Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1893-02-16
THE TAX DISCUSSION.

The proposition of the Whining
ton and Weldon railroad compan
to settle the controversy with tn
State is embraced in a memoran
duo made by Mr.. Spruill, whicl
is in the shape of a bill and is a
follows;
A bin to be entitled can act t.
amend the charter of the Whining
ton and Weldon railroad company
and to adjust all differences be
tween said company and the State
of North Carolina in regard to ex'
emption from taxation and powel
to fix rates as contained in saiC
charter. y
Whereas, controversy ha:
arisen between tire State and the
w. & W. railroad company as
to the exemption from taxation
which said company has expressed
a Willingness to surrender to the
State:
And whereas the said company
claims the right under its charter
to Tx passenger rates as high as
six cents per mile, and to charge
as much as nine cents per mile for
the Transportation of 1000 pounds,
which right the said company has
also expressed willing to sur
render
The General Assembly of North
Carolina do enact:
Section /. That the act of the
General Assembly of North Caro-.
lima, ratified on the Sd day of JAM
uary, 1881. entitled IAN act to in
corporate the Wilmington and Ra-
laleigh Company" be and the same
is hereby amended as follows: that
the l9th section OF said act be
amended by striking out the words
"and the property of said company
and the shares therein shall be ex>
empt from any public charge or
tax whatsoever" and that section
26 OF said act be amended by strik-
ing out the following words, to wit:
''and they shall be entitled to rev
celve and to demand the following
rates, to wit: not exceeding four
cents nile for toll and nine cents
a mile for transportationiper ton Of
1900 pounds; and for the transpo-
tation of passengers not exceeding
six cents per mile for each passen-
ger, until the net profits received
shall amount to a sum equal to the
capital expen ded, with six per cent.
per annum intetes thereon from
the time the money was ad ganced
by the stockholders until received
back in the net profits; but when
the net profits received as afore-
said from the tolls aforesaid shall
have amounted to sum equal to
the capital stock aforesaid, with
interest thereon as aforesaid, then
the tolls which the said company
Or the President and Directors
shall be entitled to receive for the
of produce or other
commodities On the said railroad
shall be fixed and regulated, from
time to time, by the president and
directors OF the said company, SO
as to make them sufficient in their
estimation to yield a net profit
equal to Is per cent. per annum
On the capital stock of the company
over and above what may be nec-
essary for the repairs, improves
ment, or renewal of the same, to-
gether with all other incidental exs
Fenses of said company"
Sec. 2. That when said company
shall in stockholders meeting as
sembled accept this act as an
to its charter and shall
have duly notified the same to the
secretary of State and shall in said
declare its absolute and
surrender of all exemps
ton from taxation under the cons
and laws of North Caros
lima in like manner as other prop~
erty is taxed, and shall by accepts
ance of this act declare the sur
render Of the rate making power
in said 26th section, and
shall have paid all such State,
and municipal taxes as have
been assessed against its branch
roads for the years 1891 and 1892
by the board of railroad commits
sioners under the revenue act of
1891, and shall have paid to the
State of North Carolina the addi-
tional sum of 1900. to reimburse
said state for attorneys fees ins
Cured in litigation with said CONS
pany, and shall have paid or tens
dered for payment to the COT, nty OF
New Hanover and the city of Viii,
nington respectively sums equal
to- the sums paid by it to the said
county and city respectively fol
the taxes of 1891, then this act
shall operate as a full and complete
discharge of said company from al
taxes which might or could hav,
been claimed or assessed against i
by the State of North Carolina, O,
any county orfity or town in thi
State prior to the first day of Jan
uary, 1898.
Sec. 3. This act shall be in fore
from and after its ratification.