The commonwealth. (Greenwood, Miss.) 1896-1923, 1906-12-21
GROWTH Of MISSISSIPPI.

million dollars, which covers the
land roll and railroads, but it should
be borne in mind by all who discuss
this increase that it has come upon
us, not on account Of favorable acts
Of the state Legislature but in spite
Of nnfavorable laws insofar as CAPT
tai is concerned, says the esteemed
Natchez Democrat.
In this respect we would say that
we have arrived at the time in this
state when the press and public
speakers should make a start in the
direction Ct securing more favorable
Legislation so that all manufacturing
industries and commercial interests
may take a new squirt and capital
be placed in a more friendly light
before the people, at least to the ex-
tent Of making the capitalist feel
that bis investments are desired and
when invested receive the proper
consideration at the hands Of the
taxing powers.
As our laws stand today, the mer-
chant who has a lot Of open accounts
on his books does not receive the
same consideration that is extended
TO the State in the matter Of the col
lection Of its taxes. An account is
outlawed at the end Of three years,
by the back tax limit. Heaven save
the victims from that. And the
back tax laws? They are the most
iniquitous that have been inflicted
upon any community. They should
be changed, al least TO the extent Of
making the back tax limit the same
as the time on open accounts. II
the State is not willing TO permit a
merchant to collect his account three
years after it has been made, three
years after he sold the goods which
represented part Of his capital and
on which he has paid a license to
sell, and a tax for having employed
bis capital in business, then by all
the powers of reasoning the State
should not 60 back one day more in
its collection of accounts which may
have escaped taxation through in
tention or inadvertance. All of the
back tax accounts which have been
were not due 10 the desire
Of a person to escape or dodge the
tax. some Of the parties assessed
had no thought as to what the law
contemplated and we're perfectly I'm.
conscious Of the fact that they ysfe
payment Ola just tax. No
man believes 1t to be right to stand
for the payment Of a double tax and
the back tax laws Of this State are
even worse than that.
And the tax on money loaned to
build and improve business and
manufacturing industries, to supply
the farmer, TO assist the man who
must build his house on long time
are such as to restrict and
retard, rather than To encourage the
man who is compelled 10 borrow
money or build on the long time
plan.
Why not amend the law 80 as to
exempt from taxation all loans made
at a rate Of interest not exceeding
six per cent? This is only fair and
equitable. 1t would serve to ell
courage the capitalist to lend his
money in Mississippi instead Of
sending it out Of the State to be
out and used in the develop
ment Of industrial, agricultural or
mercantile interests in other states.
1t is an indisputable fact that a
capitalist can do Just as well by de-
posting his money in a savings bank
where it will draw four per cent. in
terest and where he is absolutely
as to the safety Of his principal
and interest.
Then, too, there is the restriction
as to the amount of capital and prop
erty a corporation can own in this
state, This law sent a large corpor-
alton to Louisiana and is keeping
other big investments out Of the
state.
This big tax on money and the
restrictions against capital in this
state are having the same retarding
effect upon the growth Of Mississippi
that a small flower pot has on a
plant which has grown en-
tirely too large for the pot and
whose roots are choking the plant