Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-03-30
GOVERNOR STEPHENS KILLS A BITE
OF POP LEGISLATION.
DENoUNcEs 1T VERY SEVERELY.
CALLS IT AN ASSAULT ON THE GOOD
NAME AND FAME OF MISSOURI.
''Inquisitorial and Un-American--If
Would Tend to Drive Capital
Out of the State and Would
Not Tighten the Bur-
dens of the Masses.

jefferson City, Mo-, March 29-(SpeciaL)
Governor Stephens vetoed the Slate as
sessment and taxation bill to-day, as he
announced a week ago that he intended to
do. After calling attention to the fact that
an irregularity in connection with the
emergency clause would cloud the validity
of the measure, even il he should approve
it, Mr.. Stephens denounces the bill as fol-
lows:
Its main features are inquisitorial and
un-American. Under our existing assess
ment laws, an affidavit is already required
from the owner of notes, bonds and mort
cages covering the extent of his holdings
and their present value. The statute pro-
vides remedy against the affiant for per-
jury when a false statement Is rendered
the assessor. In addition to this, the coun-
ty boards Of equalization have authority
to increase the assessment where it has
been made too low. and to impose pen
atty in addition.
successful and enterprising business
men are usually very anxious to keep their
credit affairs private. ana their success in
a great measure depends upon not taking
the general public and business rivals into
their confidence. AND, besides, there is a
universal desire among men for privacy
In their affairs, and especially OF their
credit matters, IL possible. Now then If
all notes. bills of exchange and evidence
OF debt are accurately described and placed
upon public record, business men viii Ind
neariy the whole OF their commercial m
debtedness made public. especially local in
debtedness, Tor the scrutiny ana criticism
OF business rivals and enemies.
ing iaxardn ler sSia ing Ton
effect, for those who intend to avoid taxa
ton Will invent more certain methods than
good men and catch very few OF the bad.
A iair return OF personal property will al
Ways depend upon the vigilance, compe-
teEcy and good sense of assessors, no mat
ter what may be upon the statute books.
Many good men who now give In fair list
will leave the state before they will have
their private affairs made public every
twelve months. and place themselves az
the mercy OF those VINO wish to take adj
vantage OF the knowledge thus derived of
their business.
There has been great cry for years
eign loan companies, and on Eastern capt.
tai. the sending out of premiums to East
ern and foreign life insurance companies.
and things Of that character, and yet this
law looks to me as IL IL might be in the
direct interest of such Eastern and foreign
loan companies and foreign capital, for it
does not affect them. but local capital only
Will this state, by this and other measures
of similar nature. drive local capital from
the state and leave the whole field In Mis-
souri, to Eastern and foreign capital? In
stead of having legislation OF the character
to be of such character as to invite it into
the state.
Instead of increasing the revenue OF the
state, the probabilit are largely In favor
of the fact that valuations of personal
property would rapidly decline under the
efods which will be- resorssd to to ppe
Property and money will be sent out of the
thereof, and all men with capital who are
seeking Investments and. perhaps, this
sad as aSound us w wSsn tsV nd a that
we have been indulging In such Hesitation.
thinking It is only beginning OF worse to
measure can not be counted until a few
years Of trial. but raution In adopting such
Ssn T 90 bas no e tne 65s eeriod 81
"The people of moderate means. farm
whose property for the most part consists
of lands and visible personal property, to-
gether with a small amount OF notes ana
bonds. having no way to hide them. will.
under this law. have to report every dol
lar they may have. So the inequality Of
taxation between the wealthy and the man
by this legislation is simply aggravated
and a greater injustice than now exists Is
..it would have the effect to discourage
investments and drive capital from the
state. / have favored the free and unlim-
,sed eofss % AMOUNT OF monev % crave have
lation within our state now to properly
develop our resources. This bill would
make money even SCdTCtT IMAM now.
every famer who owes money. fear.
would be compelled to pay the same with
ou. delay and the money would be taken
out of the state for Investment
''It is now difficult enough for our bor-
rover class of farmers and others to OBJ
tain credit in stores and accommodations
from money loaners to enable them to
make crops. etc. With such n law upon
our statute books and traders would ac-
cept nothing except cash, which they could
not give.
at is an assault upon the honor and
good name OF our state and upon the in
tegrity of our people.
IF this law should go into effect and all
notes by law must be assessed at hun
dred cents on the dollar. all loans will be
called in as soon as possible and thousands
and thousands of people who are now
thought 10 be wealthy and prosperous
would be driven to ruin
Many who voted for the bill did so
under Misrepresentation. without a clear
understanding of the bill. through trades
and are now apologizing for their votes and
have urged me to veto it,