The news & observer., 1897-02-07
THE REVENUE ACT
Scme Important Changes 50 b,
M Made IL
MORE REVENUE NE C& *, AIRY
THE CO-OPBRATIONISTS FEAR
AN INCREASE OF TAN.
CORPORATIONS MUST PAY 1T
Baoks, Express Companies, fet"sraph
and Telephone Lines, Trust Com
panies. PeddIers and
MORE REVENUE NE CS IS AIRY
CORPORATIONS MUST PAY 1T
Suctioneers.

| AS The Legislature approaches an end
| the Re, mblicm and Populist ma ajority are
| coming face to face with the greatest
problem Of the session--the taxes and a
threatened deficit in The Treasury. These
are the rocks of the aipoal around which
the dominant party cannot steer by diplo-
macy, agreements, joint resolutions or
caucuses. The cold, hard cash and moth
| ing else will solve THE problem.
High taxes are the bane of the far-
| mer and the laboring man who made the
| Republican and Popul;st ma jorities in this
| State last November. 1t was for relief
that they voted-a protest against even
| the present rate of taxation. Now they
want to know what their representatives
| are going to do to reduce the tax rate
without crippling the already half-starv-
ed institutions of the State. Not only
the farmer, but the business man also is
grumbling at the failure of the prosper
ity promised by MCKINLEY Ito make it's
appearance and are beginning to ask
what the Legislature is going to do about
it.
Just before going out of office Auditor
Furnlan, as was his duty, compiled and
sent to the State Treasurer the abstract
of Listed Taxa'bles for the year 1896,
upon which must be based THE levies of
1S97-'9S This abstract showed a decrease
in taxable values for the year Uf 81, ,121,-
1876. The assessment OF railroads, &C.,
for the year 1896 was $26,576, ,O96.99.
This makes the total assessment of real
and personal property, as returned for
1896, S256,316, ,092.99.
In 1895 it was $257, ,437, ,22T.99 or ST.
121, ,135 more than in 1896.
Making calculation upon these fig
ures, Mr.Furman showed that under the
present Revenue Act, levy of % cents,
ON every 500, instead of 21 2-3 ais at pre-
sent, would have to be made to defray
the running expenses Of the government.
Just previous to this Treasurer Worth
had issued two '.hard-times" circulars to
sheriffs and tax-collectors to the effect
that bills amounting to upwards of $780,
600 would soon be due and there was no
money in the Treasury to pay them. He
urged promptness in collection OF taxes
to keep the Treasury from becoming
bankrupt. -s&
With these conditions confronting them
the co-operationists began casting about
to see what could be done. They COM
menced searching Through the old rev.
enue acts to find something not yet taxed
or something that will bear taxing higher
so that it does not affect the rural dis
| tricts.
It was this predicament that led Audi
tor Aver and Treasurer Worth the other
day to discover that there was a tax lev
| Wed ON "gift enterprises" which was not
being collecting, and caused them to issue
| circular letter to sheriffs and tax col
lectors calling attention to the fact.
In line with this is another discovery
of somewhat the same kind, made few
days ago in regard TO the taxation of
bank stock.
There is over $5,OO0,000 worth of bank
stock held i'm the State and collected on
| by the State. But the individuals holding
| the stock do not give it in for taxation in
! the counties by some 100000.
1t is this discovery, as well as some
others of a similar nature that led Audi
tor !. Aver TO write ettler to
the Finance committee containing the fol-
lowing suggestions for raising more rev.
enue:
"An examination of the report of the
State Treasurer will show THAT the bank
ing institutions Of the State report bank
STOCK TO the amount Oh PO,tOO,otO.of.
The Treasurer receives from these Insti-
tutions for the State the tax ON this a.
mount ait the rate imposed by law.
"a comparison of the reports of the
Treasurer and Auditor shows a vast dis
crepancy in the amount of bank stock as
reported by the banks to the Treasurer,
and as listed for taxation in the counties
by stockholders and reported to the Audi
tor. For while the banks report stock to
the amount of Sc, ,436 97O.O4 to the Treas
| urer, the amount reported to the coun-
| ties and subject to county tax lis only
$2,00S, ,91200. 1t thus appears that there
is difference of $3,24S, ,038.05 between
the amount of bank stock on which State
tax is paid, and the amount on which
county tax is paid. AT the present rate
of taxation the counties lose annually,
by this discrepancy in listing, the amount
of $18,898.
Another item which seems ito require
more attention than has heretofore been
given is that Of deposits and money ON
hand The aggregate amount of depos-
its reported by the banks in the State
is $1O,064, ,476.O0, for the year 1896. The
total amount Of money ON hand and ou
deposit as reported from the counties to
tba A,,datnr for 1909 is 81 12E 600 II