The Montgomery advertiser., 1901-07-02

\ 1t6temGntS buat H8tE VccH tA41SN- A1S | first statement is that while the Leg | islature has the power to reduce the l taxes. and while we insist they will do | it and it is right, the opposition say | they are afraid to risk the Legisla- | ture,
 l I want to call the attention of the ! Convention to the fact that the law l fixing a limit of 75 cents on the sl0e | has been in existence since 1875. and | yet, as a matter of fact. this limit of seven ard a half mills tax has only been used in three years during that time, although it has been within the power of the Legislature to use it the whole of that period
 In the year 1S76 they went to the limit the Constitution allowed, 75 cents on the S100. Then for three years they had 70 cents. or seven mills. Then l followed six and half mills for five years, and then six mills for two years, then on doNl to four for three years. The only way we have of judging what the Legislature will do in the future Is by what the Legislature has done in | the past. The only two years, aside from the first that I have mentioned. 1 in which the limit of the taxing power was exercised. was the la5t two years. Those in addition to the first one year l under the Constitution make the three 1 years. If we are to judge the Legis- latures of the future by the Legisle- l lures of the past, what right have we to say that the Legislature will not re- duee the tax as they see the revenues of the State will justify and permit of the reductiul? No -ene can say that they have failed to do 1t heretofore Then, why does anyone presume to say they will fail to do it hereafter. You cannot judge of what is to corae except by what has already passed; and if 1 you make that the standard. you must admit as matter of fact that as the l opportunity presents itself, the Lesis- lature will make the reduction. They have made the reduction, they have uniformly made it.
 Now. there is another statement made. that as matter of fact. as you are reducing the rate of taxation you induce the people 10 assess their prop erty at better values. The figures as laid down by the Auditor do not jus tffy any such statement They say the highest assessed value that we have had was s275.00o.0o0 In 1891, on the Sur mill basis. admit that is true. but | 1t began to decline and on that four mill basis 1t declined, and continued to decline; and the highest assessment we have now is on seven and a half | mill tax.
 MT. Browne--Was not that heavy de- | cline after it reached $275, 900 900 on &C., 1 count of the panic?
 MT. Blackwell-Yes, that may be true. and I will come to that quicker than I intended. The people of the United States have ps .iics oftener than any other people in the world. In England panics occur about twenty or twenty five years apart. Panics with the Dutch occur about 100 years apart, because they are a very conservative. very patnstaking. very careful, cold | people. But in the United States the very air we breathe is intoxicating. The foods we live upoE are intoxi- eating. A man makes & dollar easier in the United States than in any other part of the globe. and the result is he risks it oftener in speculation than any other people in the world. So the result is we have more panics; and when a panic occurs and settling time Is had. directly after that only the gilt-edged people have credit. Then the next year credit is extended to a greater number and so on and on until all worthy people are embraced. Then the spirit of speculation running rife induces the American man to risk more and take in broader field. and by and by the ability to pay promptly is lack ing. Then everyone begins to want | what Is due him the minute they Sease to pay. and man goes to 11is debtor, who owes him $l.o0o, and tells him, Pay me what you owo me" and the result is that every ten or fifteen years spreading over all kinds of credit, the settling time comes and every man puts his hand to the throat Of another and says pay me what you owe me, and when the settling time comes you have a panic which the gentleman from Talladega says induces falling values. We have had the speculative lever go- ing on always and while trust we will never have it as we had it in 1891, still that spirit is abroad and we must take cognizance of ir. Dollars are made easier here than any other place in the world. and therefore we risk them more freely and no one can see far enough down the vista of the future to tell what Is in store for us on this line. Gentlemen have been questioning and mistrusting what tEe Legislature will do. We show that the Legislature has reduced taxaxion every time an oppor- tunity has presented itself and that we have essty had three years out of tWenty-six and that the limit of taxation has been reduced. Then why is the gentleman afraid of the legislature? Then if the legislature has satisfactorily handled this matter and there is danger of having a de- ficit anywhere if this limit Is reduced, why Is it not more conservative and souader business principles, even ad- mitting the gentleman from Talladega (Mr. Browne) is right, to take the safe side, to take no chance rather than have what he offers and take chances of getting through.
 There is another thing to which no one has alluded. We are going to need more money than we have ever yet had before. The attention of the world is attracted to Alabama's resources. The Chairman of the Committee said the other day that he was connected with an immigration enterprise and that he wrote letters to people to induce them to come to Alabama and the first thing they wanted to Gs2ow was how are your churches and your schools? ' Gou have to have money for schools and churches. Does the gentleman pretend to say it is not a good investment to increase the school fund greater than we have if we can stand it? Don't we know when we educate the people we increase their capacity and don't We know d man morally and intellectually educated makes every acre around him worth more money and increases the value of the property of the State of Alabama?
 Not only is that true, but there Is sleeping in the other end of the Cap itol a bill proposing to pay the old sol | .Nf Ntn fof nf A la hsaV