The Montgomery advertiser., 1907-05-09
CLUB SEEKS
LAWS REPEAL
Alabama Should Foster
Development.
MONEYLENDERS' TAX DEPLORE
Resolutions by Board Of Directors
Ask Its Abolition.
This state, II Is Recited, should Offer
Every Inducement To Foreign
Capitalists To Aid In Ad-
vancement Of Re
MONEYLENDERS' TAX DEPL OREI

The imposition of new taxes and PEN
alties, by the last session of the Legis-
lature, on foreign money brought into
the State to be loaned out for the de-
velopment of the States resources
legislation which is pronounced drastic
in its effects-received the stamp oil
disapproval by the Board of Directors
of the Commercial Club. They met at
noon yesterday and passed resolutions
Joining other commercial organizations
in the state In an effort to have such
legislation rescinded at the july SEES
sion of the Legislature.
The directors took the view that the
policy of the State of Alabama should
be to invite foreign capital 10 invest
in this State ION terms at least equal
to those offered by other States SINH
larly situated, and that the Imposition
of new taxes on foreign money and the
passage of drastic laws imposing sas,,
and severe penalties on foreign money
lenders, as well as other foreign cor
porations seeking to invest In Alabama
is exceedingly unwfse and extremely
harmful to the state"
The Board of Directors by unanimous
vote. adopted the following resolutions;
Where the present Legislature Vi
Alabama has passed several biils I'm
posing new taxes on foreign money
brought into Alabama to be loaned on
real estate, which taxes amount TO
more than ten times those formerly
charged for similar purposes; and
"Whereas this club has been invited
by various commercial organizations
over the State to join them In an Ell
fort to have these onerous and inhlpi-
five taxes repealed or modified at the
July session of the present General
Assembly;
Therefore be 1t resolved by the
Board of Directors of the Commercial
Club:
"frirst. In view of the fact that Ala
hama has so many latent resources en-
tirely undeveloped and such vast ex-
panse of unsettled agricultural lands
living idle, it should be the policy of
the state government to invite for
eign capital to invest in Alabama on
terms at least equal to those onereu
nv other states similarly situated, and
that the imposition of new taxes on
foreian money and the passage of
drastic laws imposing rash and severe
nenalties on foreign money lenders. as
we'll as other foreign corporations
seeking to invest in Alabama. is ex-
ceedingly unwise. and extremely harm
full to the state.
second. In view of the fact that
the situs of personal property dnclud-
ing money!, is for the purpose oi YAK
alton fixed by law at the domiclle oil
the owner Il Is the sense of this BOARD
that no advalorem or property tax or
fay in the nature< of property tax
should be imposed by the State OF Ala
bama on money brought mere from
other States or foreign countries, ana
that only a small franchise or charter
tax should he imposed on such corpor-
alton for the privilege OF doing bust
ness in Alabama This franchise or
privilege tax should not be in excess
Of that charged similar corporations
nv other Southern states, or states
whose supply of money is not In excess
hut far below the needs of Its people
for developing the States resources.
Third. That the imposition of the
taxes in question on corporations lehu-
Alabama is radically wrong and sub
versfve of the best theories of econo-
mics. in that 1t taxes the necessities
of the people and adds an additional
burden TO those very classes who now
nav the major part of the expenses vi
the state. 1t Is similar In principle TO
nm import duty on the necessities OF
life instead Of the Injuries and taxes
only the poorer classes who must have
money and the enterprising citizens
who borrow money for the purpose oil
developments.
"Fourth. In view of the fact that
the foreign money brought into this
state has played material part In the
building up of Alabama. not only IN
the cities and commercial centers but
in the enhancement of farm lands In
all parts of the state and has con
tribulted a large share toward the mar
yelous increase in value of this prop
erty during the last decade, we dc
most earnestly petition the Legislature
of Alabama that the laws in question
he either repealed or modified to such
an extent that Alabama may not be dis
criminated against by the lenders oil
foreign money in favor Of other agri-
cultural States where no taxes are
charged"
Those present at the meeting, which
was in session about an hour, Were
President A. G. Forbes. Vice Presi-
dent F.. p Chaffee. Directors j. c.
Haas. w. B. Davidson, George A.
THOMAS, John T. Walker. Secretary l..
l.. Gilbert and Treasurer Emanuel
Meertief. #-a a....