Eureka weekly sentinel. [volume] (Eureka, Nev.) 1887-1902, 1901-01-26

the low valuation and the underestimate
Of the iocks, and are willing to pay on
fall counts and full valuations. provided
.bs;r oompetitors in the business are
made to do the same.
Foreign Corporation.
The interstate railways, the express
and telegraph companies and the Pull
man Car Company pay but q small pro-
norton Of the taxes which should be
properly .pporsioned to them.
In various Eastern States litigation
has resulted from an attempt to assess
telegraph lines and express companies
The courts have laid down The ruie 10
numerous instances that these corpora
films can be reached and made to pay
t.xes "A the relation their business in any
one State in the Union bears its proper
t;on TO their entire business in the sew
srsl States. The capital stock OF . rail-
way or telegraph company is accessible
I, n~roportiop to the ratio their lines IN
one State bear to their entire mileage IN
the United States.
The right Of State governments to tax
these corporations has stood the test oil
the Courts in several instances. and has
been finally adjudicatsd in the United
States Supreme Court.
The Banks.
The banks Of the State are no excep-
tion to the rule Of seeking to tighten the
burdens Of taxation 81 the expense OF the
other taxpayers. The law provides that
the capitsl stock Of banks shall be taxed.
Certainly the holder Of dividend paying
bank stock is the possessor OF available
ssset. and should pay taxes on money
TINS invested the same as il il were in
vested in realty or merchandise. In
nome instances in this State this stock is
not taxed.
One bank which advertises q million
dollars 10 assets pays taxes on about
500, 900. and one leading bank. in a
sworn statement to the Assessor, puts
in only 81. 300 cash on hand. II this
statement is true, the man who appeared
1T the counter with a check for ~, 5OO
would break the bank.
Mining Interests.
The State Of Nevada taxes the net
proceeds Of the mines. The owner OF
bullion is allowed to deduct all cost OF
mining, milling and transportation. and
paw taxes on the remainder as net pro-
ceeds.
At the present time but few OF the
mines of the State are paying dividends,
and the taxes from that source sre small.
The tax has been evsded by some COM
panies by one and the same party own
ing the mine and the mill, and leasing
the mill to . third party, charging 3
large sum for the lease and paying an
exhorbitant price for the milling.
The money paid in excess Of the actu-
al cost of the milling represents the sum
which comes back &c the owner as lease
mi and, being first charged up against
the cost Of producing bullion. represents
the sun which reverts to the pockets OF
the mining company and escapes taxa
ton.
NOn.Resfdent Landowners.
Vast tracts Of valuable land in this
State are owned by non-residents. who
pay on about one-tenth Of their hold
ings. They do not develop or improve
the land. and expect it to appreciate in
value by improvements put on adjacent
holdings by actual residents. In some
States land held by non%-residents is sub
iected to Q school tax which results in
the benefit Of the orossroad school
houses, and the expense of maintaining
them comes out of the pockets Of the
outside land owner
The Dunphy estate Of California owns
over two million acres Of land in Nevada.
1t 10 taxed at about $500, 900.
The writer was informed by responsible
citizens of Douglas county that there ere
at least twenty sections Of valuable i'm
proved land in that county which does
not pay Q dollars tax into the county
treasury.
Following the report the Controller
offers a few suggestions from which
we take the following:
Several radical changes are needed in
the State revenue law. In the first
place the horse needs to be put before
the cart where it belongs.
The valuation should be found fret
and the rate figured from that basis. in
stead Of the contrary procedure now in
vogue.
The State rate should be made Annu-
ally by q State board OF equalization.
after the county valuations come in.
Under this method there would be