Brookings County sentinel. (Brookings, Dakota [S.D.]) 1882-1890, 1890-01-24

because it was set up in a dicker
for advantage between the sections.
The legislatures should attack the
question, of revenue and expendi-
ture in q business way. They
should not study ways and means
of raising extraordinary revenue
or increasing the public debt, but
reduce outlay everywhere and
even close, if necessary, those of
the public institutions that can
best be spared until the conmuni-
ty is more fully developed. The
financial malady is a disease that
every new state has to suffer. But
it is never serious, it is rather an
assurance Of future health, if met
with the remedy of a severely fru-
gal and business like administra-
ton. st. Paul Pioneer Press.
EXtravagant Exemptions.
The Sioux City Journal makes
some timely suggestions concern
ing the question OF exemptions in
South Dakota. In the course of
an able article the Journal says:
"When the law steps in to make
inviolate a larger amount Of prop
erty than the average citizen pos
sesses, the vely basis of a stable
general credit is destroyed. The
wholesaler is put on his guard
against the dealer, as the latter in
turn must be on his guard against
his customers. The infrmity in
volved in the law permeates bust
ness in all its details. Precisely so
it is in those accommodations for
funds in small amounts which are
so needful in the business of new
community.
The country of extravagant ex-
cmptions, especially if it be a
country newly settled, will be a
country of chattel mortgages; a
country where capital is represent
ed by the petty local Shylock; a
country of extortion. 1t is SO be-
cause the very conditions of credit
do not exist. The main condition
of credit is security, and the law of
grandiese exemption legislates Sc
curity to oannihilation. Where there
is little property, there is in fact
the greater need of making it tavail
able as basis for credit. 1t is
true that the right of the debtor to
a chance to live and of his family
to reserve for the necessaries of
life should have reasonable recogni-
ton, but the exemption laws of
most territories and infant states,
under guisc of protecting that
right, have carried exemptions to
an extreme which have defeated
that very object.
1t is a fact that South Dakota is
to-day suffering from just such un-
wise exemptions laws. Business
in all its ramifcations in South
Dakota is hampered by the embar-
aSsmcnts involved in those laws.
Nobody is profted thereby except
the chattel mortgage shark and
the local Shylock. The interest
rate is higher than it ought to be
and free extension of credits in le-
gitimatc business which would be
otherwise extended is denied. In
many parts of South Dakota the
conditions of new settlement do
not prevail. Wealth has been rap
idly accumulated and business en-
terprise diversified. In such parts
of South Dakota the evil results of
the exemption laws are most felt,
but no part of the new state is free
from them.
The long and short of it is that
the laws exempt too much proper
ty. The exemptions should be
simplifed and greatly narrowed
down. The legislature now in
session can easily attend to this
matter Hardly any other act
that the Legislature could do would
so rebound to the general credit of
the new state in the business
world. Its dealers and business
men are honest and individually
stand well, but they are now rob
bed of large portion of the credit
to which their resources rightfully
entitle them.
The relief committees to whom
the contributions for the Johns
town sufferers were forwarded,
have about completed their work
and will soon publish a detailed
report. 1t will show that the total
amount of aid received is about
$3,OOO,OOO, the greater part of
which was used to relieve the in
mediate necessities of the people
made deStitute nv the tarr;hla