The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1904-02-24
the GENERAL ASSEMBLY.
The Usual Rush Legislation which
characterizes the Day Before
Adjournment.

charaeterizes the Day Before
Adjournment.
Tne euiIdIng ane Loan Association Bill
andQther important Measures Killed.
Columbia. Feb. 1e.-The work OF
the General Assembly today was very
much cut uEby the speaking of Mr..
Bryan and the incident commotion.
The day was taken up in giving var
ious bills their third reading. There
was an incipient fight ready for the
third reading of Mr.. May6eld's rail
road lease bill, but the bill went to
it's third reading without fight.
The House refused to resclnd Rule
so, which permits the third reading of
bills on the last day of the session,
and, after this had been done, and the
clincher had been put on this action,
there was an effort to undo the action
so as to permit bills to receive their
final reading tomorrow. There will
probably be fight, over the matter
before the session ends.
A great deal OF time was taken up
in geiag over matters from the senate,
and agreeing to committee reports.
The Senate devoted its morning ses-
sion to routine work incident to the
approach of the close Of the session.
At thes.night session the Senate re-
fuseAte; concur in the House amend
meuts to the railroad merger bill.
Senator Sharpe moved concurrence
in theH ouse amendments to the Brice
local option bill.
By. a. vote. of Ito q the Senate re-
fused to concur in the House amend:
-ments, and, on motion of Senator
Bfice, non concurrence. was ordered.
Senator Won Kolnitz called up the
SinBlerF bin to regulate the giving Of
security for loans under S25, and the
charges to be made therefor.
Senator Raysor moved to strike ont
certain sections of the bill.
Senatn1 Won Kolpitz opposed the
amendments. The amendments pro
posed would doisaway with the means
for accomplishing that which was pro-
posed by the bill. Senator Won
Kolnitz defended the bill. A measure
against, small money sharks, such as
we're in Charleston, was needed
Debate on the bill was adjourned
temporarily.
The bill exempting domestic build
ing and loan associations from tax on
stock, was taken up.
Senator McIver addressed the Sc
nate. The total assets of the associa-
tions in the State we're 81, 295, coo,
composed Of three items, paid in in
stallments, profits and bonds and mort
ages Of borrowing members. Only
1924, 600 was on the tax books now.
Why should tax be imposed on CAPT
tai invested in these associations? He
had been Informed that there was
man in the State who vas paying s12,-
O00 year into building and loan
associations and that he mad never
borrowed cent. Under this bill this
s12, ZOO year would escape all taxa
tion. The proposition of the Comp
troller General was not to tax shares
borrowed on, and it was not double
taxation. If this bill passed there Vas
no longer need for banks in South
Carolina because banks were required
to pay taxes, and why should a man in
vest in bank stock which was taxed
when he could invest in building and
loan stock, which was not subject to
taxation. He saw no reason for delib-
erately wiping of the books more
than million of taxable property. In
addition. tho Constitution provided
for a uniform rate of taxation. The
argument in favor of tie bill
was that building and loan associa-
tions enabled people to secure homes
and build up communities, thereby
placing additional taxeble property on
the books. But this was true of rail
roads, which were not handled SO ten
derly, and it was true of other indus
tries which we're taxed. 1t was poor
business which could not pay taxes on
one fourth its assets.
DEFENDS THE B. AND L. ASSO-
CITATIONS.
Senator Walker had long been con-
nected with building and loan ssccia
tions, and was now serving them as
attorney in his town, and be thought
he could speak with some little author
ity on this question. There was no
parallel in any particular between
banks and railroads on the one hand
and building and loan associations on
the other. Building and loan associa-
tions were organized for a limited per-
iod and were in no sense permanent.
One lone officer, the secretary and
treasurer, receiving a very small sal
ary. The borrower paid the attorney.
They were in no sense for the pur
pose of investment. Banks were run
for che specific purpose of making
money. The man who paid 81, 600 a
month on building and loan stock was
an isolated case.
THE POOR MANS INSTITUTION.
The building and loan was the poor
mans institution. The poor mans
hope of home, and in many cases his
only hope of home. In his town
hundreds of poor men bad obtained
homes who otherwise would not have
built them. He appealed to the
Senate tonight as the poor mans advo-
cate. There was NO other institution
which served the purpose The bill
was right and should pass. Under the
svstoro vhich existed in his town all