The Paducah sun. [volume] (Paducah, Ky.) 1898-1906, 1903-10-03
Are Foundations of Wealth,
But Industries Are the
SlNEwS OF FINANCIAL STRENGTH.
Secretary Peyton N. Clarke Gives an
Interesting Interview on the
Benefits That Will Come From
the Adoption of the Con.
stitutional Amendment
In November.

h<bulcN lllt was hiahy tuihtu W W
the Constitutional Amendment Com
mittee for its Secretary. He has un.
selishly devoted much of his time to
all propositions of this kind and is
easily one of the best posted citizens
Of the State on the Constitutional
Amendment The following review OF
the benefits to accrue was furnished
by him for our readers:
You will understand. Of course,
that the proposed Amendment will
not interfere in any manner with the
present method of assessing real es-
tate and personal property for State
and county purposes. All towns and
cities will continue as heretofore to
pay taxes for State and county pur.
poses under the present law, and the
proposed Amendment. n adopted, will
make 1t possible for any town or city
in the State to secure an act OF the
Legislature, providing that in raising
revenues for strictly local purposes,
towns and cities OF any class may sub
stitute for the present ad valorem sys-
TEN. such licenses. franchises, and
excise laws, In subjecting personal
property to its fair share of the ex-
penses OF such towns and cities as
may take advantage OF the Amend.
nent when adopted.
1T would seem to be perfectly
fair proposition to allow the towns
and cities in the State to raise their
revenue for strictly local purposes in
any manner they see fit, and no fair
minded person could reasonably OBJ
ject to allowing them this privilege.
the Amendment Is of far greater mo-
ment and interest to every citizen in
the State. whether he is a resident or
a town or city or resides In the coun-
try districts.
THE products of a State are its
foundation of wealth. but its indus
tries are the sinews OF its financial
strength. Without industries. which
afford markets. in proximity TO the
products. the producers are badly
handicapped. and If compelled to send
their products to distant markets,
where there is greater competition
and increased expenses. as well as
numerous losses. II is perfectly plain
that the producer must suffer.
Now. in order TO secure more in
dustries, which means more employees
and more mouths 10 feed, we must en-
courage the establishment OF new en-
terprises, and at the same time, by in
creasing the capacity Of those already
established, secure an ample home
market for our home products.
"Other States have seen the wisdom
of this policy and Kentuckians should
not be allowed to lag behind them.
Our geographical position and enorm-
Gus undeyeloped wealth should enable
us to occupy a place in the front ranks
of industrial development and the fu-
ture welfare and prosperity OF the
State can be settled in a great meas
ure by the adoption of the Constitu-
tional amendment. Manufacturers and
other industries cannot be induced to
locate in Kentucky while our taxes on
such industries are greater than in
other States with which we have to
compete. Therefore. in order to secure
the benefits, our position and advan-
tages entitle us to, we must be able to
offer the same Inducements as are Of
fered by our neighbors.
while the proposed Amendment
will not change in any manner the
present method of assessing real es-'
tate for State and county taxes, II
must not be concluded that 1t viii not
greatly benefit the entire State.
at is confidently believed that the
new law will enable the assessors to
disclose a vast amount of property not
at present In reach of the assessors.
and II this result should follow, there
would be an opportunity for an I'm
mediate and radical reduction in the
tax rate for State and county pur-
poses by which every taxpayer in the
State would be directly benefited.
The main advantage would be In the
inducement to new industries TO locate
in our midst, new capital to seek in
vestment in our farms, mines and rich
timber lands, and by thus increasing
Out htdllu anu ihABOl NlllAt Allt ltNull
would invariably follow of reduction
in the tax rate. II is a very simple
proposition that the more property to
be taxed, the lower the rate necessary
to secure the same revenue.
"a recent change in the Kentucky
incorporation law has kept vast sums
of money in our State which before
the change referred to. went to other
States. and the numerous enterprises
now being incorporated in Kentucky
will continue TO add TO its sevenues for
all time to come. and If anyone has
been damaged in any way by the
change there has been no discovery OF
the fact.
IF Kentucky could gain so much by
simple change in the statutes, why
should she not gain a great deal more
by change in the revenue law as
proposed In the Amendment. TO be
voted on in November?