Year: 1868




method adopted in making up the list
In some localities the real, and portion
OF the personal estate is assessed at abou
one-half its value; while in Others it i,
represented in the list at its full casl
value.


The assessed value of the real and
personal estate of Vermont was, in 1860
nearly eighty-fve millions of dollars
while its true value in money, according
to the census of that year, was over two
hundred and fifteen millions. The ex.
isting laws require that the real and per-
sonal estate shall be set in the list " al
its true value in money" The adoption
OF any other course is unjust as we'll as
illegal. 1t is the practice, on the part
OF listers in some localities, to file their
lists in the Town Clerks office without
the oath prescribed by law, thereby cas-
ing their consciences for any irregulari-
ties in their mode of assessing the prop
erty set in the lists. 1t may be we'll to
inquire if more faithful discharge of
the duties of listers would not be secured
by prescribing some penalty for their
neglect or violation of the requirements
of the laws.


The right of appeal from the listers
lies only in the party whose property is
appraised. 1t has been suggested that it
would be beneficial to give the right of
appeal to any tax payer, for if any part
of the property in town is assessed at
less than its true cash value, it is mat
ter of interest to all tax payers to have
1t corrected. This right of appeal would
also ensure more faithful discharge of
the duties of listers.


The taxation of personal estate, in
vested in this State by residents, has
frequently been the subject of legislation,
and, as yet, without any satisfactory re-
suit. An attempt was made at the last
session of the Legislature to enact law
to regulate the taxation of stock in rail
roads held by non-residents. The bill
passed both houses on the last night of
the session. 1t was concurred in by one
branch after the other had closed its
business and adjourned.


On examination of the act, | deemed
it my duty to withhold my approval, be-
lieving that had the attention of the
Legislature been called to the questions
involved, The bin would not have been
passed.


At the session of 1854, the law was
passed to which the bill in question was
an amendment, while neither affected the
tax on the stock of residents, the two
acts being identical in that respect The
bill of the last session changed only the
manner of assessing and collecting the
tax upon nonresident stockholders, and
repealed without reservation the law Of
1854, (sections So and 80, and 80 of
chapter 2S of the General Statutes.)


BY the direction of former Legisla-
ture, proceedings had been commenced
to enforce the collection of the tax upon
the stock of non-residents in the Yer
mont and Canada railroad company. A
bill in chancery, in behalf of such stock
holders, was, therefore, brought against
the State Treasurer, and an injunction
procured restraining that officer from
collecting the tax. This suit is now
pending in the supreme court of the
United States, and it is expected will be
heard the present winter. | deem it the
part of wisdom to postpone further legis-
lation on this subject until the courts
have passed upon the questions now un-
der consideration.


am advised by eminent counsel, that
should the decision of the court be in fa-
vor of the State, the enactment of the
bill of last session would render quite
doubtful the power to collect the accrued
taxes now in arrears-estimated to am
OuHt 10 OVER one DuDuTeu IIlOuSdHu uOl-
lars. The inquiry from interested nom
residents in regard to the fate of the bill,
since the close of the lastsession, inclines
me to the opinion that there was design
in the amendment not apparent to the
legislature when the bill was under con-
sideration, and it aptly illustrates the
evil that may grow out of legislation un-
der a suspension of the rules during the
closing hours Of session.


There was in my mind another serious
objection to the BILL The law of 1854
required the tax upon the stock of non-
residents to be paid into the State Treas
ury, where all the people of the State
would receive proportionate benefit.
The proposed amendment gave the ad-
vantage from taxing stock of non-resi-
dents to the towns in which the railroad
corporation might keep its principal
office.


While nothing should be done to affect
the validity of the law of 1854 until