Year: 1868

|
= the bond is practically as much a part O.
the railroad capital as the stock.
l am unable to see any sound reason
why stockholders and bondholders in
possession, should not stand on the sam,


footing in this respect, or why railroad
corporations should be subject to differ
, ent rule in regard to taxation, from 9th
, er property holders. There can be nc
doubt of your power to tax the real prop
erty IN this State owned by corporations
1t Is the present rule to tax it as such
Except in the case of railroads, and BY
including the real property of railroads


under the general rule, we should reach
alike the resident and non president stock
and bondholder, and should work equali
ty and justice to all.


The only difficulty, if any, in the ap.
plication of such a rule, would be found
IN the exemption from taxation granted
in its charter to the Vermont Central
Railroad Company. which privilege is
not enjoyed by any other railroad com.
pany in the State.


Nor is it apparent why we should ap-
ply, as we now do, to the personal prop-
erty of residents in other states, a rule Of
taxation different from that which we
adopt for our own citizens.


Our laws consider personal property
as following the domicile of the owner,
and require that all personal estate of an
inhabitant shall be taxed where he re-
sides.


While we recognize this principle in
the case of our own citizens, shall we
seek to impose taxes on the personal
property of non-residents, for which, by
the same rule, they should pay taxes
where they reside.


This seems to me clearly unjust, ard
should it be insisted upon, will tend to
prevent the investment of foreign capi-
tai IN those enterprises SO essential to our
prosperity as the extension of our rail
roads, the improvements of our winter
powers, and the development of our
quarries, mines and other resources.


One step toward the removal of these
objections, is to tax the real property of
corporations in the several towns where
such property is situated, upon its actual
value, irrespective of dividends. By this
means all the towns on the line of the
railroads, or in which any corporate prop
erty is situated, will receive their lust
proportion of the taxes.


In this connection | would renew the
recommendations of the last Annual Mes
sage, in reference to the collection of
taxes. This matter is one of Importance
to taxpayers, and should not be passed
over without that consideration its mer-
its demand


| UNITED STATES SENATOR


The provisions of law require that You
should proceed, on the second Tuesday
of this session, to the election of Uni
ted States Senator for the term of six
years from the 4th of March next.
NATIONAL CEMETERIES.
transmit herewith the report of Ma
jor William Rounds, Trustee of the
|


Antietam National Cemetery Association
and have, as therein recommended, Ger
titled to the Auditor of accounts, the
proportion to be paid by the State. /
have, also, communication from the
Board of Commissioners having charge
of the National Cemetery at Gettysburg,
requesting the adoption on your part, of
resolution recommending the transfer
of that Cemetery to the care of the Gen
eral Government. These papers are
placed at your disposal.


| EDUCATION.


The report of the University of Ver-
mont and State Agricultural College is
worthy of your careful attention. The
officers say that they are eadeavoring to
do faithful and valuable work for the
State. An investigation that has been
made with care shows that during the
last collegiate year, only one hundred
and sixty or seventy young men of our
State were members of any college or
scientific school, either in Vermont or
elsewhere. Not more than forty can
have graduated during the year. This
is very small number of young men,
for any population, to be pursuing thor.
ough Intellectual training, and large
number of our sons should be encourage
cd to enter the colleges of our State,
where they may receive that preparation
"of value to men in every worthy voca-
tion." -


The condition of our common schools
may be learned from the report of the
Secretary of the Board of Education.
We are expending annually nearly FIVE
hundred thousand dollars in the support
of free schools, with an aggregate aver