The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-08-17

into u higher state or cultivation and prodnctiyc
nces and In the business OF the State being moro
stable, and renewed further from tho hand to
mouth systen. and In onr manufacturing estab-
lishmcnt- bemg enlarged and giving more em.
summation or the products OF the farm / he.
licvc further that an enlarged market wouli Gre.
ate compstition; capital wonld be turncn i'm this
direction: Il wo1ld look towards Virginia for
investments and gradually as result OF the influx
money wonld he cheaper than it,s To-Day. There ia
no lear OF ioanin: money in Virginia. Capital is
not timid about the State II simply docs nor come
where S'
1t Is true that it cannot lie loaned Mt biyber
prices IN New York or Philadelphia or Baltimore,
or III other words, Mt tho home OF capital but
away from home hon, it demands greater per cent
arc, an example of this The building
and loan associations of the North have
no hcsitaney in loaning their money in
Virginia The reason is, that under their
rmes greater per cent. than elk Is paid
But whether money becomes cheaper than what
Is charged Tor it now or not. it will c,itainy be.
come com p1enirm II VII certainly be available
state will receive enormous benefits Is there
any Just reason why the farmer or the business
man who needs u few thousand dollars for three
or four years, who cannot get IL within the lin
ITS OF the state, but can get it outside il lie is nl-
Lot be allowed 10 pay it: Is not the law n rcstric
ton on bnsncs.Oa restriction upon the liberties
arc familiar, show that money cannot be bor-
rowed out OF tn State for six per cent, and our
law SIMPLY UNITS the market or rather closes the
money markets, TO our people, preventing the
larger number from borrowing at ali without ben.
emitting thos; that do not succeed in borrowing
"> TO he rate OF interest. The law not only makes
money dear, hut scarce. The difficulty with the
on side capitalist is that he docs not know our
people. He does not know that they will not
plead nsury as our home bankers and money
lenders do. ami. consequently, he will not loan
his money are contrary to law nor will he take
the risk OF u.ury being pleaded when he can ,rct
eight or ten per cent. interest elsewhere without
breaking the law.
a. In 81 aftn
consideration OF this m utter, the only persons
benehttcc 10y II cprescnt law are tho bankers aud
money lenders. They pay absolutely no attcn.
tion TO the law and get a. high rate. of interest
rs they may choose TO charge by some hocus
pocus the minds OF men nave been wnrdcd into
pcllevlug That the law in some way controls tho
bankers ard money lenders. when they, them
selves, II they 90 To the bank to borrow money
sec inc absolute worthessncss OF the statute. |
h nd capitalist from Massachusetts to tell me
that his family and him -clf had loaned thousands
OF dollars in tho West. but accom-; OF the dis
tancc they would much prefer loantng in Virginia
and would be per. ectly willing 10 do so If they
could SCI seven and onchaf per cent clear of all
expenses.
farmer might he very wise 10 borrow $40 0
TO bnild silo gct labor Saving machinery. pre-
lhic harns. drain his farm, improve his lands, or
enable him to change his farm from grain to n
srass or truce farm and pay eight per cent. Tor
pay year would be returned to him many fold
In additional profits odt OF an improved and
modc,nizcd farm. lie may he able to do this
now, but II he does, he will have 10 pay eight :ct
cent. for the money. Why not open tho money
markets OF the world 10 him. Why net LEI him
get this money at seven, or seven ana n half or
| eight per cent. Only five or six States in tho
! Union, acco7dinc to an interest table which
nave examined, deny tho right to contract for
| higher rate than six per cent. \ large number
| or states allow by special contrac; ci .ht per
cent; two or three, seven per cent: several,
twelve per cent; one, twenty-tour per cent; and
| number OF them with no limit to the charge
| that can he made by special contract In other
| words. with the exception OF few of the Older
States wnere capital Is plenty, the laws have been
Manc, Tor me reasons pointed ont by me, in ac-
corda a with the recommendation Of the Re
visers OF 49, II is time 80 Virginia" should
! follow the example OF her sisters. We cannot
| afford to make monopoly OF money. We want
| aIl that we can get-wc want our waste places
| improved, our farms made productive; our
minerals ,eevelopcd and our people pros
| peFons. When all argument IL in favor
OF the adoption OF The recommendation OF
| the Rcvisers, the experience aud acts OF other
short sighted policy tor us to persist in rctaiu
ing our usury laws know that there are many
objections TO n!ghcr rates OF interest: know that
| II VIII be urged by many that people cannot
| afford TO pay more than six per cent The answer
TO that is, in many cases money can be borrowed
and borrowed proitaby hut the best rcason is
that the people nave TO pay more In III six per
cent. low; the market is contracted and they
shonld DC the best Judges OF what they AFFORD
| topay.
The tax question is the mos complicated and
compact called government Taxes concern
| all men; their happiness in a large measure is dc
| pcndont upon the burden of their taxes. Every
man is said TO work one month in the year for tho
| privilege Of being governed. While taxes arc the
| source of the Nations strength they nre TOO
| often the source of the citizens weai:nc.s. The
| Importance OF the tax laws being equal uniform
and a. little hurdensome as possible, will DC con-
| ccdcG by AL. There has been more said uuon
! this subject than any other rclatin. To govern
ment. II j. iled with difficulties. Which oil the
! varions systems advocated Is correct. | will not
nnGcr!aIc 10 say. ctntot undertake here to-
IL eht 10 propose any system, all that can under
Ike 20 90 i TO point ont some OF the mpcrfec
! nous or our JAWS ana ia urge with all my NIGH
| upon mis- association the importance Of Il thor
! n!.H' adequate ana comprehensive revision or the
| tax laws OF the state Of Virginia.
| 10 hc.in AZ the very beginning, the system OF
ascertaining the taxable value OF property IL rad.
| lcally wrong. There are two classes OF property
| 10 teN-Tcal and personal. The mode or ascci-
| tanning inc value OF real property in this State is
rcVlcWanr oHiy in the county court OF the county
ana practically only NJ the motion OF the unrty
| whose property i being taxed, for | have never
| heard of the state moving for valuations 10 be
| increased. These assessors have no connection
| whaicvc-, with the other assessors throughout
inc State Each assessors work i absolutely in
| uepchGcht OF every other assessor. There Is no
| central board of equalization TO that the as
scssmeHL5 are correct or equal throughout the
| Stalc. / ne natural result oi this system Is that
| there i no uniformity whatever in the valun-
| lions. II any ono will take tine report of the
| AUDITOR oil public accounts OF the Stale OF Vir-
| gina, nc viii he absolutely astoundcd AT the dit.
terence OF values in this State Count, that he
| has heretofore belle we'd 10 he q; olmos, r,,nni
value: arc assessed ut widely divergent figures
rms is Int natural. Taxes arc high; the burden
i hcaVy ana each assessor unde rtakes, as far "a
nc eau 10 project his own people. lie hears, or
DclleVes, that the valuation in the ncighborinr
county l. less than ii is in his own. he hc ever
so honest. his mind will he biased towards put
I'M ms own constituents on tho level.
Further than that AL men arc not honest A
dishonest assessor can assess the lands in his
own district nj an absurdly low figure The pco-
pie themselves will not complain. and In all hui
man probability the commonwealth will not
complain. This is unfair To the State, it l. un.
ialr 10 The people ii l. unfair To the counties In
other states n board OF equalization goes over
the assessments II secs th-t the burdens arc
Justly apporiloned. II would see in this state
mat Lcudoun, Roanoke, and few other com.