The Montgomery advertiser., 1907-05-05

to man. Her fertile fields and treas for development, any intelligent per son could place good Investments to the extent of fifty million dollars within her gates and have abundant security when the outside world had fairly well awakened to these facts, your mis- rep voting No" on the question did, when so directed by this mighty Governor, recall that vote and at his instance. a prohibitive tax on foreign money loaned within your State. The official records show this to be a fact beyond dispute. The approximate 1,,, annual tax, lars Is upwards of four thousand G4;o0o) dollars per annum. Suppose you were an executive officer in such the e0PSii prPiViieee w01f of iendins @ mSaey hese when no other State or country charges such a fee? Of course not. .e.- ~ -,-
 Here is a question asked by Your Governor. you know" which seems to
 '"The tax rate on my farms. in Bar sfoooS sHat soAn Now IS why as shouid fsrmer or any other farmer be required to pay si,600 on s1o0,000 value as our contrf- button to help carry the burden of the required to pay only $20 on the same
 why should the banks of Montgom- $1J0.0 as they are, and the. foreign, money lenders be required to pay only $20 on the same sum?'
 This Is, I rather think, entirely ir- relevant to the issue before us On the one hand Your Governor" cites the payment by him of taxes on real es- tate, farm lands if you please which enue to him. the income provided there by no doubt Is great: does he pay taxes on that income? Certainly not.
 On the other hand your loan company wants to invest its money. its. surplus income from properties and loans in this or other States; on which proper Conner pays taxes on his farms; fur thermore, they pay an admission fee to this State; just as all other eorporats interests have done; lone, that ice IS sup ioaning money. just as 1t gives the other foreign interests the right to do whatever may chance to be its busi- For which the new law adds further tax What is money-personal or real property? Personal. is it not? In the from many properties on. which taxes have been duly paid. Why. Mir. Gov ernor, should they pay an income tax unless everyone else does? When you matters 1t if you loan 1t within Ala bama or beyond its bordersY In no
 To return to the effect which with drawal by foreign companies from Ala bama will produce.
 asleep; they thought 1t bad business to lend money or discount papers al low rates; a twelve. per cent discoun, fee was fair enough they said. Now of that wave of prosperity which In the past seven years has swept over the United States, has taught them that tai are more desirable than high rates and a scarcity of funds so, although they who if this law remains in force would once more control the Alabama money market at such discount rates as they might care to dictate, are loud est in their clamor for repeal of this measure.
 Your Governor: you know" tells you that MT. w. c. P Harding pres ident of the largest banking institution, in Alabama. a man preseminent in repeal of this law despite the Tact, as Your Governor" admits. that he can now command eight per cent in lions of deposits in his bank Why this seeming folly? Simply this, MT. Harding and his associates see further with conditions in the money markets of the world and knows that the pres ent temporary scarcity or money Tn all parts of the Union is due to Nl( The tremendous demand for funds to continue enormous operations Of an in- dustrial character on foot everywhere from Maine to Texas, from the At rest among moneyed people both in America and abroad who are hoardipg their actual money rather than FISK it's investment in States which, ike Alabama, are vieing with one an other in the enactment Of drastic leg- islation inimical to their welfare: (3). Because he is hopeful that cooler heads and wiser counsel will prevail when our law makers reassemble in July; and that the fire brand type or legls- lation now so fashionable, both in Ala bama and some other States. may sub side; then he forsees that money e9S- ditions will become normal and Al bama may get it's share Of outside cap ital provided our Legislature does not insist on the enforcement or such laws as this tax bill; this scare crow which puts Alabama at disadvantage when compared with States where the most rabid anti-corporations measures have been introduced and none of which other States approach in severity the drastic law regarding foreign money now in force in Alabama.
 What say you, MT. Voter? Win you command your servants CD, the Legis- outside capital seeking to develop our l State, capital which is willin0 to in vest here or lend us its support for 8 | fair profit a paltry six per cent which will in making that for others make for us of Alabama many times that | sum In the enhancement of our prop
 critics and in many other ways unne-
 cessary to mention here? Or will you | let MT. Conner, Your Governor, you
 know" continue to believe that "This | question for the removal of this tax
 Is made by the foreign money lender CCOntInued on Page Five,l