The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-02-12


that It cannot be changed. The next
class of property that is assessed by the
State Board of Assessors is what is
known as personal property. But that I
mean their engines, rolling stock and all
their personal property. It is truly as
sessed down to the last nail. That prop
erty is transient in its nature. 1t is in
Camden today, in Jersey City tomorrow,
and in Elizabeth the next day. The trains
are continually running backwards and
forwards, and with that tax we find no
fault.
Then there is another class of prop
erty, known as the second-class property,
witch is the property belonging to rail-
roads outside of the main stem and used
for railroad purposes. 1t is the. property
that is used for the great termini. 1t is
the property that is used for freight yards
and for all purposes outside of the main
stem of the road. Now upon that prop
erty the State gets one-half of one per
cent. and the municipality gets one per
cent. The property amounts to S410O0,-
900 in the State. From it the State gets
about 500, 900 year and the municipali-
ties about $4,000 year. We have there
the three classes of tangible property,
but that you will see would not make
up the value of the railroads. You might
have all of these principles upon rail-
road running from New York to Phila-
delphia and only hundred feet wide.
Then you might have them all on road
running from Hohokus to Toms River
the same width. But which one of these
roads would you rather own? Would it
be the one from New York to Philadel-
phia or from Hohokus to Toms River?
Now, under the bill the State proposes
to tax second-class property according to
its value. And the way to get it is this:
l have house that is to be assessed for
taxes. The very first thing the assessor
inquiries is, how much is that house
worth? That is exactly what the State
Board of Assessors should inquire Often
times, in assessing house, the assessor
is compelled to make the best guess he
can, but with the railroads it is differ
ent matter. You do not have to guess
what railroad is worth. All YOU have
to do is to go into any bank and watch
the ticker and you can see exactly what
railroad stock can be sold for in New
York for cash.
Take the Pennsylvania Railroad sys-
tenn: we can figure out what that Is
worth. They figure that there is
$21 .2E 900 worth of stock, and you can
get it for 1854. Figure that out, and
the stock is really worth $50 233, SAG. The
bonds Of the United Railroad and Canal
Company are worth $40, 200 and sell for
par. So the total value of that road in
New Jersey-not what John Smith thinks
it is worth, but what the hard, crucial
test of Wall street thinks it is worth-is
$40 000 That is what can be got for
it tomorrow. Now, the State Board of
Assessors take that 100000, and they
deduct from it the value of the main
stem: they deduct from it the value of
the second-class property, and they de-
dust from it the value of the personal
property. These are the three tangible
items And so they deduct that sum
from what the world thinks it is worth,
and the difference is the value of this
property. and the courts would sustain
that valuation if they were so to make It,
The State Board of Assessors said that
would be putting it too high-we will
take go per cent. and call that the fran
chise. and upon that they levied tax
OF one-haf of one per cent So the
franchise is about 261s per cent. of the
whole value of the railroad.
And SO the railroads are assessed at
sz2o, 600 O00-$10O, 100000 for the main stem,
s42,0O0,o0O for the second-class railroad
property, $40, 100000 for the personal prop
eIty, ana about 600 for franchise
Gpon all or that property the pay to the
state tax at the rate of one-haif of one
per cent, amounting to about 81 100 900 a
year. and to the municipalities they pay
second-clasS property or about s40a1 :
GOO, H., making total payment Of
y oOo, 600 Let me call your attention to
,Mnat Mnat rate they actually pay the State.
The total value of their property is 5000,
100 200. 1t would sell for 40 per cent more
IN wall street tomorrow. They are taxed
Ior the support of the State and of the
municipalities about 1,50O, ,0Oo This is at
the rate of 70 cents on the hundred. or at
the rate of 81 on the $1,000 That is ali
the tax they have to pay wherever their
property might be located. That is the
price they must pay for government and
protection in the State of New Jersey.
Now, the average man in the State Of
New Jersey, taking the rates of the
ssWenty-one ssU counties, pays on his property
he pays Sc. Now, you will see that So
Tar as the tax on the personal property
IS concerned, 1t is pretty good thing to
have 1t levied for the use of the State.
80 far as the main stem is concerned, it
is fairly equitable to have it assessed for
the whole State, but the trouble arises
upon this second class property AS I
nave already said, there is in the State
$42, ,0O0,0 900 of second class property. Of
that sum, $4,000, 900 is in Hudson county
alone. There Is in Jersey City alone
sz2, $4,000 of that property. So you will
see that on this second -class property
the State receives $4,000 a year from
Jersey City and Hudson county furnishes
$4,000, while the other twenty counties
in the State altogether furnish $35, 900.
After Hudson, the county mostly inter-
ested is Middlesex The counties of Hud-
son, Middlesex, Union and Camden fur
nish % per cent. of all this property; and
the other seventeen counties furnish IA
per cent.
Now, gentlemen" said Mr.. Edwards.
II do not want you to be led away with
the idea that am appearing here in the
guise of an anti-monopo1ist / az. to a
degree, a corporation man. believe their
influences are necessary for the develop
ment of this country. I am a director in
are entitled to absolute justice; but the
people are also entitled to Justice. IN
1868 the railroads owned in Jersey Citv
1856 acres of land and in 1884 they owned
1,403 acres. In 1895 they owned 10. 423 acres
of land in Jersey City. They own nearly
twice as much land as there is in our
public streets and public parks.
This matter led to so much discussion
that in 1884 the tax act was passed and
as result there was given to Jersey
City the tax on the property amounting
each year to about $229, 900. If it had
been assessed locally 1t would have
amounted to $630,0 So Jersey City has
been regularly assessed 100000 year
for State tax. But do not know that
we would have any great cause to COM
plain IL it would only stop. AS the years
roll ON, xxy<a ~ 4