The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-04-10

WOULD CAUSE PETTY PROSECUTIONS
The bill, as 1 understand it, would lead to IN
innumerable number Of petty prosecutions. the
majority Of which would be malicious in effect
If net in law. While the legal presumption Is
that laws will be obeyed, yet it is a fact that
they are not, and we have Q right to presume a.
a fact that this law will be constantly
violated by the holders Of notes unless all
property is assessed at its actual cash value
as the law contemplateS. Whenever this IS
measure cease their opposition to measures
similar TO the one under consideration The
| prosecutions for violations Of this law would
be instituted by the debtor. who has paid the
note not stamped. and will only be done by him
In cases where there is ill-feeling between him
and the creditor, and the debtor who would do
all OF which would have a tendency to increase
the rate Of interest as to the borrowers least
capable Of paying il.
AN I-MPRACTICABLE PLAN.
The plan is we'll nigh. II not absolutely. inn
practicable, for the reason that many notes run
for ), 10 and % years. This would neceSsitate
the note being stamped a like number of times,
and unless the note be as large as the average
sunday newspaper there would be no room for
the stamps without nearly obliterating the face
Of the paper
OF ADVANTAGE To cAPrrAIIsTs
Again, the capitalists holding a sufficient
number OF notes will avoid the law by indorsing
their notes to friends in other states prior to
June /, and will thus escape taxation on all
their property in this form, whereas at present
they are paying taxes on perhaps one-half OF
their obligations, while the small capitalists,
widows, curatorS and the like, with only two or
three notes, will be unable to take this a6van-
tage, and will not only pay the present taxation
upon all the property they possess, but will help
to make up the taxes that will be lost by reason
of the large capitalists sending their property
out Of the state.
A ON CoUNTRY
The measure will impose a great hardship up
on a majority of the country merchants all over
the state of Missouri, because four-hfths Of the
country merchants are more or less compelled
to do the greater part of their business upon q
system of credit. In very many instances the
debtor can not offer but very inadequate
security to guarantee the payment OF
the bill he must incur with his merchant
for goods to make his crop. Nevertheless, the
merchant takes the risk and accommodates his
customers, but IN doing so he finds at the end OF
every year 4 great many delinquent accounts
upon his ledger. After the customer has dis
posed of his crop and fallen behind. there is
nothing left for the merchant to do but take q
note to cover the balance due him. and trust
TO Providence and chance in q great
measure for the balance to pay the same.
Every country merchant is more or less loaded
with this class of notes, and the amount is
greater at present than usual, IN consequence
Of the business depression which is so general.
1t occurs to me that it would be u great injus-
tice to compel the pOsseSsOrs of such notes, the
SOlvency of which they must themselves doubt
until they. perchance, collect same. to pay taxes
on them. assessed at their face value. or have
their legality decided.
TIL SOMETHING SHOULD BE DONE.
There can be no doubt that something should
be done to secure a more equal distribution Of
the burdens OF taxation, and especially that
money, bonds and notes should be more fully
assessed than they now are, but my ideas is
that this bill. intended to m that Dur-
pose, will practically result in a larger proper
tiOnate share Of the burdens of taxation falling
on the men of moderate means and q large pro-
portion will escape taxation by note and bond
holders than under the present law.
WHAT WEALTHY MEN WOULD DO.
In view Of the provisions of this bill exempt
ing banks, etc. it is plain to me that the wealth.
Ter men. the ones sought to be reached by this
law. will turn their money over to the several
banks or trust companies with which they are
connected, either as officers or stockholders. or
influential depOSitorS. to be loaned by them. the
notes, bonds, and other securities being taken
IN the name OF the bank. and so under the terms
of this law make them worcestershire
PEOPLE OF MODERATE MEANS
The people OF moderate means. farmers, and
residents of towns and cities. whose property
for the most part consists Of lands and visible
personal property, together with a small amount
of notes and bonds. having no way to hide them,
Will. under this law have to report every dollar
they may have. So the inequality Of taxation
between the wealthy and the man OF moderate
means sought to be remedied by this legislation
is simply aggravated and a greater injusticC
than now exists is inflicted.
"SbbD OAStObhAOb ~
1t would have the effect to discourage invest
ments and drive capital from the state. Ihave
favored the free and unlimited coinage OF silver
because we have not a sufficient amount of
money in circulation within our state now to
properly develop our resources. This bill would
make money even scarcer than now
Every farmer who owes money, 1 fear, would
be cOmpellee to pay the same without delay,
and the money would be taken out Of the state
for investment.
SHOULD BE EQUAL
My objections are not predicted upon the idea
that a loOp-hOle ought to be left through which
note holders can escape taxation. but that the
taxation should be equal, and that no more
burdens ought to be placed on a note holder
than upon the holder Of any other class of prop
erty.
The probabilities are under this law there
would be a great increase of criminal prosecu-
tiOlS under claims that tax lists may not be
complete.
DIFFICULT NOW TO OBTAIN CREDIT.
1t is now difficult enough for our borrower
class OF farmers and others to obtain credit in
stores and accommodations from money loaners
to enable them TO make crops, etc. With such
a law upon our statute books, and traders would
accept nothing except cash, which they could
not give.
TITS AN ASSAULT UPON THE HONOR
AND GOOD NAME OF OUR STATE M
UPON THE INTEGRITY OF u PEOPLE.
II this law should go into effect and all notes
by law must be assessed at 100 cents on the dol
lar all loans will be called in as soon as possi-
Bile and thousands and thousands Of people who
are now thought to be wealthy and prosperous
would be driven to ruin
NOT UNIFORM IN APPLICATION.
The bill is not uniform in its application to
the subjects Of taxation treated therein. as is
required by the constitution of the state: it
does not treat all taxpayers with equal justice
and impartiality. but singles out q course for
one class different from that required of other
classes.
Many who voted for the bill did so under q
Misrepresentation, without o clear understand
ing OF the bill, through trades" and are now
apologizing for their votes, and have urged ma
TO veto it.
PROVIDES NO ADDITIONAL REVENUE
The measure does not purport to be a measure
for increasing the revenue of the state. 1t taxes
nothing that is not already taxable by law. It
provides no additional revenue for the treasury
and it metes out no new punishment to wrong
doors. 1t is undoubtedly desirable to accom-
pliSh both these objects, and IT. was no doubt the
of the author OF the bill to accom-
plish them, but the fact remains that the bill
would be useless rs a revenue measure, and
equally useless as q criminal statute
BURDEN ON II
To require notes to be stamped by the as
lending money. and this burden would in
evitably fall upon the borrowers rather than the
lenders. 1t IS manifest without argument that
any statute which would require all
promissory notes and like evidences of debt
to make an annual pilgrimage to the AS
SCISSORS ONCE would be a serious blow TO the
business interests of the state. These instru-
ments do not remain in the hands OF their own-
ers. They are freely used as collateral and are
often to be found in the vaults Of banks, trust
companies, and other financial institutions.
Thus the possession OF commercial paper is
aa- - ~.