The Montgomery advertiser., 1903-01-25
MAY FIGHT
 REVENUE BILL Strenuous Opposition to
 Stamp Tax. FRIENDS DEFEND IT Measure Carefully Explained by One of Its FramsrS. Says It Will Bring More Revenue l. into the Treasury and Wilt
 Not Work Hardship
 On Any One.

A fight of absorbing interest is now on for and against the General Revenue bill prepared by a board of State officials. and sent to the Legislature by Governor Jelks.
 The chief point of attack on the bill is the section requiring stamps on notes and mortgages. About this paragraph the great fight centers.
 The business interests affected by it are leaving no stone unturned to have it stricken from the bill by the commit tee. The friends of the measure de- clare that it is one of the best, If not the Best provision in the bill and they are prepared to defend it to the last.
 The bill is at present before the Ways and Means Committee of the House. of which Hon. R. T. Simpson of Lauderdale is chairman.
 At a meeting of the committee held Friday night well known Montgomery attorney representing business interests affected by the bill appeared in opposl- uon to the stamp clause.
 It has been practically agreed that joint meeting of the Ways and Means Committee of the House and the Finance and Taxation Committee of the Senate Is to be held tomorrow afternoon or tomor- row night. At this meeting a proposition will be made to appoint joint committee of six. three from the Senate and three from the House To this joint committee it is proposed to leave the arduous detali work of going over the bill paragraph by paragraph. By considering the bill joint ly it is hoped that it's progress will be hastened.
 County Official Defends It.
 A well known Montgomery County of- ficial, one who assisted the State officials in the phreparation of the bill and who is thoroughly familiar with tis provisions, gave out the following statement last night.
 among some as to the intent and pur- poses of the taxes levied on notes, mort gages. etc. under the new revenue bill. The effect of this measure if adopted will be to materially reduce the taxes on sol vent credits and will make the burden equal on all. It will also reduce the rate of interest regardless of the contention of the banks.
 Any one who will take the trouble of Investigating will find that the present system of taxing solvent credits is un- fair and unjust. and prohibits individual money lenders who arc citizens of this State from competing with banks and foreign loan companies. The Legislature must do one of three things. viz. Con tiEue the present unjust system make the taxes on solvent credits equal or abolish the tax altogether. The State by pro- visions Of this bill, says to it's citizens banks and foreign loan companies, you may lend all the money in this State that you desire and the only tax required is " cents per %loN of the amount loaned, but tnls tax must be paid by all whether it ne an individual. bank or loan company ms "ould increase competition among money iennerS and would be compelled to reduce tho rate of interest.
 under the present law if a citizen of Mont EomerN loans Sl 900 he has to pay tho State end county SI2 SO. to the City of MoRtg ,ucry tIt 25. making the total tax of S2575 each year. IT he deposits s 900 in bank for safe keeping the bank loan without paving any tax whatever The same applies 10 foreign lnan companies
 Continue the Monopoly"
 ''The banks of the Cit yof Montgomery have on deposit about four million dol ars. of this amount only twenty mine thousand seven hun dred and seven dollars was assessed for taxes in the year 1901, ninety per cent. of the solvent credits assessed for taxation in this country are returned by widows, guardians and trustees. These conditions exist through out the entire state, as shown by the Audi tors report of eo2. Can any fair man sav that this is just taxation?
 ''If the State will relieve its citizens of tho present high tax rate and place them on m equal footing with banks and foreign loan companies by taxing them all equally the re- suit as heretofore stated will be to rel,ce the rate of interest. Unless this is done inc banks and loan companies will continue the monopoly
 It has been suggested that this tax will be paid by the borrower: suppose this is true. the borrower could well afford to pay this small amount Of taxes 1T he could save from one to :wo per cent. in interest. which he could IaEiy do. 'Tt has been suggested also that it would