Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-04-08

I .
| three notes, will be unable to take this advan-
tage, and Will not only pay the present taxation
upon all the property they possess, but will help
/ OF the large capitalists sending their property
| out of the state.
A HARDSHIP ON COUNTRY MERCHANTS.
The measure will impose great hardship up
/ on majority Of the country merchants all oYel
the state of Missouri. because four-fifths of the
| country merchants are more or less compelled
| to do the greater part Of their business upon
| 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
I customers, but in doing he finds at the end of
every year 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
i to Providence and chance in a 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 general.
| It occurs to me that it would be great injuS-
| tice to compel the possessors of such notes, the
| Solyency 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.
STILL SOMETHING SHOULD BE DONE
| There can be no doubt that something should
be done to secure more equal distribution OF
4
1 money bonds and notes should be more fully
| assessed than they now are, but my ideas is
pose, will practically result in a larger proper
| tionate share of the burdens of taxation falling
| on the men OF moderate means and 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 that the wealth.
| Ter men. the ones sought to be reached by this
| law will turn their money over to the several
1 banks trust cOmDanieS with which
connected, either 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
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 greater injustice
| than now exists Is inflicted.
WOULD DISCOURAGE INVESTMENTS.
| It would have the effect to discourage invest
| ments and drive capital from the state. have
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.
TAXATION 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 ouSnG 20 De placed on hote holder
| than upon the holder OF any other class Of prop
| erty.
would be great increase of criminal proSecu-
| lions under claims that tax Lists nay not be
complete
DIFFICULT NOW TO OBTAIN CRRDTT.
1t is now difficult enough for our borrower
class of farmers and others to obtain credit in
| stores and accommodations from money loaners
| 20 enable them to make crops, etc. With such
s law upon our statute books, and traders would
| accept nothing except cash, which they could
TTiS AN ASSAULT UPON THE HONOR
AND GOOD NAME OF OUR STATE AND
UPON THE INTEGRITY OF OUR PEOPLE.
If this law should go into effect and all notes
by law must be assessed at 100 cents on the dol
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 course for
one class different from that required of other
classes
Many who voted for the bill did so under
misrepresentation, without clear understand
apologizing for their votes, and have urged me
| to veto it.
PROVIDES NO ADDITIONAL REVENUE
The measure does not purport to be measure
for increasing the revenue of the state. 1t taxes
nothing that is not already taxable by law. 1t
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
intention OF the author of the bill to accom-
/ nlfSh them but the fact remains that Ia hill
| would be useless aS revenue measure, and
| equally useless criminal statute
| BURDEN on THE BORROWERS.
| To require notes to be stamped by the
| SCISSOR would be burden to the business OF
evitabiy fall upon the borrower ra.ner than the
| lenders 1t is manifest without argument that
pPSmssorg notes ana like eridenees Of debt a
| to make an annual pilgrimage the
| 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
| often to be found IN the vaults of banks, trust
| companies, and other financial institutions.
/ Thus the possession OF commercial paper is
| often separated from its ownership. Under the
| provisions of the OH II question 1t would be
/ the owners 6uty 80 present the paper to the
I SCISSOR and vet he would not be able to do So His
| paper having been pledged as collateral he
| would not be in possession Of il. nor would he
| be entitled to It's p,'SsesSIon- And yet ne would
I be guilty Of n mISdcmcanOr for failure to secure
| the assessors stamp thereon. The person or
/ institution holding notes as collateral would
/
| notes for mere purpose Of enabling the owner &c
present them 70 the assessor. nor would the
holder of the collateral be bound 10y the statute
7 to nave the SAME stamped by the officer. II Is
| diffiCult to conceive Of the confusion which
would result FROM the operation OF such statute
( in large commercial centerS
THE RESULT or SUCH LAW.
! The result of SuSh l2W would be to flood the
/ courts with IittslttOn. ENCOURAGE DIS
: HONESTY. RESTRAIN the free exchange o. ne
gotiabfe paper IL not rob IL OF is negotiabillty
/ entirely hamper business. reoier 1t especially
hard for the borrow % obtain Il loan ana drive
capital from the state 70 sex other ana better
! neids tor investment rep 'cSfu.iy-
/ Lon V. STSPH..ssS Governor.
/ A Remarkable Prophecy.
| During the American revolution an
English magazine published an esti-
mate of the future population of the
| North American colonies Placing the
population then at ., 00O. 900, and aSsum-
ing that it would double itself every %
years, the writer estimated that in the