Page:Federal Reporter, 1st Series, Volume 2.djvu/896

 WILLIAMS V. REEB. 889 �of gain. This conatitutes the third valuation, which is like- ■wise to be made by the board of equalization ; and, -when thus ascertained, is Bubjeoted to the taxation of the state, counties, towns and cities, by the same rule that the value of the road-bed is — namely, according to the length of the track in each taxing locality." �So, too, in Society for Savings v. Coite, 6 Wall, 607, the aame court says: "Nothing can be more certain in legal decisions than that the privileges and franchises of a privat» corporation, and ail trade and avocations by which the citi- zens acquire a livelihood, may be taxed by a state for the sup- port of a state government." �The same painciple is asserted in Porter v. R. R. I. dt St. L. R. Co. 76 111. 561 : "That every corporation possesses a franchise of some value can admit of no doubt. Even where it is created for the purpose of pursuing a business that may be lawfully pursued by any individu al in the state, the privi- lege of the combination of capital by many persons, with tha capacity to hold and manage it under one direction, in per- petuai succession, like a single individual, free from competi- tion among those interested, and from change or disturbance by the changes of individual life, and without incurring any Personal hazard or responsibility, or exposing any other property than what belongs to the corporation in its legal capacity, must necessarily have a value beyond and distinct from the mere value of the money or property which the cor- poration is created to hold and use in its business. �"But it is again insisted that, even conceding that it is competent for the legislature to provide that the franchise shall be taxed, its value should be determined by itself, as that of other property is determined, and not in connection with the value of other property, in the manner required by the aet. �"It Burely cannot be doubted that the requirement that the board of equalization shall ascertain and determine the fair cash value of the capital stock, including the franchise, of ail companies and associations now or hereaf ter created under the laws of this state, over and above the assessed value of the tan- ����