The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-04-10
WOULD DISCRIMINATE AGAINST HOME CAP
ITALL

HAL
There has been n great cry for years against
paying interest to eastern and foreign loan COM
panieS. and on eastern capital. the sending out
OF premiums to eastern and foreign life insur-
ance companies, and things Of that character,
and yet this law looks to me as if it 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 q SINH
lar nature drive local capital from the state and
leave the whole field in Missouri to eastern and
foreign capital? Instead OF having legisla-
ton of the character co drive capital out
OF the state, it ought to be Of such a character
as to invite it into the state. Some may think
that this law Will in some manner benefit agri-
cultural communities. but it will prove exactly
the contrary. as all such measures have in west
ern states. Farms are at present assessed at
about one-third their value. and any attempt to
change this greatly will meet with vigorous
protests from the farmers. II this measure and
similar ones drives local capital out OF the
state, anil the lists OF personal property de-
clines, which they are bound TO do rapidly un-
der such legislation. can there be any doubt
but that in a few years it will be absolutely
necessary to assess land much higher than il is
now, and the farmer will bear a greater burden
OF taxation; besides, IL will tend to increase
rate OF interest, no matter what may be on the
statute books regarding the same.
WOULD LIST WORTHLESS DIE
1t will make money almost impossible to get
except from eastern and foreign capitalists.
And il by these means our local capitalist is
driven from this state, it is only a quettion of
time when there will be a great decline in val
ues, including farms. Farmers and business
men will be required to list notes which they
now hold which may be worthless. but which
they are hoping some day to collect. Many
vexatiouS questions will arise, for instance,
where bills OF exchange and notes change
hands several times on the first day
of June. disputes will arise as to who should
list them for taxation on that day because the
law takes no notice of a fraction OF a day. Vari-
Gus names will be found upon IL by the assessor,
placed there on the LIST day 81 June, and litiga-
tioE will surely arise over this and many other
points contained in such extraordinary law. In
stead OF increasing the revenue of the state the
probabilities are largely in favor Of the fact
That valuations of personal property will
rapidly decline, owing to various methods
which will be reSorted to prevent the ex-
posture OF private business. Property and money
will be sent out Of the state. soon TO be follow
ing by the owner thereof, and all men with cap
ital who are seeking investments and perhaps
this state as q location, will look asSance at US
and move around Us when they find that we
have been indulging in such legislation. think
ing it is only a beginning OF worse to follow.
The full evil effects OF such q measure can not
be counted until a few years trial, but caution
in adopting such laws will do no harm at the
present time when there has been such q long
period OF financial disasters.
ANUTHER OBJECTIONABLE FEATURE
Another objectionable feature Of the bill Is
hat Il interferes with the neg otiahiity Of the