The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-09-20


: coumuuics11z Er1z Es-l- k1oE1 c5rs-
zsa Ess Published il tbs MORNING News
yesterday. in zhica L vsS polzts5 oct that
/ there Is Erast nsei f1r Doosv y tsss oty,
and tia: s2o.bs- b4ak, having 8 $L0a3. oa3
capital, could *: al tAs ozSasSs Il coll3
handle. he sSSssss3 tAsf sozas y 10
wealtaIess Business 1z1 faTzs sy11soxse
and borrow E,ossy il NsE Yak, ~os~s es
thinks Il CA b ob.sins5 81 per asai, z74
/ loan il here a. : Pc os1t.
Tie syndicate scheme, theoretically. IS s
good thing. but practically it cannot be
made a SUCCESS. II money could be OBJ
tained on tine IN View York the banks here
would get il because they could use 1t
proataolT. But they cannot get it. Neither
could syndicate Of wealthy men.
Money is plentiful in New York. The
MORNING. NEWS published a statement toe
other day showing that the banks have
nearly 9,0O0. 900 above the legal require
meuts And money can be obtained there
on call at very low rates OF interest, a.
much lower rate than per cent A gress
deal has been loaned recently as low as pr
cent, but il has been 30 loaned that ths
banks can get hold OF IL, IL they should nesd
| it, on very short notice.
| And there IS another thing in the rsy Ct
the syndicate scheme. Money loaned hs-e
must pay state. county and city TAXES,
which amount TO more than 2Y Per cant
And there is now bill pending II tie leg
islature, which will be passed in al rroos-
bility, which makes money loaned II this
] 49, ! -, -s-r r. 80
taxable IN this stats, provided i; Is not
taxed in the state il which Ire o~Es-z q
it live.
l. this bill stouli bacczs lsE j; IS s7i-
dent TIA: Il ooe would care 70 6o-row
money il New York 6. pa cant.
% loan here 8, Pr cat A.:sr
paying ta1s s1i TIE eEp=oss Of
gstt.uE tie m5zsT hsre sad rs:9ra-
M = :bsTs would Tot b enough lstt out q
tie 5 Per osnt = pay rs pr cat i1tzr-
est
A grea; deal c: cu.siis noosy is lozo=d
il tbs city, hut Il t5= ps1ding bill making
i, taxable bsc51ss lazi vii b with
drawn. sod u CHER money VII come ke-e
70 Be lososd.
The legislature 0sy consider i wise policy
70 compel Eo1sy Owned outside q TIE s.ats
s1d l9szei hs-s - pay taxes. but Il viii not
prove . be Eisa /: vii be impossible 70
. obtain 1o7sy n=sdsi 70 maze improve
ms1ts tat would BE- TAXABLE. and which,
/ therefore, would greatly increase the states
i revenues.
Everything ths legislature doas tending
| % shu. out money seeking invest Dent or
/ Borrowers here ~ilI hurt the state. Even
{ ths proposition - tax foreign capital
I loaosd hare has had the effect Of making
Money scarce a1d Of checking improve
| usats. However, there are influential
/ Dsa II the legislature who cannot be made
/ to see that it is unwiss to do certain things
even Thsn, apparently, the ends Of justice
would Be served And they seam
TO control that body. While there is an in
crsasing demand for money, and they
admit that the best interests Of the people
would be served By having more, they
enact laws calculated 10 drive money away.
Such legislation, if persisted in. viii have a
! very depressing, IL not disastrous, effect
upon business and industries throughout
the state. And the worst OF it Is that these
legislators do not seem 70 realize how ruin.
Gus the narrow-mindsd policy is By which
they are guided