Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1905-01-20

hXy
his simple Endorsement. II Viii b ~
mtted by all that the unlimited no1ron -
dispose OF the funds and secur;tia, &c ~ y
State ought not to be lodged in a s;nn1o
individual or officer. A dishonest ofea;a1
in the absence of a legal chenlC 80 IA
stfalnt upon him might easily denlata tbo
treasury ana cripple the conduct of pnh-
nc business. The Legislature cannot oct
100 SWIFTLY IN correcting these defects bv
the enactment of efficient laws applica.
BILE to the subject
Strong Against Railroads.
Inc Governor argues for vigorous en-
torcement of Inheritance tax and enact
ment OF graduated income tax law: laws
for the protection of railroad emDloves
by the Improvement of railroad aDnaro-
tus and by shorter hours of labor. effec-
tive antitrust legislation; restrictions of
corporations in politics and in lobbying
at the Legislature; provisions for the
possible quick ousting of incompetent
or violent municipal officials; a munich
pal referendum system; appointment of a
woman on State board of control. and
new capitol to cost $50OO,OOO, to take
the place OF that partially DESTROYED by
fire last February.
GOV. La Toilette ridicules the claim
of the railroads that scientists are re-
CURED for the difficult work of making
rate schedules" and quotes Wisconsin
schedules to support his claim that the
only science of rate-making possessed by
the companies to-day is to charge all
that the traffic will stand.
He reviews the interstate commerce
commission ond hot
rates, being virtually a public transpor-
tation tax should be fixed and absolutely
controlled by railroad rate commissions
He goes after corporation lobbyists,
State and national, branding them as
public enemies and engaged in defeating
the will of the people,
Tax on Life Insurance.
The message dealing with nfe insur-
ance companies says: Each life insur-
ance company doing business in this
State ought to bear its just and equal
burden of taxation without reference to
the fact that other States may or may
not impose such burden fairly or justly.
No person or corporation should be called
upon or permitted to pay more than his
or it's just and equal share of taxation
here, in order that he, or it, may derive
a special benefit therefrom in some other
jurisdiction.
ct is not recommended that the tax
upon life insurance companies be meas
ured by premium receipts 1t can readily
be seen that company with large assets
may not collect premium receipts CORE
spending Herewith in any given year;
while, on the other hand, a company with
very small assets may collect large re-
ceipts in any given year. 1t is unneces-
sary to give examples of this. Many
are readily found in the insurance re-
ports.
Tax Cash Values on Policies.
"The only tax that appeals to our
sense of justice is tax based upon the
cash value of the policies-that is the
equity of the policies in the assets of the
company. This includes both reserve
and surplus. 1t would be equivalent to
taxing the policies on their investment
value in the hands of the owner. But,
to make the administration of the tax
economical, and effective, it should be
levied upon the company.
"To avoid double taxation, the value of
real estate and United States bonds
owned by the company should be deduct
ed from the gross assets before making
the levy, for real estate is usually taxed
locally and United States bonds are ex-
empt. All policy holders in the State
would then be taxed on the same basis
and there would be no incentive for the
insuring public to patronize foreign COM
panies in preference to home companies.
The tax would be more uniform ano
more productive than at present. At the
average rate in the State the tax On lie
insurance values would produce ABOUT
s4OO, 900 instead of $278,OOO, as under
the present law.
Thrust at, the Railroads.
Relative to the railroads, Gov. La Fol
Lotto has this to say: Independently OF
+bo Question of excessive freight charges,
tho State should no longer allow rail-
uav corporation to control without SUI
norvision. absolutely and arbitrarily, the
commerce of Wisconsin, and through con-
troll of that commerce determine what
villages shall become cities, what cities
become great markets, and dictate as to
business supremacy in every industry.
Whatever temporary reductions may
bovo heen made for business reasons,
s+,,dv of railway tariffs in force in WIS
cOnSln now uloSAoo0'' ~, ,:~l,or
81 Wisconsin rates are still hlgner
+bon tho rates charged under substantial
" similar conditions on State traffic IN
the neighboring States of Illinois ana
Iowa where the rates are regulated Dy
law. ,.;, oro
90 Interstate rates in Wisconsin are
Generally higher than rates in Illinois ana
Iowa.
Guilty of Discrimination.
go Ra+es charged on traffic in WIS
oons;r On the whole yield gross income
~ the railroads considerably above the
amounts AZ ou required for all operating e *
s amo FOR maintenance of property and
for q fair interest or profit on the cost
81 The railway companies are gull ns
of CROSS determinations in favor OF GER
% ssh SINNERS and their determinations