Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-03-29

vi tne proceedings which mas created the |
impression in the public mind that the |
treasurer of state was not only captious
about meeting with Mr.. Merriam, but
brutally indifferent to his health in COM
polling him to leave his sick bed to come
TO the council session at the capitol on
March %. Similar reports appeared all
most simultaneously in the MARSHALL
town Times Republican (March 24), the
Burlington Hawkeye (March 25) and the
Chicago Times Herald (March 26). AS
the reporters of these papers did not in
any instance consult with me before
writing their accounts of the session,
am forced tosconclude that their author
its for their statements was one or the
other of my colleagues, as they alone
knew what took place. The painful sit
uation into which I was forced by my
official colleagues / shall expose to the
public and let the people judge as to the
truth of the unjust impression concern
ing me which believe has been pur-
posey given out. | have witnessed
strange scenes at the council board, but
a sadder or more pitiful scene i never
saw than the one at the session March
%, when Mr.. Merriam. so weak that he
was helpless was almost carried in by
sessment which he, with the majority,
had fixed the Gay before.
In compliance with the law command
ing the council to assess railroads at
their ..actual value. presented on
March u. and moved the adoption Of. a
plan of assessment believed would at
tain the object of the law, fair valuu-
ton and an equitable apportionment
af,,ontyl III. cycte,,,c
The members present. after my re-
piles to their numerous inquiries. did
mot seriously question the reasonable
ness of the plan. but semed to View it
| favorably so much so that | left the
session rejoiced with the hope that at
last should be in accord with the ma
iorty However. the next day an
,amendment TO my resolution offered
by the governor. which submit shows
that the author not only ignores the
plain language and purpo,t of my res
I.olution. but fails III candor and fairness
! in representing The method and effect
| of the plan proposed by me. / will not
say that he deliberately nisrepresented
me, but the fac, that he does misrepre-.
sent me remains
| First, ii is pertinent to observe that
1.-The amendment pretends to amend a
| proposed plan for the assessment of
! railroads. whereas this. document offered
| is an extended apology for continuing
| the senseless and unjust and defense less
custom heretofore Followed by the ex-
Iecutire council. For definite plan the
amendment substitutes nothing: for a
/ method of fulfilling the law 10 adopted
| an argument for doing nothing 10 the
/ injustice of both railroads and taxpav-
| ers. This language is plain and strong.
but its propristy under the circumstan-
lees viii be- think hereinafter amnly
/ demonstrates
The author of the amendment PARTIAL
lily misrepresents me wnen he alleges
4 that I hold that it is the uniform c,Is-
tom to estimate the value of ordinary
\ business by capitalizing met profits I"
land that it is inpossibIe to apply this
/ .'mathematical method of arriving at
ivaiues in railroad valuations. NV res
olution contains no such expression as
4 net profits;;'' ii does contain. however.
the assertion that the market price or
4 value of an industry, security or invest
m.nt, is determined by capitalizins
earrings" and contend that such is
the case. The difference between the
two terms is technical, perhaps, and vel
material to some extent: but taking
Y "earnings" as i used it let us illustrate
4 from the instances cited in the amended
resolution.
EXCLUSION OF TAXES
The second reason for rejecting my
resolution is that in making the esti-
mated capitalization set forth in SAID
resolution the amount of taxes paid by
the various railroads was not deducted
from the net earnings. and this item al
necessary expenses is as proper to be
deducted as the item of wages" Frank
:. IL. / confess this is amazing. If my col
leagues Will be kind enough To examine
schedules No. = and No. 81. of the AN
|nua! report" blank form annually sent
to The railroads, on which they report
: their property earnings and expense as
directed by the code tsections 1SS4-6'
they will find the following words IL
clear. readable type across the top OF
schedule 6; Operating expenses (taxes
lexcluded) for road in this state for the
year ending January l, 1899 And al
the top of schedule 6l.: Cooperating eX-
(within and without this stated for yeal
lending January l. 1895
Taxes. 1t appears, are excluded be.
cause the executive council for year:
has so ordered. freely admit that my
resolution OF March u did not contem