The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-05

the assessment in. a given section should
be. But there are serious diIcuiues III
the way. If the railroads were exempt
from local taxation and taxed for general
purposes only, the Legislature might put
an unjust burden upon them and so GRIP.
pie these great industries: or "l11out
local influence in the Legislature .is1e
body might be induced by the railroads 70
make their burden lighter than 1t shouio
be. This is n very serious duesuoEi anu
in this view of it should be seriously con-:
sidcred before Governor Tyler's susses-
ton be adopted.
Coming then to speak of the taxation
OF railroads, the Governor cites lisn'es 70
show that they are not, in his opinion'
taxed in proportion to the value Oh 'ieii
taxable property. lie points out 'hat III
1900 the total assessment of railroads oti1-
er than street-car lines, was sZ'oo''s'''
while it appears that these same roaos
were earning 6 per cent. on slo',ogo,2il,
and that several of them were earning
from IS to 30 per cent, on the amount OF
their assessment. He then cites acditon-
al figures to show that the total income
OF the railroads of Virginia has increased
from s3s4.0oS.1S In 1897 to $2,9ol,2'0.lo IN
1901, or about 500 per cent, while the to-
tai tax paid IN 1901 is only about ~ per
cert greater than in 1891
We understand that the Constitutional
Committee on Taxation is seriously con-
sidcring the question Of taxing corpora
tons in proportion to their earning ca
pacity 1t has been argued before thc
committee, so VIC understand, that as 'hc
modern coproation is capitalized on 'he
basis of its earning capacity, It ought TO
be taxed on the same pTincipic-that Is 70
say on the market val:ie Of its outstand-
ing stocks. In this way a corporation
p,on,5 he taxed both on its physical prop
crty and its franchises. We believe that
some such rule as this has been adopted
in North Carolina.
The Governor notes that the public deot
is now SIG, S26, 2SC1o the great buih Oh
which bears an interest OF ) per cent.
Upon the present rate of taNauoh ti'e
state has been able to meet the interest
on tie debt and all other charges, and
has this year q surplus OF nearly nall
million dollars. as against a surplus OF
SIS, 49S four years ago. In view OF this
last condition of the States finances il
is no wonder that her bonds are now
selling at par.
He shows that the public institutions
of learning are ali in a prosperous condl-
ton and says that the condition OF the
public schools is most gratifying and eli
couraging During his administrators: the
appropriations for public schools have
Increased s162. 235, while the present en-
rollment OF pupils exceeds that Of 1897 by
July 100. There are three hundred ncT,
schoolhouses and the value of school
rrc.,rty has increased moro than half Il
million dollars. The gratifying statement
is also made that in many communities
school libraries have also been estab-
iished The cause of education in Virginia
is advancing. and it would advance more
juCiciously expended
Virginia is doing a noble work in TAX
ing care of the insane. and the Governor
makes the gratifying statement that there
is not a single insane person in the jails
of the State who is kept there from lack
of room in the State hospitals.
The Governor believes that epileptics
should be cared for in a separate institu-
ton, and recommends the establishment
of an epileptic colony in Virginia. Such
colonies have been in operation in other
States for years and have proven to be
most satisfactory. Virginia should have
an epileptic colony. both on the score of
economy and humanity
We have time and again said ir these