The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1903-02-11
GRIMES HAS PLAN
TO RAISE REVENUE
Would Compel Insurance
Companies to Fay More
Taxes

William Grimes. territorial score
tary. viii submit to the legislature a
plan by which the fees OF the terri
torial secretary VIII be reduced and
large revenue produced for The bene
ct 81 the ternsory in discussing the
matter he said
~ am IN favor Of levying an annual
Der cent tax on all business done
by hre and life insurance. companies
IN Oklahoma No such tax has ever
AAsen imposed here The companies
ase simply paying fees retained by
the secretary as provided by law the
territory getting only part Of the
money. The FIRE insurance companies
alone did business of more .han
$500. 600 ia oklahoma last year, which.
at . per cont. would give the terri
tory more than $4,000 estimate
that the combined business Of insur-
ance companies of all kinds would pay
al least $4,000 a year to Oklahoma,
and that this sum would increase from
year so year as the business grew
Uhae NE present system which ~
quifes certain fees for the dlins ol
certain statements the revenue would
never increase. although the business
Of me companies might increase
thousand fold At this ume one in-
snrancc comrany pays the same as
sny other company the fees of CONE
pany doing business Of $4,000 beiag
no more than the fees Of a company
doing business Of $4,000 Many FIRE
insurance companies already have
signiaed their approval Of such law.
which exists in Kansas Texas, Ari-
zona and other states 1 believe tn
the life insurance companies would
not oppose IL
"..1itf such a law in force and the
territory getting an income of s25,
600 ~ more where It now gets only
a percentage of fixed fees, the terri
toria salary Of the secretary could
be paid from fees collected from
other corporations The federal
statutes. forbid the fixing Of specific
salary for the secretary by the legis-
lature requiring him te be paid IN
fees The secretary's salary can he
controlled. nevertheless. by the l6gis-
iature in cutting down the fees SO low
that their osiimate3 aggregate would
not be more than what the legisla-
tnre believes IKE secretary should be
paid
The greater part OF my fees last
rear came from the Ming of charters
che AVERAGE foe being about $40 for
each charter ] believe that this plan
could De iisproyed let each corpor
alton before rs charter is granted,
pay one-tenth Of per cent on It's
capital stock for fling It's charter, as
is done ia Kansas This would tend
20 keep ont wildcat corporations with
fake capltalizations. often running as
nigh as ] million dollars and give the
field 70 legitimate concerns Such
law last wear would have reduced
fhe Tees Of my office by one-half
"lt is a mistake for any person 20
suppose that I would resist a proper
regulation Of the fees and salaries Of
my ofice- There should be reason in
All things and while the large amount
of fees received ny me last year We're
not displeasing yet The time viii
never come when ! shall lobby IN
leglslature 70 perpetuate an exces-
sive income I don't have 10 do It.
Whst want 70 see IS fair and ree.
sonahle adjustment Of The finances of
che secretary's onice"
The WAYS and means committee Of
the house win mest with Mr. Grimes
20 discuss the suggestions he has to
of'er IN ssessis..s, sin for the control
81 his Office