, with expert nonlocal
assessors, appointed and serving only under the merit system.

(b) The assessment of the value of each enterprise and body of wealth
as a unit for the whole state, and apportioned to the minor divisions
as the basis for levying local taxes.

(c) Apportionment of the total value in the state among the localities
by general rule, in the case of transportation and transmission
companies, by mileage with due regard to the presence of local real
estate and of special industrial equipment such as repair shops and
power plants.

(d) Taxation of interstate enterprises only in due proportion to the
whole business, by mileage or other rules; inter-state comity to be
further developed in this matter.

(e) Account to be taken, in assessment, of various factors determining
the earning power, such as good will, patents, and other monopolistic
elements, pertaining to and helping to determine the value of the
tangible plant of the enterprise.

(f) Account to be taken of the market value of securities and notes
owned by a corporation, in determining the taxable value of the whole
business, but these not to be treated as a separately assessable
"property" (in addition to the tangible plant).

(g) Exemption of the holders of securities and evidences of
indebtedness of corporations.{15}

(h) Treatment of special privileges granted to public-service
corporations for the use of streets and public highways on the
principle of rent-payment to the community rather than by levying a
percentage on an assessment.

[Footnote 1: For example, the constitution of Alabama declares: "All
taxes levied on property in this state shall be assessed in exact
proportion to the value of such property," etc. And the constitution
of Indiana declares: "The general assembly shall provide, by law, for
a uniform and equal rate of assessment and taxation of all property,
both real and personal, excepting," etc. Similar statements occur in
most state constitutions.]

[Footnote 2: The general property tax in the United States
constitutes:

Of the revenue receipts of the states 38 per cent.
Of the revenue receipts of the counties 76 per cent.
Of the revenue receipts of the incorporated places. 60 per cent.

The total amount collected in this way in 1913 was over
$1,083,000,000.]

[Footnote 3: See above, ch. 2, secs. 2, 3, and reference there to Vol.
I.]

[Footnote 4: See above, ch. 2.]

[Footnote 5: See Vol. I, pp. 116,