The Birmingham age-herald., 1907-07-03

and cheap money to. develop her re- sources Development means enhanced values and growth of material resources means increased income from the tax rolls for sustenance of government.
 q do not agree with Mir. Selheimer In his views on the constitutional side or the question and I doubt the application and interpretation presented by him on this all-mportant question. However, as you know, lawyers do not always agree.
 "Asde from the legai aspect I am sure the people of Alabama want the bur den removed and desire to give free vel come to every dollar or foreign money that seeks admission to this state
 Should Welcome Foreign Money.
 President John D. Elliott of the Com mercial State bank: Alabama needs more money and should welcome every dollar from abroad that seeks admission here. We have the natural resources and they are inviting. To lift them to proml- nece and real strength the leverage power is simply money. If we exempt certain manufacturing enterprises from taxation for a term of years, 1t simply means that we want them because they are wealth producers. Likewise is money In any and all departments of trade and commerce. Open the gates and let 1t come"
 Nelson Says 1t Will Hurt.
 Frank Nelson, Jr.. president or tho North Birmingham Land company: "Un- less the foreign loan tax law Is repealed Birmingham and every growing city In Alabama will be badly handicapped. We need in Alabama millions for develop ment and every act of the legislature having tendency to frighten away out side capital is sure to hurt the state No effort should be spared to Induce the legislature to right the wrong 1t has done"
 Marx Feels the Effect.
 Otto Marx: The present legislature, Tn imposing d tax on foreign loans, dealt Alabama a stunning blow and unless the law Is forthwith repealed every city in the state will be seriously affected. There would not be a steel frame building in Birmingham today had such law been in effect when our skyscrapers were built-
 Borrowed money was needed for the Woodward building, the First National bank building and the Brown Marx. The erection of the Brown Marx building would simply not have been possible with out the aid of foreign capital and this loan certainly could not have been ne- gotiated If such law now stares us in the face had been in operation. l am now trying to negotiate loan for a $l50,- 0D0 proposition, but 1t Is held up until iL can be seen what the legislature is go- ing to do at It's adjourned session. 1 know of number of building projects that will be carried out If the foreign tax law is repealed, but abandoned If 1t is allowed to stand.
 The tax is small-so small that it would yield comparatively little revenue to the state-and the tax would have to be paid by the borrower-but insurance companies with large surplus funds to in vest in mortgage securities will pass over the state that has a tendency to embar- rass capital. That is not notion; 1t is the truth and every man in Alabama who needs outside capital right now knows it.
 Steiner Sees Danger Ahead.
 
 Leo K. Steiner: 'I have had large ex- perience in negotiating loans on buildings and therefore know whereof l speak when I say that Birmingham and every progress sivc community in Alabama will be check ed in their development if the legislature does not promptly repeal the foreign loan tax law. Every new and growing city is built up with outside capital l suppose Otto Marx and myself have placed more loans here for building purposes than any other bankers I have negotiated mil lion and d quarter dollars and MT. Marx. I understand, has negotiated fully as much. We could not have secured any of this money for our respective clients had tax, no matter how small, been imposed on 1t. Negotiations now pend ing have been called off and unless the hurtful law recently enacted is rescind- ed. it will be impossible to bring eastern