The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1905-04-11

EAlRM0Nd
M atuto aosne mus
Iusa provides Salt
geand sound mind han i
atlon tile proper pelons To him
Including the share held bs him i
any national or other banks i this
or any other State except where the
same Is listed. under sestion ca Oh
chapter %, and under aid section
IL chapter %. the statutory attorney
must furnish I'LL necessary informa,
tion respecting the same tt be made
to the assessor"
In your instructions to the assess
crs would 1t not be a good ideu to call
their attention to this statute, and
have them make demand OF each Of
the corporations, compelling them to
give "all necessary information in re.
gard to these leases OF leaseholds;"
or in other words get tht;f pressure
Of wells and production for ave years
for two reasons. First, to tax them
lack for five years; second not 10
overtax the corporations but TO see
whether it is a settled production or
not.
Under section Ga chapter % above
referred TO, It provides: "Ke, 1.-THE as.
sessor), shall ascertain from the
proper officers or agents Of all 'ucor.
porated companies in his district lex.
cept railroads and forelg,. insurance,
telegraph and express coplpanies),
the actual value Of the q lital employ.
ed or invested by them in their trade
or business Exclusive of real estate
and property exempt by law from tag
atom, and enter the same in his per.
sonal property book"
Ascertaining the Value.
Now, you will note that section 81
chapter 90 says "the actual yalne OF
the capital employed shall be ascer
O.
tanned by the assessor" but how dc
you arrive at that value? lie same
I section provides THE s:,luc Of the
capital shall be estimated by taking
the aggregate value Of all the person
al property of the company, rot ex
empt from taxation, wheresoever
(Which of course refers to tho 'firs
part OF the section Sin Ills district,
including their money, credits GA in
.estments, and deducting from til,
said money, credits and Investments
!, end not from said aggregate, wha
J. they owe to others as plihcil,al debt
y ors.
maintain that the capital OF til,
! company, which the assessor mus
assess, is ascertained as to the valu'
: thereof by the latter part of section
Ga, chapter 20, because the very Ian
!. guage Of the law says IKE value o
the capital shall be estimated by tai
! ing the aggregate value Of all the pei
! sonal property of the company in hi
district, including their money, cree
: its and investments what the con
! pany owes
No Trouble to Find Out.
Under this law, will there be an
: trouble to ascertain what each Of thes
companies, have been assessed in thei
:. respective districts? Not a bit in tn
world, because we can t Ike their a.
~ sessment in eact. district for tile las
five years, and in this county 1t ha
= practically been nothing and dedut
4 that amount from the actual value {
- The capital estimated by taking tn
. aggregate value Of their person,
property, and see what property hi
!. escaped taxation. The law is II
same practically, IS ] said before, fl
= the corporation and the person. e
!, cept that TIE corporation may dedu
from its money, credits ard inve.
ments what 1t owes TO others as lri
cipal debtors (see, section ca chapt
!, 29), while the Individual under Sc
= ton % chapter 20, can only dedu
from his credits and investmen
what he owes 10 others as princlr
/, debtor; and the corporation, and
the old law, is favored tc the exte
Of the money which It has on hand
the first of April, while the individr
=. on the first day Of April is compel
:, to pay taxes on his money, notwi
standing the fact that he owes del
to others. 4
Ne Under the new act of 1901, mon
credits and investments are defn'
~ Money is coin or paper which cir
~ lates as money. Credits inclu
claims and demands due by LoI
note, book account, etc. lnvestmel
inc1ulaL ciookc hoodc caour;tiae