The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-06-28


hundreds OF letters on file in the office of
this commission certify TO cases of indi-
vidual relief and of money refunded. This
work of the Corporation Commissions as a
Railroad Commission.
AS a Board of Assessors it is our duty
to assess railroad property. express COM
panes, telegraph companies, telephone
companies, freight and refrigerator car
companies sleeping car companies, street
railways, water works companies, and all
other companies exercising the right OF
eminent domain.
The importance of this duty will appear
when it is remembered that the assessed
. value OF properties assessed by this board
last year was approximately $45,OO0,0OO.
The duties of the commission as bank
ing department originated IN 1899. Whlle
/ as good as a bank is proyerbal. yet II
Is recognized that these institutions must
have governmental supervision.
There were so few State banks IN this
State after the war between the States
! that there was no provision Tor supervls-
ing until the year 1887. The first statute
passed as one simply authorizing the treas
urer to appoint an examiner to examine
a bank when application therefor was
made by one-fourth of the stockholders of
the bank.
In 1889 general law was passed direct
ing the treasurer of the State to appoint
an examiner or examiners and have each
bank examined once each year With
certain amendments this law was con
tinued until 1899. when this business was
transferred to the Department of the
Corporation Commission. AT this time
there weer about sixty-five banks in the
State; now there are one hundred and
forty. The banking capital is now nearly
twice as much as it was then The re-
sources OF these banks are now more than
twice as much as they were ia 1899. beng
IN excess OF $4,000, 600 Your most eff
cent secretary furnished you the figures
IN his report on yesterday and they show
the progress which the State banks have
made The oldest State bank now in ex
lstence was chartered in 1874
The commission was greatly gratified at
the interest which this association has
manifested In the work of our commission
IN this regard. Especially do we thank
the executive committee for a valuable
OF having the banks examined They sug-
gested that we have one examiner instead
of more and that we require this one to
have his Office in the Department of the
Corporation Commission and that he de-
vote all OF his time to this work and that
he be one who has had actual experience
IN banking. This suggestion commended
itself to our judgment as it did to each
one OF the gentlemen who had been here
tofore discharging this duty. Each one,
we believe, stated that he thought that
the work could be more systematically
and efficiently done by having one man
whose duty it would be to examine each
one OF these banks and devote his whole
time TO the work We have selected one
for the discharge of this duty whom we
regard as we'll qualified for it. and we
thnk that we can promise that whatever
safeguards can be thrown around these in
stltutionS by reports and by examinations
by our department will be accomplished
In the year 1901 the Legislature IN
creased our duties by adding the duty OF
State Tax Commission. This made il
the duty of the Corporation Commission
TO supervise and instruct list-takers and
assessors in the discharge of their duties
and to correct Irregularities they might
commit as we'll as to correct irregularities
OF Boards OF Equalization and County
Commissioners. 1t made it the duty.
further, of this Commission to examine
the revenue laws of other States and coun-
tries, and by observation and experience
OF our own laws TO suggest amendment
which should be made to cure irregularities
and inequalities that now exist in our
laws
In the year 1901 the commission dis
charged this duty of advising list-takers
by preparing letter of instructions with
reference to the duty OF hst-takers under
the Machinery Act and furnishing this 10
each llst-taker IN the State. and by one
OF It's members visiting as many counties
IN the State as was practicable and meet
ing with the list-takers in the counties.
Although no general assessment of prom
erty was made in that year and real es-
tate was required to be listed at the value
at which it was assessed in the year 1899
except in cases of structures of the value
of one hundred dollars, erected or de-
stroyed since 1899 The assessment rolls
we've increased that year Approximately
S35,O00.000 In the next year the same
course was pursued by the commission.
and there was an increase of about SIS ,00O,-
600 IN the assessment rolls.
This year, as there was general as
sessment and the values of lands as well
az personal property were to be asccrtalned
the Commission thought it was important
to visit, by one of its members. each eoun-
ty IN the State and meet with the list
takers and assessors and confer with them
with reference to the duties imposed on
them under the Machinery Act and Reye.
nue. Law, and this was done and each
county in the State has been visited and
conferences held with the Board of List
takers and Assessors.
We endeavored to discharge the duties
OF examining the Revenue laws of other
States and countries and comparing them
with our own laws In our Judgment .
great deal of the irregularity and nequali-
ty that exists in our Revenue laws arises
out of having too high tax rate In
view of the fact that for nearly hundred
years the Constitution of our State con-
tanned no limitation upon the power of
taxation by the General Assembly. ard
that during that time we had reasonable
and just laws, and especially during tue