Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-07-18

| That is our idea of the way to reach
the moneys and credits Of dishonest
tax payers and make the owners of
them in an indirect but effectual way
bear their share of the burden 1t
will not affect the man who still
boards his money and never rlaces it
on interest, but 1t will reach him the
moment he loans it out. Heretofore
such man hated taxes more than he
loved interest. 1t will make hi.a will
ing to put it out at low rate Of inter
est as he knows it will not be taxed.
| 1t will make money cheaper as there
will be more Of 1t in sight. It may
lead many for time to convert their
property into .Aoney for the purpose Of
loaning it out free of taxes, bu. that
will soon adjust itself. Money will
be cheaper as the cost of it will be
regulated by the law of supply and
demand, until point is reached
! where it pays no better to loan money
without taxation than it did before
subject to taxat.en. The loss In in
terest will fall equally on the just and
| the unjust, tho honest and the dishon-
est. Heretofore the honest mon have
had to pay taxes which should have
been paid by the dishonest. AS the
debtors are the only ones who pay in
terest it will relieve those who pay
taxes on property valued at more than
they are worth in an exact proportion
to the amount Of their debts by en-
abling them to carr those debts at a
lower rate of interest, 1t will enable
a debtor who is required to give a
mortgage on his property in oder to
get the money chance to get it at a
lower rate of interest, because dis
honest loaners who have heretofore
avoided taking mortgages in order to
beat the tax ferret Will be seeking just
such loans when the taxes are re-
moved. 1t will relieve owners of tan
gible prop rty. and honest o--aers of
moneys and credits who have hereto
fore paid all our taxes, from tn bur
den forced upon them by the dishon-
est owners Of moneys and credits. 1t
will make people more honest by re-
moving the chances of making profit
by dishonest return of property to
the assessor Heretofore moneys and
credits of non residents loaned +, this
safe have been supposed to have been
taxed in the states where the owners
reside ind not taxable here. Some of
them may have leaned t-eir money
here for ae purpose of beating the
assessor at home, and in competition
with our home banks and money loan.
ecs who are paying taxes. The plan
we propose will reach them also, for
they, too, while competing with oul
residents for loans. must loan theil
money here at lower rate of inter
est. 1t will do away with the profit
dishonest tax payers have been re
ceiving as a reward for their dishon
esty No tax ferrets will be needed
as the law Of supply and demand
comprehension loans will do the
work
Debtors Only Pay Interest.
"a man is in debt exactly to the ,ex
: tent that he owns more property thar
! he is worth. Debtors are the onl,
persons who pay interest, and debtors
who pay interest are the main one
. to be benefited by the law we pro
, pose; and they will be benefited jus
' in proportion to the amount they pa.
: interest on; and that is exactly in pre-
, portion as they now pay taxes OF
!. more property than they are worth
4 That is as it should be.
: Don't misunderstood me- w
e don't say that this law will do exac
e Justice in all cases. No taxation Law
9 however complicated, has ever bee
I devised that did that. l don't say tina
g man should have the amount of hi
t debts taken from the value of his tar
\ gible property, for taxation. If tina
d were the law it would be just as diff
e cult for the assessor to ascertain tn
e amount of honest Indebtedness to b
s. deducted from the assessment of tar
S gible property as it is now to ascel
e tain the honest amount of indebted
n ness to be deducted from moi ,ys an
e credits. If such was the law, the fe
Il lows who are now beating the assess
Il or would be desperately in debt o
9 the other hand, we would assess ever
l. person, partnership and corporate
II with the fair value of all of his c
their property regardless of indebted
u ness, and rely on the decreased rat
v of interest they would have to pay o
e their Indebtedness and the decrease
IS rate of dividends stocks would ear
!. to make up. as far as it would for tn
q fact that they paid taxes on NOR
u property than they are worth.
" mo law, we think can be devised
- SO easily, effectually and equitably di
;, cover and assess. and collect taxes, o
~ moneys and credits as a law that d.
~ creases their earning power and give
- the excess to those who do and can +
"A made to pay the taxes. Such la
reaches and treats all alike no diffe
ence how secretive or dishonest the
are. 1t is absolutely necessary
d, raise a certain amount of revenue a.
Te nually to support and carry on OF
1e government and its institutions. 1t
ey right that the owners Of all kinds
a property. including moneys and ere
n it's, should contribute. If any class
e. property cannot be reached in a dire
ut way, it is proper and right to reach
sr- in any proper legitimate and effectu
a indirect way No law is so comp
ey tent, and self enforcing, to fix and
IT. termine values and increase and d
a crease them as the law Of supply a1
he demand. 1t needs no enactment; ]
Il lSkrr Is