The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1902-06-24
As WAS FIRST SEEN
BY MONTGOMERY.
Written by Douglas as the
Courts Decision.
RAILROAD FRANCHISES.
ne Held That These Should be Taxed
Separately.
RAILROAD FRANCHISES.
SHOULD BE ASSESSED IN 1901
La.-aards, When Judge Montgomery flop
md" This Decision Became the Dis
seating Opinion Of The Court in
This Notable Case

his Notable case
.. mllished a few DAYS ago the gist
-.. decision of the Supreme court in
49,. ...- brought by Sheriff Jackson, of
#..#ugton, TO compel the Corporation
t...u.-s.ou 10 separately tax the fran
Of railroads. He contended that
~. ..r Of 1901 commanded this. The
....rat.on Commission took the ground
-.:. .g another section of the act, no !
o..a-. was contemplated by the Legis-
..a.. and the franchise tax cannot 20
..0 unoration before 1903.
g.. ne decision Of the court. Justices
Ua..as "ud Clark dissent, the former
#H|"ag an elaborate opinion. 1t seems
groom tho opinions, that Justice Mont
-.. rr inst Geld that the tax mast be
IE. . now. and Justice Douglas there
spoon wrote his opinion as the decision
Ct tar court, and Chief Justice Furches
s.a.. ~ dissenting opinion. Afterwards,
n.u Justice Montgomery 'hopped,' the
a n.ou Of Justice Douglas became the
#.-zsHtlng opinion. Owing to the i'm
t"arIa-o" Of the case, we publish the fol-
.a#.HE extracts from Justice Douglass
atiug opinion:
I0n following are the sections of chan
-r +. of the public laws of 1901. whose
aons-ruction is essential to the determi-
uattou of this action:
Section IS. Rairoads.-The president.
secretary, superintendent, or other prin-
eGHul accounting officers within this
Stat" Of every railroad, telegraph, tele-
taano. street railway companies. whether
Incorporated by the laws of this State
- ,r ,1,,1 OF -,,,I- = -. 44
is required to be assessed for taxation.
return to the said commissioners for
a--a+sment and taxation. verified by the
oath or affirmation of the officer making
th. return. all the following described
property belonging to such corporation
within this State. viz: the number of
mi5.s of such railroad lines in each coun-
- in this State, and the total number of
miles in the State, including the road
bet. Tight-of-Way and superstructures
thereon. main and side tracks. depot
buildings and depot grounds. section and
tool houses. rolling stock and personal
property, necessary for the construction,
repairs or successful operation of such
railroad lines, including also, if desired
by the North Carolina Corporation Com
mission. Pullman or sleeping cars owned
by them or operated over their lines"
tihtlOI l. Wi IOddo. *
property belonging to a railroad company
shall be denominated for the purpose of
t|aEttion, rolling stock Every person,
company or corporation, owning, con-
atructing or operating a railroad in this
State. shall lin the month of June, an
naally) return a list or schedule to the
commissioners. which shall contain o
correct detailed inventory Of all the roll
ing stock belonging to such company, and
which shall distinctly set forth the num-
Htr Of locomotives of all classes, pas
seugrr cars of all classes, sleeping and
Inning cars, express cars, horse cars,
eatrle cars, coal cars, platform cars.
"~rgcking cars. pay cars, hand cars and
'l othor kinds OF cars and the value
thereof and a statement of schedule as
follows. o. The amount of capital stock
authorized and the number of shares
into which such capital is divided; (2)
Tho amount of capital stock paid up;
|I Tn" market value, or if no market
'.fe. then the. actual value Of shares
Of stock. "a The length of line operated
IN Zach county and total in the State;
t.I The total assessed value of all the
'"'&Ihl" property in the State; co, and
Il ..Slrri, all the information heretofore
.0N1irgi to be annually reported by sec
lion 1889 Of The Code. Such schedule
ra.lI b" made in conformity to such in
sfa"ttons and forms as may be pre-
bed by the commissioners and with
romeo 20 amounts and values. on the
.'-' day Of June of the year for which
.. turn is made
section 50. Tangible and Intangible
'..nrty Assessed Seperately.-(a) The
commissioners shall first determine
.@.ae Of the tangible property OF
t.Flsion or branch of such railroad,
TAI cost to replace the property
rolling stock. and all other physical
'.ngihle property. This value shall
..rmined by a due consideration OF
. just allowance for depreciation
..'hg stock, and also of other con
to be considered as in the case
'".'a property. (b) They shall ther
ito value of the franchise, which
." determined by due consideration
gross earnings as compared witt
"Eating expenses; and particularly
aIIoratiCn Of the value placed
.." whole property by the public
value Of the physical property beins
.".1. as evidenced by the markc
n. all capital stock. certificates o
mess. bonds or other securities
."."0 Of which is based upon the
.l capacity of the property. &c
aggregate value of the physical o.
property and the franchise, a.
.rUlned shall be the true value
property for the purpose of al
H taxation. and shall be appor
III the same proportion that tn
"- such road in each county bear
entire length of such division o
road in each county bears to tn
"ngth Of such division or brancl
and the commissioners shall
10 the chairman of the count.
.ohers and the mayor of eacl
Incorporated town, the amour
.''"d 10 his county. city or town
commissioners shall make an
d Hike certificate to the Audito