The Caldwell watchman. (Columbia, La.) 1885-1946, 1912-10-18

on their loans and discounts to cover Nd
debts and unearned interest as the en-
eral Assembly may prescribe, which te-
duction shall be made only from TIER
surplus and undivided profits; all tars
to be paid by the banks and chargedto
the stockholders.
4. Individual bankers, banking fins
and unincorporated banking ASSOCIATIONS,
domiciled in this State, shall be assessed
on the amount Of capital, surplus and
undivided profits actually employed IN
their business. less the assessed vaIuesof
real estate locally assessed and taxed,
actually and exclusively used and en-
ployed in their business. and less such
further deductions not less than five per
cent on their loans and discounts 70
cover bad debts and unearned interest as
the General Assembly may prescribe,
which deduction shall be made only from
their surplus and undivided profits.
5. Foreign banks and individual bank
ers, banking firms and unncorporated
banking associations, domiciled out of the
state but doing business IN this state.
shall be assessed on such proportion of
their capital, surplus and undivided
profits as is actually employed in this
state, less the assessed value of real es-
tate locally assessed and taxed, actually
and exclusively used and employed in
their business in this State. and less
such further deductions, not less than
five per cent on their loans and dis
counts to cover had debts and unearn-
ed interest as the General Assembly
may prescribe. which deductions shall
be made only from their surplus and IN
divided profits
G. Insurance, bonding and surety com
paneS and persons. firms and assocda-
tons engaged in the insurance, bonding
and surety business excluding however,
| fraternal insurance companies and aso-
Citations, shall be taxed on a percentage
of their gross premiums received upOn
their business done in this State. Rss
return premiums and reinsurance in com
panies or associations authorized to do
business in this State The percentage
for all branches of insurance, bonding
and surety business except life and
| industrial insurance and shall not W-
| coed two per cent for life and indust Hal
insurance. The special taxes to suppert
the office of fire marshal and fire PIE
vention bureaus shall not be deducted
| from the premiums hereby authoriZedsto
be taxed. When by the laws of any otter
State or country any taxes. fines pm
alties, licenses, fees, deposits of mOney
! or Of securities. or other obligati tons or
prohibitions are imposed on INSURANCE.
| bonding or surety COMPANIES of this site
doing business in such other State Tor
country. or uDon their agents thereinSin
excess of such taxes. penalties, fees. H.
censes. denositS of money, or of Scout
ties, or other obligations or prohibitions
imposed upon such insurance. bonding
or surety companies of such other State
or country. SO long as such laws continue
in force the same obligations and proh-
billions of whatsoever kind may be in
posed by the General Assembly of this
State uDon insurance, bonding or surety
! ,;oc
doing business in this State
Z. Irrigation canals shall be taxed on
a percentage not to exceed two per cent
of their gross receints. only such real es-
tate and the buildings and structures
thereon. rights Of way. machinery, toels
and implements as are necessary to the
operation of any canal shall be included
in and covered by this tax on gross e.
ceipts. All other real estate and personal
propertv of the owner Of anv canal shall
be locally assessed and taxed. a
8. All sugar refineries, rice mills CT
ton seed oil mills. cotton seed oil re-
fineries and refineres Of petroleum and
it's products shall be assessed on the fair
market valuation.
9. Until otherwise provided by the
General Assembly by vote Of two-thirds
Of the members elected to each house. I'll
operating mines of sulphur, salt or other
minerals, all oil or gas wells, all stone
uuarries. sand. gravel and shell rits shall
be taxed upon percentage Of the gross
value of the product at the mouth of
the mine. well, quarry or pit. This per-
centage shall not exceed five per cent for
sulphur: three per cent for salt; two and
two per cent for rock and other minerals,
inclusive Of gravel. sand and shells This
tax shall not apply to the product Of my
mines. nuarries or pits or oil r gar b.
where the cyear.s ot heF- thAA Vpnbil ~
vice corporations, uses the same fd3his
personal purposes and does not sch The
same or its products or manufacture thu
same into another product for sale
, Where gravel. sand or shells are Stakel
. from the beds Of public waters or from
shores not subject to private ownership
the General Assembly may levy suecia
taxes rer cubic yard of material take,
out and may levy different srecial ta,
for each Of said objects of taxation. Thu
I Government Of the United States for an,
PURPOSES. and contractors engaged in tn,
construction IF anv public work for. TIL
State or for the United States solely TO
the ,urpOse Of snch rnhlic work a-e .u
thorized to take free from taxation
, gravel. shell or sand from the beds O
J. rublic waters and the public shores o
t the State. Every citizen Of the Stat
!, shall have similar right to take suc1
II
{ from taxation. unless they are taken 70
1 sale. All real and personal property o
4 the owners If such mines. wells uuarrie
and nits. evcert machinery. tools and i'm
r n'ements absolutely essential to the Cd
q Grafton OF any mine. oil or gas well, ston
O quarry. sand. gravel or shell pit, and ex
cent the products themselves while 1
the hands Of the producer, shall be 10
v ally assessed and taxed.
+ 10. All real and personal property re
: served for local taxation shall he assasse
: at such percentage not to exceed 100 ne
cent Of it's fair market value as each, In
r cal governing authority may ESTABLISH
q and lower percentage NAV he estah
@ 'ished for personal than for real propert
= Tor for the values of improvements Tia
= for land values
e H.. In all assessments Of real propert
a whether for local or for State purpose!
e the value of the land shall he assesse
d sena rate'v from the value Of the improve
v nents: hut railroad. nine line and can,
IL rights Of way, whether held in fee or ,,r
= der easement may he assessed arate,
e from. or together with, the i,nnrove,nen,
e thereon as the Tax Commission ma
|. deem most practicable
= IL Assessments shall he arranged eet
Y, granhica|lv as far as rosSihle either ,,ro
8. fhe ro'! or unon separate records and II
If General Assembly shall PASS laws pr
" WON. TOT the printing and publication
namnh'et form of the records, shoWir
ID such eeoerarhicallv arranged assessmen
t. end for the sale Of such pamphlets at
" small price. =
*. Every taxnayer shall have III
" rieht Of testing the correctness Of his Al
r sessment In the courts within such lin
" as the General Assnochlv NAV rroscrib
Id and no rrorerty shall be assessed FOR
s, sum in excess NJ the percentage Of
in fair market valne. as prescribed by Il
p governing authority
W IA. State licenses and srecial sta
to raves shall be due and PAYABLE at SUI
IN f1n,e as the General Assembly NAV mr.
In scribe. =
Article VII.
1: Every municipality shall have {
s. rlgnt to provide. at its discretion,
as oralnance OF its governing. authority. t