The Montgomery advertiser., 1907-11-21
pneenrnee naonex te ceme,

EtMCOWHnBG AAONGF tO GOEuGS | Birmingham News.
 On April 18th last, The Birmingham News editorially declared; "It ist a l maxim Of finance that any burden placed on loans Is carried by the bor- rower." That might have been a the. ory then; 1t is a demonstrated fact The Legislature of Alabama, during its regular session in March, 1907. had act to provide for the revenue of the State" and the other "An. act to amend Sections 1921 and 1922 of the Code of 1SS6," which The Birmingham News cause these acts would increase the interest rate and keep foreign money out of the State. At the July adjourn ed session of the Legislature the first act, putting an annual franchise tax on loans. was amended so. as to make the tax fee nominal, and became law upon @the approval of the Governor The latter act, which raised the tax on foreign corporations that engaged State, was repealed, or rather so 1 amended as not to apply to foreign corporations whose sole business in Alabama was lending money and which laws of this State. Governor Conner. by failing to approve this repeating or am nending act within the time the Con- stitution- allows, defeated 1t. It should " oAA iA0~hS AefO OSSOAAAS a Ae@ VI. OA
 Elsewhere in today's paper, a copy of the act adopted at the adjourned ses- sion. amending Sections 1921 and 1922, of the Code of 1896. which was passed at the adjourned session of the Leg islature. and not approved by Cover nor Conner. will be found.
 The Birmingham News most earn estly apeals to Senators and members of the House of Representatives to re-introduce and pass, by a two-thirds majority, this bill. The Birmingham News feels sure that it will. at this Conner and become a law. Why may not Governor Conner In a special mes. sage recommend this bill?f The Birm- ingham News begs him so to do.
 that the need of foreign money in America and Alabama at this time IS most urgently felt
 The argument made by those who have opposed the bill proposed. that the tax raised is insignificant. in it. self is a reason why 1t should become law. The failure of this particular bill has caused several of the great money lending foreign corporations to decline to make loans to citizens of Alabama in the State of AlabamanJust yesterday-it Is an undisputed fact two loans arranged for early last spring, and in pursuance of which money was expected by two citizens of Birmingham were recalled and can- celled for the specific reason that the bill passed in July and not approved by the Governor, had failed to become the law of Alabama.
 Hundreds of thousands of dollars of loans maturing the next six months in the State of Alabama. mus be met either by renewals or by securing the money from some foreign money lend- ing corporation, else inconvenience. discomhture, and maybe, bankruptcy will overtake the borrowers. Now is and the representatives of the people assembled in the Legislature of Ala bama at Montgomery can do nothing which will more materially and promptly advance business conditions and promote the general welfare than the enactment into law of the bill sug- gested.
 It is we'll enough in this connection to call public attention to the fact that it is not the amount of taxes. but the bad faith" as claimed by the foreign money lending corporations. that ere ates in them a disposition not to lend money to fcitizens of Alabama. The ground for the charge is Section 132a of the Code of 1S96. which declares: The fee required by the second pre- oedfng section 1321 shal be paid once only" Foreign lenders, 1t seems to The Birmingham News, very justly in- sist that those words are part of the contract, under which they began bus mess in the State of Alabama, and that a breach of faith in a small mat ter justifieS the predicate that the la ws of Alabama might at some time, under great temptation, be changed in large matters.