the right to in
crease their stock, to connect and to con-
solidate with other roads. For these
things, they can well afford to pay some
thing. When the first proposition was
made, the people were glad. This amend
ed charter is not a contract, as was the
first proposition.
I hope and believe the time
will come when the courts will re-
verse their decisions so We can
tax this railroad.
Mr. Butler said that this was the most
important legislation of the session. The
committee is composed of good men and
[ regret to disagree with them 1t is d
natter of principle. The force of Mr..
Turner's argument is TO show how terri
bic the State was kopnd hand and foot
He holds the State up in 6 pitif4l Ggn :.
This proposition is like Esau when be
s)!d his birthright for mess Of pottage.
Has all our clamor been for dollars :?
The State is aroused over wrong prin-
ciple-because we have one rate of taxa
tion for corporations and another for
lands, sheep and hogs. | will treat all
roads alike,
last year the W & W. railroad de-
cIared q ret proGt of $500, 900, and can
afford to pay regular taKes. # the w,
& W. railroad felt that It's legal rights
were secure they would not come here
and ask for these privileges and pay on
them Our torefathers threw the tea
principle. If they had SOLD o4t for g
little hush money, would We have
the same respect for theml Every CHI
zen ought to be made TO pay taxation
alike. But it is said ''you can't do
that" That does not alter the princi
pie. Why is there money offered? 1t is an
admission that its ground is wrong NOR
ally and legally, aEd that they are afraid
their contract wili noS atand, and that
the Dartmouth College case Wit be over
turned. So far AS North Carolina is con-
cerned, Daniel Webster's argument that
secured that decision is a curse to North
Carolina. Sooner or later these eXemp
| ti1ns will pass away. In 1888, when
Seuaio.S yoted for that charter, they
never intended &c grant such privileges.
The charter shows .Iey thonght they
were building a sort Of d pubiie highway
over which any man could run d railroad
track.
Take it for granted that we are bound
hand and foot, l s.m still unwilling to
bargain for paltry dollars. believe pub
lie opinion will forcs a change in the
ruling l mean to stand for all or moth
ing. If it is right for them to be cx
empt, let them be exempt. II not, then
let them pay like all others.
Let us decline this proposition, and
the W. & W. road cannot stand in the
way of public opinion. They must and
will come forward and make an unquali
fed exemption.
Mr.. Bellamy said that never before
was he so embarrassed oyer g public
question. | came from the city tat Is
the father of this road we gave more to
build it than the entire value of its real
aud personal property. ALI my interest
incline me to vote for the proposition,
vet my judgement dictates that l should
vote against the acceptance OF the pro
position At first thought | would fa
vor the proposition AS it now exists,
Mr. Turner is right that we cannot inter
fere with the present exemptions, but
when they ask to increase it to lo,OOO,
600, it is different. They now
want to increase their stock and
by legitimately watering it, give
themselves $4,000, 900 capital. 1t is
on the way to make ~ 500, 900. Now it
has capital of s.. 500, 900 aud last year
made "a per cent. To offer US $40, 600 a
year is not in proportion to the benefits
they will receive. This bill allows the
road to buy all roads and consolidate.
1t may be the entering wedge to great
and all powerful consideration. The
powers given the road are too great. and
it would be entirely free from legislative
control. / believe IN clrcumscriolng
their powers.
Another reason against it is that the
W. & W. Railroad can make such traffic
agreements as they please, and the Rail
road Commission cannot affect them. l
am afraid that if we accept it, this will
become a binding obligation on the
State of which we never can get rid.
Section gives the road the power to
lease the rolling stock from construc
ton company and not own such stock
and therefore escape taxation. II you
pass this you never can tax the franchise
of this road. You sell out any oppor-
tunity you may have of getting at back
taxes and future taxes.
They may be liable for $500, 900. The
inve 'tIgating committee did excellent
work, and the State owes deb. of graf
itude to Senator Aycock.
Mr.. Twitty said that he regretted that
he was on the committee. His convic-
tions led him to accept the proposition.
The investigating Ommittee made their
report and got the road to offer to pay
certain taxes. If this company parts
with the original contract, or any of it,
it would be easier to reach them than
now. 4
wish we could make them pay taxes.