The Montgomery advertiser., 1901-06-30

 nothing about it, if we work ourselves to death and tax the people to the ut- most limit to pay of the debt. When the rate of interest Is so low, l am IT favor of refphdifg the debt and issu- ing bonds to become due fifty yeare from now. paying q low rate Of inter est, rather than ovef-taxing our people at the present time. It is to be hoped that fifty years hence the people Of the State will be much wealthier than w are now. and will be able, to meet that question and deal with 1t, without sad ding 1t upon our people today.
 Now, as to the proposition before the Convention.; I stated In the beginning that liked the idea of the reduction of the taxes; liked 1t as tax payer but am willing to stand the tsxes, though heavy, wherever they are nee essary for the public good. In this case doubt the propriety of reauc- tion of the tax rate and I will tell you why. The tax values fell off. as stated before, from two hundred and seventy i've millions of dollars down to two hundred ana torty-one millions. It Is now climbing up again. Times are good now, but we do not know just what is coming, and had not we better have safe limit ?I am in favor or a tax limit, but ought we not to have safe figure. so that If any reverses come, we would be sure that we would be able to, maintain our credit, and ger money enough by taxation to meet all of our osiigations? think so. I am very much inclined to vote for the proposition of the delegate from Hale. whieh is reduction or one half mill. from seventy-nve to seventy. but I am not prepared to go further than that down the scale, and reallyI would not object to retaining 1t at its D. esent rate.
 Now it is a question of uncertainty No man can tell just what the income will be from anything in our treasury two. three or five years hence. It is to be hoped. and judging the future by the past we think we will keep on im- proving and acquiring property, and be able to stand a lower rate, and so on Q lower rate of taxation, but when the legislatures have, nearly always from first to last been anxious. .-ever by us- ing the trrst funds of the State, as have shown you. for administration, to get chance to reduce. the tax rate and probably get an endorsement from their constituents. when that IS the case. that is one instance in which l feel like I can trust the legislature. ] cannot trust them about the Cover nor's salary. nor about buying these grounds here and improving the Capi- tol. distrust them on that, it's too big a thing for. them, but they nearly all of them want to be returned, and they want to please their constituents.
 MT. O'Neal-I want to know what ef- feet. in the gentleman's judgment, would this limitation on the power of the lcgIslarure have upon the refund ing of tho State debt? am sure the Convention would be glad to have your views on that question.
 Mir. Oates--1 do not think 1t would effect 1t materially but if any addi- tional assurances. are needed that the State will maintain it's credit, 1t is "af- est to leave it at its present rate.
 Mir Browne-Wfll the gentleman al- low a question? '.4 @.H
 MT. Oates-Certainly.
 Mir. rBowne--If there were added to this clause fixing the rate at sixty five, a provision that a sufficient amount thereof sshoulr be levied spe- cially for the purpose of paying the interest upon the bonded indebtedness, and appropriated to that purpose ex- clusively. would that not answer all purposes?
 MT. oates--It would indeed, and since the delegate has asked me that ques- ton, 1t carries me back to the Con- vention of 1875. In that Convention I conceived 1t to be a good idea, and offered an ordinance, and tried to have 1t adopted, that there should be sep arate tax levied every year for the payment of the interest on our bonded debt, so that the people could See end know just what they were paying.
 MT. O'Neal Lauderdale)-Iheq ques- ton wished to suggest was this; Would not that statement be an ad- mission on our part that we had q doubt as to whether we could meet the interest on the State debt by this re- duction; would 1t not be the expression of a doubt which might have a delete rtous effect?
 MT. Oates-There wouldn't be much doubt when you required the levy ot the tax to pay the interest.
 MT. O'Neal LaEderdalel-We haven't such a provision now in the Constitu- ton, and wouldn't the insertion of such a provision be an admission on oul part that this reduction on our part might endanger the ability of the State to pay the interest on the State debt
 MT. Oates-It might raise suspt- cion in the minds of some, but think people would be sure they would get their money.
 MT. Browne-Is it not, true that in a very great many States tho Constitu- ton provides for a special tax levy tC pay the interest upon the bonded in- debtedness? .-t
 MT. Oates-I think so, and think il Is wise 's.
 MT. Ashcraft-The statement read from the, Auditor and Treasurer this morning indicates that in their opinion the reduction will result in an inability to pay the interest and the special as- easements for the soldiers fund and the school tax. Now if Q provision ot this kind is appended to this section will there not necessarily spring UT in the mind of all the school teachers and the friends of public education. al we'll as the soldiers, and their friends a reasonable uneasiness as to the re- suit of this Constitution on their in- terests? r.9
 Mr. Oates-I cannot say about that I do not know how they would regard it. I think 1t possible they would be safe, but to provide against continRen' cies that may arise in the changes oi time and circumstances, these are thu considerations which move me to op' pose the reduction. as proposed by tho Committee.
 Mir. Rogers TLowndesy-Mr. Presi- dent, a reduction from seven and one half mills to seven mills as the maxi mum rate of taxation is a fulfillment of the pledge to the people of Alabama The difference between six and hall and seven mills. would leave a margin to the State out of abundant caution to protect our credit, and for the main tenance of our schools in their onwart