Year: 1868

VIC lay before our reaueTsthtS morn
Ing the proposition prepared by Mr..


Ferguson as the report of the joint
Committee on Railroad Taxation,
which is to be reported to the Legtsla-
ture today, and is likely to receive i'm
mediate notion. There seems 10 be
little in 1t 10 recommend it to any friend
OF equal taxation over tho chapter as
first reported. The main propositions
are the same: ri= that railroads shall be
taxed only for Slate. and county pur-
poses and for the latter no more than
the former. There ia the same total
denial of the right oftaxaLion by town
ships Of by municipal corporations. II
valuation. That it Is now proposed
shall be made by the company, to be
subject 10 revision by commiss ion
appointable by the Board OF Public
Works. This seems fair enough on the
face, but as matter of practice should
this plan be adopted It will be found
the company's valuations will always


be accepted. The reader will not idil
to observe how this valuation by the
company is to be made, "with reference
to the nett earnings OF the said COM
pany within this State, as compared
with the costs OF its property therein"
This IS probably the nub OF the whole
thing. How can such earnings
be ascertained except on local tratlicF
The part of the Baltimore and Ohio rail-
road in this Stute is the costliest, and
considered by itself much the leass
profitable. Probably the company
could show that, considered separately,
it does not earn half per cent on its
cost. Vet it is as essential to the COM
papy' IS business M any part of Their
line. It is the bridge over which they
cross to reach the business of the West.


What would the line be without it2 1t
Is an essential part of the whole, and its
| value ought to be considered with ref
ereuce to the whole. Yet under this sec
tIon it would not be; and it is hard tell
ing under its ambiguous wording what
sort of IA valuation it would be. The
point which has always been claimed
by this company is. tha. their charter
exempted them till they declared diYi


deuds on the earnings of that part OF
their road within this State, while it
| was contended on the other hand that
the dividends were to be upon the whole
| capital invested. This section, in the
language quoted above, is virtual con-
cession OF the claim to have the liability
OF the road to taxation and the value
| 10 be taxed considered with sole refer


ence TO the earnings OF that part Of the
line lying within the territory OF this
State. The charter Of the company war
rants no such claim, and we fail to see
any reason for conccding what we are
confident the courts will not award.
The surrender of the right of town
ship and municipal taxation is IA sur
render of the whole principle Involved
in this controversy When this is
Welded there is no moral renson for
refusing any exemption that may be
asked by railroad companies or any
body else. Under our constitution we
hold that every corporate power in
vested with the right 10 tax any p;op-
erty whatever has the right aud Is
bound TO tax every species of property
within the limits of fitsjurisdtctEon, and
not especially exempted in the consti'
tuition itself, equally with every other.
Surrender this principle, and where
shall we stop? Why stop, with deny
ing this prerOgHtive 10 townships and
municipalities? How soon will those
who are here asking this concession
be back demanding more. 1t iS the
| Trojan Horse, and ifwe open the gates
and take it in our city. will he at the
mercy of tho Mmed men concealed
within It's belly. Those who arc de-
mnndlng this concession know that
they must not ask too much TO begin
with. But in due time they will re-
new their demands, and they will
expect TO carry, one by one, all the
defences erected for tho protection of
our people againstths flvoritism which
great corporations know so well how
to purchase.


Taking the present scheme "a Il whole
it does not commend itself as any bet
Ter than the original chapter. 1t would
seem that Mr.. Fsrguson's move for
special committee was flank move
ment. The fact had been developed
that the chapter as reported by the Com
mittee on Revision would very speedi
| ly be voted down and the law OF 1865
be voted in. The select Committee and
their report was diversions; but after
a weeks fiuessing, Mr.. Ferguson comes
back with the result; and we find that
although It IS dressed up In new suit,
1t is the aame Monsieur Tonson come
again.


We are by no means convinced that
there is any pressing need of further
legislation Just now on this subject. As
we have said before, the present law
works we'll, except in its application TO
the Baltimore and Ohio Railroad; and
we have no guaranty that road will pay
taxes under any law till forced. Why
is this combined effort, under pressure
from the lobby; and why is this great
haste 10 push through some exemption?
The Legislature has not yet such an
amount OF information touching the
mode OF assessing and taxing railroads
in other States as to enable them TO de-
wise the wisest and most equitable plan.
Is II best to be driven blindly into
measures which clearly surrender an
important principle, the effect OF which
is imperfectly understood, and which
there is not time to examine and digest
as such measures ought TO be? There
opa nfInn naaps whera fOrbearance is n