The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-08-16

W'ue, tno resr't OF greonDacks beng made
equal to gold.
Whether we shall initiate the currency by
issuing greenbacks to au extent which will
is depreciate them below gold, decline to
a consider, since it is clear that such mea.
he sure cannot be passed through Congress-,
he end over the Presidents veto.
,r Another most potent cause of tie pres
cnt distress in Mississippi, is the high rate
"a of taxation.
,d In probably majority of the counties,
f. with the Stae tax at 81 mills or $3 80 on
II tao $1,000 worth OF property, t'le various
IA county lcvies added to it amount to $15 on
o tho thousand. One and half per cent.
a OF taxa, on on all values is rate that no
f agricultural community can stand. flong
y cont nued Us it has been in this State,
v The result must be and 30 cont nue as we
\ see il hore-utter prostrai on of al indus
les. No people can afford to pay to thejr
government in taxation a srn equc' to
half the net annual rents of their lcnds
nor sum approaching hr'f tho rate of in
terest of money loaned in government So |
curity. This rate of taxation must end, if |
persisted in, in the destruction of all tax
able values. Land now has no market value. |
This truth is recognized in the statute |
which requires land to be assessed by a
standard altogether different from its mar
ket value. The reason why land hf3 no
market value is, that its ov ler cannot eyade
its taxat'on. 1t crnnot be hid or 1cr off.
Every foot of it must pay the tax No
man will purchase land as an Investment,
| because the rate of taxation is such that
the frnual payments would be greater f'lan
prospective advantage to be gained by hold
ing it. For the same reason no man, not
farmer, (aDd farmer has no money to
lend VII lend money on the security of q
mortgage on land. The lender fears he
will become the owner of the land End
therefore he re- lses '1e security.
This is the more evident whom we con-
L,der that under the present system, profits y
from agriculture are she exception, n. !he
illo, being the good fortune of those who T
have extra advantages and possess extra II
skin in the management and The acquisition +,
Of labor. Only skilled farmer can pre- ;,
vent loss. Hence an oN 1er of land not 1e
possessing these advantages end skill can h
not afford to farm. If the land be idle it =,
IL be consumed by taxation q,
Hence we SEQ the anomalor, condit on, 4,
that landed secutity---in all other counties h,
the best-is carefully avoided by the money i,
lender. The owner of land if he ownn r.
nothing else is utterly without credit. If A,
he owns much, he is called, in the exprcs- nc
i've language of the day, "land-poor." to
The rate of taxation in Mississippi also ,,,
'auses money in the shape of greenbacks 80
Id national currency to be boarded or in
rested in United States, per cent bonds, sai
because in that shape il is beyond the reach III,
# the Tax Collector. 1t is tue, as little III,
s it may be suspected, that large amounts mr.
f money are being invested in Mississippi, | rec
4 United States bonds at per cent. in cor
orest when it readily commands from pri> ero
ate borrowers, f-om 10 to IS per cent. dis
ms ID SVraheo ''utn' anu only accounts inst
Die for by the widespread, not to say son
niversal conviction, that all our securities D;s
% precarious in the extreme. OIL,
From this results the system which has nm
OWL up OF substituting ror loans OF cor
oney, the advancement of supplies by the doh
erchant to the farmer under the security A
crop liens-a fruitful source of many of
9 financial ills which afflict us. The .-,
oney- lender retreats from the market on .e..
'0"'As "a '"N'-, "n" '-0 PioG'N have
IS and uncertain security. In his place n,on
mes the sHpplv-morcbant who, not re- ill.,,
ainod by usury laws, exaets as interest r,,,,,
D shape of profits on lis goods, sum ahr,
iiOi0n' ~ i"N'i1 VI ioi 'n0 u"'or brinI
n!J 0i LID So''' io Do'.""0' "nu lect
,eives the only security now doomed of ootot
ue "a lien on tho crop. He mPlzes his IN
Fances in small amor'lts as the crop pro- Gov :,
'o'o'' "n" 0A.y "A'ei 0>'l0.'n e'''"iaOo fello'
the amount likely to be produced by the o;,,
d, on which the crop pledged is grown. 90 ,t
Agricultural clerk" is sent regularly good
short inervr on tours of inspection, depel
as he reports, 20 'te account of tie tnat
.ner is allowed to be enlarged or required
be kept at halt The prices charged oo
this credit are such that no man can Vanct
them, equaling interest at the ratio of olrcu
N so to $50 per cent. per f1num. come
his high taxation as above shown having knew
ZEN money lenders from the market, spe'
field of affortinc cre1't is left wkolely the d;
he possession of the supply merchants, rising
}, tempted by the Opportr lity, as well tertai
pressed by O. gencies of the system, of thu
land the enoi nous per cent. Gbove men, marin
ed. These high profits on paper do may
always tn. out to bc real profits. The plans
es are large. When the solvent custom West
have paid up 'he losses occf Sioned by We cC
failure to collect from 'he '1solvent, Demo
rovident and di'lonest, 1t frequently Nothil
pens that there is no profit, except in itself.
e. The ex' .aordinary prices charged ce1't
Known to the customers. This begets of N
hem feeling nat t4ey are hershly plenip
/ With, and the consequence is, that We M
Y use every effort to evade pay mont, pensat
not uncommon that wbea laborer, DemoC