The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-02-08
BANKERS OPPOSE TAX CODE

under the workings of the law. as at
present administered, the grain business
| or Duluth has grown from insignificant
proportions to a great industry. He
said the proposed law meant ruin to
the business and would drive the ele-
vators out of the statest With the pass
Ing of the elevator, the board of trade
and grain exchange. would go out of
would have sorry time of it without q
board of trade and that the grain ex-
change is to the farmer what the board
OF trade is to commence.
ThOmPsOn's Business-Lfl<e Talk
A. D. Thompson, of Duluth. was con-
cdse 70 point which excited the ad-
mlratlon of his audience He said:
There are two features yery clear tn
me as shipper and. buyer of grain
II this law is enacted, / must move
aly IesloeHce, my business and my bank
account to another state, because there
! won't be much for me to do in Min
nesota In another state I will ne able
TO TO p ~, , grain cheaper, because of the
FAX IN minnesota The farmer will have
to pay the differences Miehfoa,1 20 ia
Wisconsin can handle all the grain busi-
ness ana are anxious for If IF Won
1 msn1 TO drive the grain business and a.
laiSe snare or your banking business
OUT OF the state, put this law through ::
george Spencer, of Duluth slid tha
gaaln tax would not only drive A bust
Of w m1fh amounted u dS to 4OOoooO bushels
|
Iass year, out of the state: but 1t wol1Id
'deprlVe the Minnesota farmer Of the
'e A 6 81 Tori ms, inspection ms law.
dent of the Northwestern Ri] iiy, p ceEa
ptihy, MADE an earnest plea for Ybo
en- ctLnent of tax laws that would affect
fa l b tnsn aIlke. Mr.. Loring was prepared
70 pack up every statement" win nf1 ~ 5
clal ngures and the attemnts On III IL
part OF James Peterson to faneIa th I,e
LII man resulted disastrousIy for PET
nisS,da5 0eytFa4, times the legislators an
Piauded Mr.. Loring's vigorous n,1rs1i;+
anq defeat ofe Peterson Tha c HI1Sule
a aLlu tne passing of Peterson came a.
e az close OF Mr.. Loring's hearing PAT
that M III q Iauntlng manner suggested
eiat Mr.. Loring would have one cIass
pay the others taxes and ieerinol,, lass aSss
~ 4ti e7 an explanation Of Lorineis ideo-
with W SUITABLE s taxation. INSTANTLY and
II woni9 b heaa Mr.. Loring replied: -
TAX on every dollars worth If n,. a JUST
aI;Io Ms rs l. would have all men tree tes
nav nsine, + Due would not make one c1a es
and let another go free Ho' own
a,1til, Lor1ng confined himself OHM ostsi
fax cry 70 the effect of the nronoSeS
MinneeI ue on the milling interests in
Ter would be affected in tbe o9iitryf mll-i
III LIZ snonld have the same consiSnra Wy way
ne SAID In part: A'iuela tIon.
Wiling Business Jeonara; -
,,, ~ THIS law is enacted Tho Nr,.
T The Min business win gradually disapnsoatra
fo 3 o0a illIeaPoHs mills employ fror6 co.
~ ~ o'VV men. Thee sNfin1es Dc,,it 1om oOOO
h,.i,1r pdIu more for wheat than - r,rltsis
is no}o at any other point in the worI "a
is sold on its q grad grace market. The wheat
l(at 49, o1I us merits and the option mar
h1;rt uOss nor AFFECT it. Anything thar I'm
actn,eH4 WI reaction the state The on
shIt - u TINS law will compel US FL
Tf4ut gown during the 9stora pc 49, 80 ~
we must run continuously to WorI, a rs.
kbaoLl; smut down costs us 10 Cen+s ." 90 q
cents 81 nor we 6a VIII sell at margin Of fe 6
LIon and sell at that rate now for p,ouuc.
t I11AV very or Tor delivery in one wear or
ten years hence. Sedl "
,!Hete can be noaquestion. If vo1, moss
TINS bill we must shut down ard w ''I pass
MIn lost their situations. In the bard I
ennIi 1ieIe was not miller in Minne-
dpois VINO asked bis men to accept a re-
ooGtloh IN wages. 4 went in debt s26O On
70 keep my men and mills at work l1T,.
aIeh are asking you not 70 pass this law
t irGy are not asking yeu to do anything
ing you TO preserve their rights.
dFaln goes out of other states fl es
cape taxation similar to that which Won
are asked to impose 1t will go ont IF
Minnesota for the same purpose Irt 0o
mining companies do not wish to escane
d Single dollars worth of honest tax. birt
' we cannot be fairly taxed under the pro
PoSeu law. We have to borrow immense
amounts or money to conduct our bust
ness The money is put into wheat.
Every EEery man should be allowed to put his
IldplllleS against his assets. The manu-
iacIurerS assets are largely manufac-
tured GOODS on which heahas borrowed
money. The Jobber buys goods on three
months time. He can put one against
the other. The miller buys 100000 worm
of wheat and borrows $4,000 with when
put that41iabi1ity against his manufactur-
ed, assetss-ss
Elevator Men Protest
c. M. Harrington entered his protest
for the terminal elevator men. He said:
Minneapolis Is the greatest primary
eral millions invested in terminal eleva-
tors, and last year handled 100000 bush
els of wheat besides fax and other grains
The farmer can send his grain to Mime
apolls and get from to cents more per
DuSneI than he can in Chicago. Mani
toba wheat is selling for from to s
cents per bushel less than Minnesota
wheat because it has to go forward and
take the old world prices"
The entire capital stocks of the eIeva-
tor companies are invested in their plants
which are taxed as read estate, and real
estate in the city pays taxes on an as
Sessment much nearer it's full value than
real estate in the country. 1t is the Gus
tom of the elevator companies to borrow
money to carry on their business. Now
they borrow ILLEGALLY. Form erly we were
ahliged to go East and to Canada for
money OIQGr TINS law INDIVIDUALS ana
firms must pay taxes on the notes we
give them and wemustGpay taxes on the
money invested, which is clearly a double
taxation.
''It will be difficult to, supply remedy
under the present constitution. We be-
lieve you should get at the constitutional
amendments first, and then fix the laws.
The tax rate in Minneapolis is now per
| cent, and all the city. departments are
urging the necessity of Increased appro-
priations. If this law is enacted, there
will be no decrease in the rate, and in
a year or two all1the taxpayers that can
get away will have moved. If the grain
is listed in either April4or May, we can
not stand the competition of the more fa-
vored states. and Minneapolis will be
obliged to abrogate its proud title of the
/ greatest primary grain market in the
world. The elevators must go out of
business. There will be no new compa-
MES and the mills will not be able to get
grain at prices which will enable them to
compete with the East. Grain in tran
sit to the mills should be exempted -
Rome G.. Brown. for the Minneapolis
water power companies, protested against
the clause which declares riparian rights