Daily press. [volume] (Newport News, Va.) 1896-current, 1899-12-07

these great corporations could we'll af-
ford to assume, and doubtless would
assume. a much larger part II not the
certain thatsev in such IN emergency
any very great inequality would be i'm
posed on them by such course Our
present system OF taxa ton, as applied
to railroads, is very much less bur
densome than that of many other
States. All the fi1st-class lines in the
state are assessed at $4,000 per mile.
While it is known fact that hundreds
OF miles of these roads are mortgaged
~ two. three and four times This
amount. It is not necessary for me to
call attention tt the fact that al prop
critics are generally worth far more
than the amount of mortgages that can
De put upon them; and While there is
provision for railroads and all corror-
ations to pay under our laws an income
tax, yet before paying this income tax
they are allowed to deduct from their
income interest on three or four times
the amount Of bonds their road is as
scssed for. I woul6 recommend to this
Legislature that no corporation, IN as
pertaining its income, should lie allow
ed 70 deduct interest on bonds greater
than the amount of assessment for tax
alton against the property
ELUCIDATION.
Let me try to make this plain For
instance. a corporation might nave
net income of. say. $4,000. One per
cent. income tax on this amount would
yield the State s1,750. The directors
;es,,;,, = h,,,,a. =, :, -. LeDe ~
ar.,,,,i1, ,,.r..>. - 90 Coz o 90
,,n,Iinn ~ tn,,, - -. Fo,ugo.ooo'
~, ewes. ~, 49,, 49,, go i1s
which ar siN per cent. would be $3.50, 900.
thus entirely cutting the State out OF
nrnnrt,1n;rr .hn,,,,1 Ne ,..f, -, 80 49, -,
nrantina of.,,aL 80, ~ W 'lis
- 's,,, ia. 10 ~ g. -. e',e:.'A
I'M, co,nnr,+ 800 49, -. ~ 800, - -
,h;n,-s ~ -, ~. "u'u w sui
t,n,,i ',,i,,i 49,, W t.n"
via ,y,i,,st 40 r,,ssit,I, - -,
m,.nt NJ s,,rb ',,,rnnsas ,,ia,1 - ~
NAV ~ ~, - - ~ is.'. ~ ~
"a ;lrnnds ,na ~, i.tt,a ~ ses ~
,er an, in f,yo,. ~ 3nin. 80, =,
rieht hntmaan 49, 80 49," ,,, ",. ,a -
between ma ~ ana l+n,-nnr,tin,s III 80 e.'
ilv favn, e1ro,,r, o,in,, ,,,,l,iin
Nv shaving then, ,.rer,. -o.si,i., anoa,,,
a1rement ,Inr,ar no lsw ,,d ! tlI;a,.o
the invest NAM ~ -. oa,,it,, -, 80
state is !, praat ana naeti,,nt1, h ~.
"a III o,,1. neonIa n ,i,,,,e ~,
10 ,,.ha+ ,-,,,I3 ot,,a,.,,it.,, ~ III ,S
j, h1ids IN y,et.. r,iao. u. ...;ll.s
l,tns dc ~, Gu
=; nS,r-
and .nnit,hI,. ,.ra.saa a,,a -
halI 20 W.. .o,a ,s'i,ct -, ;.ll.'
arr. ore .,f INC .rrna, for., ~, ,,,s,,
ern Ncivili-or;an ~ h,.;,ori, 49, ~.
reach ar ali mon tha nnn, go. re- I;,;1
So long os they ,ln ,nt ir1a,f.ra ~ t,es
1,nli,inal ,;ol,t 10 ~ ,i. -, liz
nor cool, M ,,-,,;d .hai, i,,,t 49, "a
nrnn,r,ion ~ ~. h,,,.de ,L,."
i11cnt they ara :, .hlnssinv - ,,, 5li,M
In mis- ,.nnnac,inn + vro,,id ,.,.,.nr,,r,,,,,d
In c,.dar "a ,.elave ,he .rai1ro,ds ~ :,
burden for which M nna ,,ats ~. W 80
res,ondinn hanafi, 80 ,hoiition of ~
otfica of S,ate Hai1rnad -, 1,,ise;a,.,r
ami If in the visdnn, ~ ~ lnn:;sia+
any such commission is desirablo maj
its object and purposes he clearly 3a :.
fined and thar as offices III, Maid orr az
the treasury of the state. AZ
THE PUBLIC DEBT
The General Assembly at IT'S last SEES
sion, Tor the third time opened the door
FOR the funding Of the old securities
which had not been funded under The
act Of February IA 1882. or February
20. 1852. The rer,ort, nf the Second An.
ditor shows that nnde,. the nrovjs;ons
Of +his act stl,a holders of ,s1f2 c1a - ~
old Securities 1surrencltsred and had
thar,. funded ana ,.aca;,-ad ~ Ia, +paraN
Of SS4 17o4S az new % honIs Tbis n :
creasas the cent,,rv ,l.ht s1s mo ose g.
AZ there ,s s,ill outst,ni,;rg y sn,aii
remnant ar bonds VIII NV ,a.ai1.ahIa
coupons atyachrd whics, NAV ron.in,,,,
10 annoy the collectors Of the Stare.e
revenue and int.rcany :, rnr,inn ~ ~,
taxes wo,,,d sugprs, 1h,t ihn nnnnr.
tunity (b,, again ..iven -, fnna IhaSa
under such conditions as in Van, iudp
ment Vol, NAV think en,itahi. 80
The interest on Virrinia hnnds b,s
been maid n,~nmnt,v 7,ndsr A. Eahr,,
airy fifth, 1882. and February eoth lse,
and the nrosnacts maj ~. Co.. III
be able 10 continue RI do ME Nae
largely restored the States credit anT