in any bank, insurance company or other incorporation." I presume it is not intended that an additional tax shall be assessed and collected. If so, to guard against it, there should be a proviso inserted, "that there shall be no other or further tax or assessment for any purpose whatever levied upon the stocks of the corporations liable to taxation by virtue of this act."
It also appears to me that the provisions of that bill, in regard to the manner of taxation are too indefinite. No redress is given in case of errors in the assessments—this might be remedied by directing "that the assessment shall be made as near as may be, in all respects in the manner provided by the act entitled "An act to provide for the assessment and collection of township and county taxes."
If it be intended that the assessment shall be on the capital stock paid in, it may well be questioned whether this is correct. The rule of taxation should be according to the value of the stock in the market, or on the dividends declared.
The exception contained in the second clause in the second section is not sufficiently comprehensive—the provisions of the bill should not extend to any ecclesiastical, literary or benevolent institution—nor to any incorporation whose object is the advancement of the mechanic arts, or improvements in agriculture.
February 25th, 1834.
On motion of Mr. Doty, the said message was referred to the committee on the judiciary.
Mr. Britain gave notice that, on a future day, he should ask leave to introduce a bill to provide for laying out several territorial roads.
Mr. Stockton gave notice that, on a future day, he should ask leave to bring in a bill for the relief of certain citizens of the township of Clinton, in the county of Macomb.
Mr. Millington gave notice that, on a future day, he should ask leave to introduce a bill to amend the act entitled "An act to incorporate the Detroit and St. Joseph rail road company."
On motion of Mr. Martin, the Council proceeded to the consideration of executive business; and, having disposed of the same,
The Council adjourned.
Mr. Moran presented a communication from the clerk of the board of supervisors of the county of Wayne, transmitting a report and survey of the territorial road from Monroe to Detroit, and praying that such legal provision may be made as will effectually secure the advantages contemplated in altering the location of said road. Referred to the committee on internal improvement.
On motion of Mr. Stockton,
Resolved, That the committee on internal improvement inquire
