New-York tribune., 1900-01-10
FOR FRANCHISE TAXATION.
GOVERNOR VOORHEES, DISCUSSES THE
SUBJECT IN HIS MESSAGE
NEw-JERsEY's FINANCIAL ExHIBIT-TEE ABATE-
MEST OF RIVER POLLUTION THE
PRESERVATION OF The
PALISADES

Trenton Ian CspecfaD- The first annual mes
sage Of Governor Foster NJ voorhees,. sent TO both
houses OF the Legislature to-day. is able and i'm
portant State document. putting before the mem
bers OF the Legislature clearly and fOrcfbly many
of the important questions which VIII have 70 be
considered this session The Governor, referring
70 the various reports accompanying the message
points out that they disclose in the conduct OF our
State affairs large measure OF honesty. corape-
rency and conscientious zeal This desirable result
Is chiefly due TO the non-partisan control OF our
institutions and their conduct upon uon-partisan
basis
THE STATES FINANCIAL SHOWING
Referring 10 the States financial exhibit. the
Governor shows that the income OF the State fund
for the year ended October 81 500 10 s. in
crease over the previous year OF 1886 d7s =. The
ordinary disbursements s291s So q. decrease
OF &7 COS n The extraordinary disbursements. in
cuding 1895 957 OS for expenses and about S55.
900 for new buildings for State institutions.
amounted to S77s706 g. an increase OF s5S7 53s s.
The cash balance in the State Treasury On October
81 1899 was 81 253 15s A increase the previ
Gus year S2G 62s 81 The estimated receipts for
the current year are Sz60657D making total estf-
mated revenue Of IS $50. .52s - The appropriations
for the current year amount g 4340e6 3. leaving
available the OF AZ, ,+27 19-
The school tax. amounting 70 s-2s4S1o. and other
funds amounting TO $50 go 5S were disbursed
cording 70 law There was allotted 10 various dis
tricts out OF the railroad taxes S20I, ,S51 15-
The State debt amounts only S7250o. in addition
70 4 debt Of SIS 900 on the Agricultural College
The State will receive from the National Govern
uaent over S250OO OF the spent equippinE
troops for the war with Spain
EQUALIZATION OF TAXATION.
The Governor highly comnends the work OF the
state Board OF Taxation. which. he says, com
roa1ds al present the confidence and cheerful aid
of the IocaI authorities, and greatly increased
is eficfe- cy. The Governor points 10 the .'sug-
ses-lv- fact that tEe proportion Of personality
rr+r-r-s Tn,
excess Of It's proportion in counties containing
large cities" He adds
The most important branch Of the work OF The
Board. and the one 20 which il has given much
Cf It's time and attention. is the equalization OF
the assessule- Is II the various ta1lns districts
shfDs allegations were made that lands therein sit
uatsd we're assesses - t--7- & - - - -LsJ-
were assessed at less than their value. thus com
Ie1i I5e-4i55 of t6e COUNTY and state school tax So
5i-iCsl 80 -1ssa frragUIariries in some cases
that the courts took judicial notice OF them and
called the attention OF The grand juEles 70 tne
failure of assessors 10 make proper assessIle1ts-
In one. case at least presentnnenr vas made The
Board also investigated complaints tnaL We're mace
A. a result this action the assessTnents com.
blamed Of have been eqUaltzed and an Increase ot
resulted In many cases former methods have beea
changed, and valuations are nov mace n =
SCISSORS of various other taxing districts tnrogs-
gSs TS scTio7 Of ne Board and OF the courts and
there @ ne d0g95 4a8e5s Ioo% of the consrtti5n
TAXATION OF FRANCHISES
The Boari. in its report. discusses at considerable
length problem Of grave importance zSas Z
taxation OF franchises enjoyed oy ceEtAL- 1880
remedies by way OF legislation. conIent1ng the1-
selves with calling your attention 70 'ne -ol-O"-s
-Four elements Of taxable property value oag are
corporaIe properly third, bonds and shares Of L2e
cabteI stock in the hands Of the Individual stock
botders; and fourth. capital stock IN the hands
T8on I eacR ma all o. these the State may impose
taxes unless forbidden 5y constitutional Pronioi-
The law now provides for the taxation OF cor cor
Polate proper a- - ebs adivlSiai certain desig
mated corporations being excepted r. l. 1850 page
The courts have decided that The present law
provides for assessment against IHe corpofa-
the hands of Individual shareholders ara Gapilll
stock owned by corporatlops are Lot -
/ 1axzbIe in the hands OF the company lJse-I, ana
should again be taxed in the hands OF Us stock
C'ertsin franchises are now taxable by authority
/ ~ .v1rsss Iss-islatfve enactment Under the
OF per upon the value Of their franchises as
determined by the state Board O Assessors. such
raxes being paid the state and dI0Tdtng no IN
considerable portion of its revenues the legalty
/ OF this method Of taxation has been Upheld oS
/ States supreme Court fs2 L. 5 555l
! they are organized the uayu-enr OF certain Zee
/ ana annually thereafter moderate tax is payable
/ featuring in the State. This cannot however they
/ rightly say. oe considered property TAX II -
merely incense zee e1acted ly ne Stlts -
right granted by II 70 the corporation 70 exist and
| selves or the provisions or ths law compliance
| win the established requirements is all that is
assessed n &c same manner as pfpsttS ~ - -.
| divlGual corporations organized 10 NOT acquire
/ ~ fhr public uronertv sueh a. streets or high
ways IN f1rtnernce OF the objects OF taeir Moor
| d!vidual in this regard
But CORPORATIONS oTgauized for certain purposes