The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1901-11-12
OPPOSED TO OUR INTEREST Law.
Mr.. Gore Also Condemns Some Features Of
Our Revenue Law

80 -~
ing about our interest laws. They
are against the interest of the small
borrowers, perhaps against the in
terest of all borrowers. but espe-
cially against the small borrowers.
There seems 80 be no law against a
merchant, horse trader or real estate
trader making 25, so or 100 per cent.
profit, in case the buyer cares to pay
it but if the money lender gets over
6 per cent. per annun, he has to lose
double the amount of the whole in
terest charged, that is in case the
borrower or some one else re-
ports him. Lenders are allowed to
charge 8 per cent in South Carolina
and Georgia, and 10 PER cent; in
Florida this can be done legally in
those States.
The taxes in my city, including
State, county and city, is about 81 IS
on each hundred dollars loaned.
Subtract 1895 from six which leaves
So So, the lender would get for the
use of his money, rented or loaned
out as money, while if he puts it in
gods, wares, and merchandise, he
can get much more for it. The
money borrower who wants from
$25 to 800 had better pay 10 or 12H
per cent. for the money than fail to
get the use of it, and yet, he cannot
borrow it. The sensible lender will
lend in other States where he gan
get more for it.
If our Legislature would make a
law saying that money loaned at 6
per cent. should be non taxable, OF
that money, like goods, could be
loaned at any price agreed on by the
lender and borrower, but there
should be a written contract for each
transaction, so there would he no
doubt about the borrower agreeing
to a the interest named in she CON-
tract, and that on all verbal contracts
the interest should not be over 8 per
cent. collectable-this would be bet
ter, especially for the small Dor.
rover. 1t is against the interest of
the large borrower also I think, but
he has a wider field in which to look
for cheap money, in the money cen
ters in case he cannot get it at home
at a reasonable price. But the small
borrower has not the collateral that
would be demanded in New York, or
other money cente-s, consequently,
if edoes not get the money at home,
he cannot get it anywhere.
Politicians have made Ca Oital every
time they have cut down the legal
rate of interest, and really the small
borrowers have many times thought
it to their interest, but many Of
them have found, TO their sorrow,
that it was against their interest.
Another law we have is this fac
tories and stocks of other corpora
tions in this State are not taxed, but
the plant is taxed, as real estate, and
at the same rate as real estate would
be taxed, which is right. But, a man
owning factory stock in other States
Is compelled to be taxed on the stocks
he holds in other States, at least for
the difference bet ween the assessed
value of the property in that State,
and the market value Of the stock,
which is unjust. The people in
South Carolina, or other States own
ing factory stock in this State, /
understand, are not taxed on it in
this State like we are on st cks in
their states. s., that makes our in
vestors at a disadvantage as COM
pared with investors living in other
States. This should not be. If l
own a saw mill, or a piece of land in
South Carolina, / presume shat the
North Carolina tax lister would not
think about taxing it., but if l own
three-fourths of a cotton mill in
South Carolina, and it is a corpora
ton, l am taxed. This may be legal,
but it is a very foolish and unjust
la y, I think.
Our people, and especially the two
GLASSES, n that wishes TO borrow
money in small amounts, and the
other who owns the kind of stock I
mention, should think over these
things carefully, and induce their
members of the Legislature to try
and change them. D L GORE.
New Hanover Co N. G.
Life outweighs all things if love
lies within it -GOethe.