The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-07-02

main; and Cd when once built they he
eolhe within the territory of their in
Huence, practical monopolies. By
hcnlse AK, 1 do not NEAR gross in
come tax. This latter probably cannot
De eonstitutionally levied in this state.
street car, light and water COM
panles may be taxed upon their fran
cnlses upon the same principle. Fer
ries may be taxed likewise, because
they are protected by law, within GER
tain from all competition.
But there is no ground upon which
q TAX upon the property Of the private
corporation, different from a tax UPON
property OF a citizen except as afore-
sald can be justified. But within the
last rev years a plain disposition has
appeared in this state to discriminate
against these corporations, both in the
numDe Of x imposed upon them
In the manner Of assessing their
property. At this time, those addition
al taxeS have not been excessive and
the Determinations in assessment have
not peen great. but the tendency in
mat direction is SO plain that unless
Ihecheu, II may become the settled
poilcy or the state. Against the threat
eneo danger. rather than against a
present evil. I wish to warn you.
Inc method Of the proposed discrim-
ihaton nave differed in form, and there
~" Llldl lnc DTO.
perry or a corporation is assessed in the
same manner as the property of a citi-
Zen- A man may buid and invest q
thousand dollars in it. When
called upon 20 list his property for
taxation. he is required to state the
NUMBER or acres contained in the land
and the value placed by the assessor and
himself upon the property. and in case
or a disagreement. the value of the
land fixed by the assessors prevails.
Inc owner Of this mill makes no report
Whatever or the condition Of his BUSH
ness. the amount invested. or the pro-
MT derived from the investment.
"A corporation may have built ex-
actly the same kind Of a mill. at the
same cost, in the same town. and he
lore assessing their property. the COR
poratlon is required to make a report
stating:
First. Total authorized capital
stock. ~
Second. Total authorized number of
shares.
Third. Number of shares of stock
issued.
Fourth. Par value of each share.
Filth. Amour paid into the e
ury on each share.
Sixth Amount of capital stock paid
in.
Seventh. Amount of capital on
"AAS ulNlucIlu was declared.
Elghth. Date of each dividend dur
ing said year. ending with the first day
of June.
Ninth Amount Of each dividend
during the year ending with the first
Monday in said month
Tenth Amount of surplus.
Eleventh. Highest price of sales of
STOCK between the first and fifteenth
days of May.
Twelfth. Highest price of sales of
stock during the yea aforesaid.
Thirteenth Average price of sales
or stock during the year; and after
wards to make UP from the data furn-
ished in this report. 1t was proposed
to make this report even more search
ing than it is. That not a dollar may
be left off the tax list, the corporation
is compelled to publish it's affairs to the
world, while the individual able alone
to erect a mill is relieved of this re-
quirement.
And. strange to say. this is required
only of those corporations chartered
and organized under the laws of this
state. We>say to the public IF you
come here and organize under our laws
and subject yourselves to the jurisdic-
ton Of u courts. we will require you
to make to the public a full disclosure
of your affairs, but if you will 60 to New
Jersey and get your charter, you may
come into the state and carry on your
business all the same. and YOU need not
make any report" To my mind this
seems unwisdom double distilled.
Again it has been suggested that
corporations be required to pay tax
upon their entire property, and the
owners Of shares in the corporation
shall be required to list his stock as
personal property. This proposition
has had strong supporters in this state,
u fortunately it is not yet the law.
| But, on the contrary, there is in OUR
revenue act. section 9. last part. an ex-
press declaration that owners of shares
in corporations, required to pay tax OH
their capital snail not be required to
list or pay taxes upon their shares OIL
stock. Such a tax would be manifest
~ a double tax, and I can imagine no
| greater discouragement-to progress and
enterprise than would be a law which
would ia to the citizen Lend your
money out at usury and it shall
: be taxed once, but invest it in an
industry and it shall be taxed
twice: n AK levied upon the
property and the other upon the certi-
cate Of stock which represents that
property
Another method of discrimination
suggested is a proposition to make the
SituS of the corporation for taxation
not the place at which the property OF
the corporation is located but the homes
of the stockholders. The plan is to re
quire the secretary of the corporation
to report to the auditor a list of the
stockholders with their shares of stock
and their places of residences. The
auditor is to assess the value of the
stock and certify this value to the
sheriff of the various counties in which
| the stockholders reside. The sheriff
will. collect this tax from the sharehold.
erS resident in this state. The secre-
tary Of The corporation shall be re-
quired to a the tax on all stock
owned by non residents of the state
and he is permitted to deduct this from
their dividend or to sell their stock
The purpose of this seems to be to sub
ject to municipal taxation a large pro.
portion of the property OF a corpora
ton situate outside of town. 1t would
impose the burdens of a city govern
ment upon a corporation which re
ceiVes none OF the benefit whatsoever
and is not only not situate in the town
L hnr NAV he cif1afa IN q rannfa mart n