The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-14

pay three per cent Of It's gross earnings to
the city, only in the event the general taxes
90 not exceed the said three per cent to be
paid into the treasury of st. Paul; and II the
general taxes exceed the gross earnings, then
the company pays nothing to the city. So
the only mode of taxation is that provided
Dy the general laws.
LAW OF TAXATION.
IN conclusion permit me to say: The law
provides that all property In this state hay
ing cash valuation shall be taxed on the
nrst DAY OF May Of each year. It is plain
that on that day It controlled 223 miles Of
the best public highways in this city, The
law says that the same should be taxed as
personal property. The value thereof can be
determined only by the company's net earn
amssi peing over one million dollars, and
such the company cannot earn, were it not
IL exclusive possession Of the highways In
the Twin Cities, and the use Of these high
wa ways are its assets. To be able to make ST.
OOo,OoO net, annually, is equivalent to the
ownership of that property of the value of
twenty millions $50, 900, O0O dollars. And let
II De remembered that the company has a
lease upon those highways which will expire
al the END or the next two generations.
by what right do the assessors OF Henne-
pm and ramsey counties omit this most val
ud9le asset In the state from the tax books,
ana likewise by what right do the board Of
equalization confirm such monstrous injustice,
whereby the state Is cheated out of more than
one hundred thousand dollars of revenue. II
NOLhP1Ay CnaL It's Indebtedness
should be taken into consideration, l ask
VINO pays the interest on that indebtedness?
Inc people Of the Twin Cities. And white
they help to pay such interest on an indebt-
edness contracted by the company In the days
OF us extravaganza, the people are entitled to
collect tax in return. / ask again does the
state OF New Jersey, where the company pays
$oVoo annually as state taxes, take into con-
sheraton the company's debts? No. Who
pays that state tax in New Jersey2 WHY. the
people In the Twin Cities who patronize the
Twin City Rapid Transit company. And. is
there person in this state, who owns real
property or personal property, subject to a
mortgage, ever taken into consideration by
the assessor. because Of such mortgage. If
anything he is taxed heavier, because in
many cases the mortgage indebtedness is
hlgh and serves as a basis Of taxadcn
Ana when the legislature enacted the stat
ute quoted by me that the roads and tracks
OF street railways should be taxed ike other
personal property, it did not authorize The
assessors to exempt that species of property
from the tax books. And that species Of
way companies in place of franchises, as It
is easier to tax an actual thing which is
visible to the assessor, than a speculative
mitted -Noritz Helm.
st, Paul. Mimi, Sept. 10, 1858.
State Of New Jersey, Department of State.
Trenton: Jan. q, '9S.-Mr. Moritz Helm. St
Paul; Minn.-Dear Sir: In reply to your favor
PAID up capital of the Twin City Rapid Tran
sit company, as appears by certificates filed
In this department is $16647 200. The total
aufhorlz IL capital stock is $4,000 600 The par
Vaiue OF each share is 800. The COM
Pany pays state tax on its issued capital.
It's assessment for 1897 was 81, 557. &c.
-George Wurtz, Secretary Of State
FINANCIAL STATEMENT EXHIBIT.
Financial statement of Twin City Randi
transit company for the year ending in 1897: