Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1912-12-13
HOW THE HOMESTAKE CAN
BE REACHED.

gram, 1T has been shown:
That the Homestake Mining Com
pany has stack outstanding TO the
amount Of s21, $40. 900.
That 6 per cent dividend or better
has been paid on this for many years.
after deducting from the gross pro-
ceeds for maintenance, and impro-
vement of the company's property.
That the market value of the stock
Is about par, making the actual worth
of the Homestake property now,
s21, $40. 900.
That practically all of the company's
properties are In Lawrence county,
consisting of mines, city real estate,
forest lands, water power lands, mills
for the handling of ore, and accessories
and equipment for bringing the ore to
the surface and transporting it to h
mills and shines plants.
That the usual rule is followed In
Lawrence county of assessing prop
erty In general at about one-third
actual value.
That this rule Of assessment which
is applied to small property owners in
Lawrence county is not applied to the
Homestake.
That If the same rule was applied
to the Homestake company, its as
sessed value for purposes OF taxation
should be S7,280.000.
That as a matter of fact the en-
tire valuation for levying of tax on
the Homestake property last year vas
81, 127, 915, less than one-tenth of the
actual value Of the property.
That had it been e%quitably assessed
with other property at one-third
actual value, its taxes for all pur-
poses would have been approximately
1894 900.
That because Of the grossly In
equitable assessment it paid only
slO4. 600 instead of the 1854. 900 it
should have paid.
Why should not the Homestake pay
taxes on its property equitably with
the small property owners? No rea-
son for not doing 81 has been offered
by those who condone the injustice,
because no valid reason can be given.
Why is not the Homestake taxed
propo-tionately the same as other
property in Lawrence county? Be-
cause it has for years absolutely do
minated the political affairs of
Lawrence county, and has seer to it
that officials were elected who would
favor them in the matter OF assess
ment and taxation. 1t is on the job
at every election. 1t has in it's en-
ploy over half the voters Of the county.
1t has no hesitation in letting it be
known to these employees vhat is
expected of them. AS was done in
the recent election, sample ballots
marked as the company would have
them vote, are distributed to en-
lployees several days before hand.
BY this and personal work OF subordi-
nate officials they are constrained to
vote as the company desires. With
this great leverage the company is
able TO bring all parties and canai-
dates to their marrow bones. and it
is very seldom that any candidate
who is not right" with them is
elected to any Office in Lawrence
county.
How ear this handicap be overcome
and the Homestake company required
to pay its just taxes? Not by action
OF Lawrence county, for the Home
stake elects the assessors who assess
It's property: also the city and town
ship boards in municipalities and
towns where it has large holdings,
who act as a board Of equalization
and who should raise Its ASSESSMENTS
when lot equitable with that Of other
property: also the county commits
sioners, or enough Of them to control
whose duty it Is to equalize all yalua-
tions In the county that there be
equitable taxation. OF the present
board OF county commissioners, two
OF the Ave are employees Of the
Homestake.
How then can the Homestake be
reached? BY the state OF South
Dakota. 1t is a direct party in in
terest because 1t loses approximately
81. 900 a year state taxes through
failure Of the local authorities Of
Lawrence county to properly assess
the property OF the Homsstake Com
pany.
How can the state do this? Not
easily II at all under the present tax
laws Of this tate. There Is a state
board Of equalization, but it has not
the power to go behind the returns
OF the local assessors and boards OF
equalization and county commission
ers, and increase the valuation Of
any individual or company's property.
II can raise the valuation OF mining
property fniLawrence county, to any
extent 1t reel fit. But the percent
age Of increase must be applied alike
to all valuations ~ made by the
county. Therefore to get At the
Homestake to treble its assessment,
the state board would at the same
time have to treble the assessment OF
Ian ofhor mining nponore soc In Taw-