Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1897-02-16
Des Moines News Letter.

Hon. Amos Steckel, candidate last
fall for railroad commissioner on the
combination silver ticket, although
himself a banker, is ably agitating
the advisability of making all the
property of all the stockholders of an
incorporated bank responsible for
obligations of the bank. This, he
properly claims, would not only in
most cases secure the deposition
against loss but would insure the
banks against runs, for when the de-
position feels that his money is safe in
the.bank he will not draw it out un-
less needing it. All the property of a
private banker is held responsible for
all deposits, and for this reason he
claims it is no part of the state exam
iner's business to pry into the affairs
of private bank, unless it be done
without expense to the bank.
The two-cent railroad fare measure
was Knocked out by the committee
and will not be allowed to go before
u,
it is understood, because of opposit-
ion to the idea but that it should wait
until the regular session. 1t is hoped
that when it does come up it will re-
suit in a two cent fare for everybody
and for all distances, long or short,
and not be limited to the purchasers
of milage books.
The matter of rearranging the reve-
nue. law or basis of taxation was the
leading feature of legislative work
last week. All agree that there should
be more systematic method than is
now in vogue, but no two agrees
as to what kind of an amendment to
adopt. Some think all property
should be listed for taxation at its
full value and then limit placed on
the levy, also on the amount of in
debtedness that may be incurred by
any municipality, while others think
rs or SO per cent valuation is suffic-
iently high. The matter of assessing
corporations was also under consider
GRAFTON and men interested in those
soulless concerns hustled in from all
over the state to see that no law in
fringing upon their privileges are to
be passed. The idea of this legisla-
ture doing anything to interfere with
the lootlng propensities or tax evad-
ing privileges of corporations. No
danger.
More than 500 delegates attended
the state camp of Modern Woodmen
held in Des Moines on Tuesday of last
week. G. G.. Saunders of Council
Bluffs was chosen state consul and G.
w. Walser of Elkader, clerk. The
next meeting will be held at Marshall
town next February. A. 1. Lee of
Des Moines was endorsed for head
banker of the order and in all proba-
bility will secure the position.
The second annual meeting of the
National Association of Cooperative
Mutual Insurance Companies was in
session in Des Moines on Tuesday,
Wednesday and Thursday of last
week. 1t was well attended and
makes good showing for the time it
has been in existence. Gov. Drake
made the address of welcome in which
Le commended the enterprise. Col.
James Wilson, the newly appointed
secretary of agriculture, was also
present and offered few words of
encouragement. Milton George of
Chicago read an interesting paper in
which he showed the great advant-
ages of mutual over old line insur-
ance. The secretary's report shows
there are TAT mutual insurance COM
panies in existence Of which 1853 are
in Iowa and 1877 in Illinois, 1853 in
Wiscon 80, in Minnesota and the bal
ance in Nebraska, Michigan, Ohio,
Missouri and Kansas. Other inter-
esting and instructive papers were
read and on the whole the meeting
was great success. w. D. Forbes of
Wall Lake, Iowa, was chosen presi-
dent for the next year and A. B. Hos
letter of Illinois is the new secretary
and treasurer.
Judge Holmes has decided that a
county has no right to levy q one
mill tax for the sroad fund against
railroads inside of city corporations
as the city makes one such levy and
and it is double taxation if the county
repeats the dose. This means a loss
to the county road fund of $4,000 a:
year In Polk county and if all that
has been collected in that way must
be refunded it will take 100000 out
OF the treasury. Such decision is
all wrong. II the railroads can't af-
ford to pay the regular tax on one.
fourth valuation when they are the
only profitable property in existence
then no other property should be ex-
pected to pay on full valuation. II
this decision is allowed to stand it
will effect every county in the state
and will practically wipe out the road
fund. If the present law will not
hold the roads for such a tax then
the new code ought to contain law
that will.
1t is evidently the intention OF the
general assembly to not consider the
manufacturing bill at all at this ses-
sion. They seem to be afraid of it.
The church people and prohibition