The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-07-31
TAXED AT ONE THIRD OF ITS
VALUE.

| The report of the Corporation Commits
sion for the year 1902, shows that there
are 1,2s9.26 miles of railroad belonging to
or leased by the Southern Railway in
North Carolina. They are assessed for
taxation at $15, S25 ,677.59, or an average of
$12,275 per mile. The officers of the
Southern Railway in less than year, have
sworn that the Southern Railway is worth
The Corporation Commission might do
well to accept the sworn testimony, offered
at Danvile, Va, by the vice-president of
the Southern as to its value. If they swore
to the truth-and they did swear to the
approximate truth-the Southern Railway
is taxed at less than one-thrd of it's value.
This property is shown by the actual
sales for cash on the stock market to be
worth at the very lowest 1888 ,235 a mile,
whereas it is paying tax in North Carolina
on an assessment of $12,275 a mile.
The Corporation Commission, in it's cir
cular letters and in their addresses to tax
assessors all over the State, urged upo1
them a faithful and fair carrying out of
the law, which requires all property to
be assessed at its "true value in money
When the Commission, following out the
rule it laid down for assessors, places the
Southern Railway property on the tax
lists at $33, 1886 mile, and all property of
other railroads at the value ascertained in
the same way, nobody will have a right
to complain. The law is plain and man.
datory.
North Carolina was compelled to issue
100000 of bonds this year, because rail
road and other like quasi public property
was assessed far below its true value in
money The railroads have contended that
there has been heretofore a custom to
assess private property at only two thirds
true the Southern Railway has been assess
ed at only one-third of its true value lii
money, whereas, according to their state
ment private property has been assessed
at two-thirds its true value in money
This shows that the bond issue of $500 900
would have been avoided if railroad prop
erty had been assessed as private property
has been assessed.
Shall we have continuous bond issues,
or shall the railroads be assessed at their
true value in money as the law plainly
requires?
We trust that the Corporation Commits
sion will not listen to the specious pleas
at high-priced railroad lavk,ers-including
those lawyers who do not avow their at
torneyship for railroads, and assume to
speak for the good of the party" The
Corporation Commission is a court. II
cannot and will not pay any attention to
any attempt TO induce them to make an
assessment otherwise than according to
the plain and mandatory word contained
in old section fifty.
The Commission and the people will
remember that the railroads fought to
strike out section so and met a Waterloo.
They now hope by fallacious reasoning to
get the Commission to so back to the
old plan by which railroads escaped two
thirds of their Just burden of taxation.
They could not control the Legislature.
They cannot control the Commission.
The people demand only that this property
shall be assessed exactly at the figure
which it brings in the open market-any-
thing less is to saddle tax burdens upon
other taxpayers which the railroads
ought to bear; anything more would be
unjust to the railroads and contrary to
the spirit of North Caroinians.