Elmore County Republican. [volume] (Mountain Home, Idaho) 1910-1915, 1912-12-07


a solvent debtor, or the amount the
property would sell for at voluntary
sale made In the ordinary course OF
business, taking into consideration
its earning power when put to the
same use to which property similar
ly situated Is applied y. II this de-
finition in its entirety were adopted
by the legislature, 1t would, In my
opinion, lead to utter confusion, one
part OF the definition being so at var
lance with the other part. II the re-
port recommended the adoption of
EITHER of the following definitions"
and then divided the difinition, max
ing two separate and distinct defini-
tions, either Of them might serve the
purpose sought II property is to be
valued for purposes OF taxation, at
what 1t would be taken for In the pay
ment OF debt. from debtor able
to pay the debt in money. (Which |
take to be the meaning of solvent
DEBTOR 1t would not be valued at
one hundred cents on the dollar,
what 1t would bring In the market
from any one wanting the property
for home, business or for specula-
tion, but at its barter trade" value,
what 1t would go at in the community
as a medium for paying debts. A
would take the property, at a cert
ain price instead OF the money, not
because he wanted the property, but
because at that price he could pass
1t along to B at the same price in
payment OF his debts or for credit
o that amount on his debts to B;
ind B would only accept the property
1t a value at which he could pass 1t
along in payment OF his debts, and
50 on down the line. Now what is
he barter trade value OF any COM
modify as compared with money? 1t
s from forty to forty-five cents on
he dollar. There are many reas-
ons why property when used In place
Of money does not go at 100 cents
IN the dollar, or what it would
)ring, In the course of business, from
! purchaser who wanted the pro-
perty. 1t Is cumbersome, it costs
ime and money to transfer 1t, If
land, 1t takes deeds, acknowledgements,
recording, ETC., while it is inexpen-
sive and quick to give a man mon
~ or give him check. Again mon
sy Is good for all purposes, and the
world over. 1t will buy railroad tick
ITS and pay ones expenses to or in
any other state, and purchase mer-
chandise or other property while
there. One could not take a horse
along ON the train or pay one g hotel
bill In Chicago or New York. So
the horse is worthless for that pur-
pose, and when you use the horse
or any other property as medium
for paying debts, you will find that
it will pass freely at about 40 or so
cents OF what 1t will bring when
wanted by some one. The definition
In the statutes of full cash value has
always been identical with the first
parts of the reports definition. At
40 time, nor in any place, (until the
extra SESSION. have the statutes OF
Idaho said that full cash value should
De 100 cents on the dollar, but the
price at which it would be taken in
the payment OF just debt from a
solvent debtor; and 1t was Gov.
Hawley's attempt to, and success in
forcing the assessors to disregard
the definition given in the statutes
and value property at 100 cents on
he dollar, that incurred the neces-
sity of an extra session OF the legis-
Iature to protect the state from ruin.
Not only was this the definition OF
iull cash values laid down by the
statutes but the state fixed levies
were based on the assumption OF a
valuation Of about 40 cents ON the I
lollar. The different County Asses
sors have met from time to time in
and agreed to assess the
property at 40 cents ON the dollar.
4 this had been done In all the
counties of the state, there would
lave been no complaint as between
counties and If the same treatment
lad been accorded each individual
Il the county, there would be no
from the individual, of ia
'oritism or oppression. But when
he property was valued at 100 cents
N the dollar, for the purpose Of tax
tion, the fixed levies would raise