Pine Bluff daily graphic., 1901-02-01
A SEVERE MEASURE.


 Senator Huddleston's bill that pass ed the Senate of the Arkansas Legis- lature on Tuesday is one of the most drastic measures of late years. It i'm poses tax. in addition to all other taxes, of 52E cents on each $1OO yalu- ation of franchises thus divided: 22R cents for defraying general expenses of the government including the sup port of charitable institutions and the supplying of deficiencies; 20 cents on each $100 to be devoted to the support of the public schools and 10 cents on each S100 to be applied to the pay ment of the public debt. The provis- ion, according to our Arkansas ad- vices, applies to "every company, cor poration, association or individual in this State.'
 This is blow at cooperation through the medium of organization that would drive people back to indi 'vidual effort such as obtains among primitive people and savages, were it not for the saving clause in the bill which provides: For the purpose of this act, the value of the franchise for assessment shall be ascertained by de- ducting the amount of the actual par value of the tangible property from the market value of the entire stock; 4 Ir <,e4 aI stitute the value of the franchise tax ation'
 Through this loophole many of the corporations will be enabled to es- cape, but the important ones, such as railroads telephones, banks, oil mills and other enterprises, the value of whose stock is ascertainable either by being listed in the public markets or by common report, could be made to suffer.
 Strange as it may appear no word reaches us of any effort being made by any of the interests affected either to defeat the law or mitigate it's se-
 
 clnde that the measure is regarded as uncomfortable owing to its obvious unconstitutionality. It is not probable that the courts would tolerate such discrimination in the matter of tax 1evying and collection.
 While the law may prove a dead I,in 70 in advertising to the world the pres ence in the State of Arkansas of the spirit of hostility to organized effort. In the economy of modern progress cooperation is necessary in order that the great works may be carried on. No one man can be found capable of commanding funds enough to build a railroad, telegraph or telephone sys- tem, or who could open mine, con- duet rolling mill or engage in any vast enterprise. These things must be engaged in by number of men as- sociated together, each contributing a portion of the funds. To discourage
 
 a stop 10 developm ant. AraInsas has been held back for many years by being in subjection to one railroad, which initiated agains1 the invest ment of capital and the opening up of vast natural resources of the state These vast treasures are being reach ed by new railroads and manipulated into marketable personalities oy new capital, and if nothing is done in the way of unwise log isl ltiol to prevent in the State will soon be well launch ed upon an era of unparalleled pres perity. Cawise legislation will frighten away capital which is always timid.
 The people of Arkansas have reas- on to feel unfr,andly to some corpora tions because they have felt the weight of the hand of monopoly, but they should not, in the exercise of