The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-04

Wneh they have deliberately ldlitu -
do so.
In Bank VS.. Kimball 103 Z. 5. 33Z
Mr.. Justice Miller, says: he pill
before us alleges NO such agreement OF
common action of assessors tas con
spring to assess property at less llah
its true value) ''and no general rule
or discriminating rate adopted by SUI
Gle assessor, but relies on the numerous
instances of partial and unequal yalua-
tons which establish no rule on the snp-
ject."
AS forcibly argued by the Attorney
General of Tennessee:
There is clear distinction between
the acts of one set of officials VINO 90
not follow the mandate of the law and
assess all classes of property ut tull
value. but arbitrarily and contrary TO
the statute adopt a rule of their own py
which they assess one class OF properly
by one rule and another class by another
rule, and the case where the COM
plant lis made of the acts of assessors,
who have nothing to do with the assess
mcnt of the property of the comlIallS1lS
taxpayer. \ clear distinction exists III
the two cases. In the first case, the as
easements do not conform to the law.
and therefore the courts can and VIII
grant relief In the second case the
court will not, and cannot set aside an
assessment which follows the mandate
of the law"
If the principle commended for by the
railroad companies Dis carried to its legiu-
mate extent, the assessment by the asses
sors Of one county Of all the property
therein at twenty-five cents on the dCilar
of its real value. VIE give to each c. the
taxpayers of every other coT"l'y III the
State the right to have his property as
scssed according to the same standard,
and an injunction against making assess
ments at full value on account Of want
Of uniformity will stop the wheels OF
government This cannot be law.
NJ. THE FAIREST METHOD OF
ASSESSING ROLLING STOCK.
The only just method of arriving at
the valuation of rolling stock is for the
railroad companies to make complete
and accurate return of each locomotive
and car, its condition and the time when
ii was purchased and the price thereof.
The Corporation Commission can then
apply the Master Car Builders Assoca-
ton Rules of an annual depreciation OF
& per cent (which in no case lis to eN-
ceed 60 per cent of the cost price or value
when new) The Commission can then
make such deduction as may be proper
for sake of uniformity, if any such de-
duction is in any case proper, and III tins
way the real taxable value can be reach
ed. heretofore the Commission have
been in the habit of taking the yaiua-
tiCns placed the railroad companies
upon the rolling stock without question,
and hence the extremely low assessments
which have been placed upon that class
OF property.
MI. WHAT ANNUAL DEPRECIlA-
TION SHOULD BE DEDUCTED.
The Mercantile Trust and Deposit
Company have taken a mortgage ON the
last lot of rolling stock furnished TO the
Seaboard and Roanoke, Raleigh and-Gas
ton and Raleigh and Augusta, to-wit,
locomotives $50 box and 100 flat cars
price 100000, payable in twenty an
nual instalmpnts with ) per cent. interest
So they estimate the life of such rolling,
stock at not less than twenty years
The Baldwin Locomotive Works write
me that it is safe to estimate the life Of
Il locomotive ut from twenty to twenty
five years. This would give an annual
depreciation OF from i TO - per cent. IHP
Master Car Builders Association rules,
which ] now file with the Commission,
in declaring how one railroad shall settle
with another railroad company for cars
destroyed gives the anmlal depreciation
Oh box and fiat cars at per cent. 1t IS
safe to assume the annual depreciation
on passenger ears at the same. Adopt
ing this as basis it is easy to ascer-
tain the real value of the rolling stock.
XIII. APPLICATION OF THE RULE
The reports of the several companies
show when the rolling stock in question
was bought and the price thereof. De
Quoting 6 per cent. per annum for each
lot of rolling stock for the years which /
ii had been in use and then deducting -
per cent for uniformity, so that the tax
alton will not be more than - per cent.
of its actual cash value, in order to meet
the claim of the company that the prop
erty should not be assessed at full yalHe
when some other property i'll the State
is assessed at Is pei. cent of its value.
the Mercantile Trust and Deposit Com
pany. or the railroads, should pay taxes
on an assessed valuation
For the year 1894 of. ........S 293,420
For the year 1895 Of. ....... 33All6 !