Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1909-12-10
SIX PER CENT MONEY.
Col. Street Gives an Explanation of
His Plan.

| UuC 1OWOE uOuSO Vi UuO 1CSIS1dUuECs
is leading the fight to secure the
passage of law exempting from
taxation all money loaned at six
per cent, or less. This will be
one of the most important topics
brought up for discussion at the
approaching legislative session,
and Col. Street is now engaged in
campaign of education on the
subject. In an authorized inter-
view he fully explains the pur-
poses of the proposed law, as fol-
lows:
''FOreign money is now loaned
in the state at and 10 per cent
and pays no tax while our people,
to avoid double taxes are sending
their money to other states Or 9th
erwise evading taxation. Not
one-fifth of the money and credits
attempted to be taxed, reaches
the assessment rolls.
''The question involved is not
the exemption of money from tax
alton, but whether we shall have
three subjects of taxation for on
ly two actual property values.
The property securing the loan is
one; the money loaned is another;
the note is only a representative
of property and whatever be it's
value lessons the interest of the
borrower in the property securing
the loan. Suppose one hundred
men in Newton county have
81 900 each and one hundred 9th
er men each have So, 900 worth of
land. This makes a combined!val-
ne of $500, 900. Now if this
800, 900 is loaned to the one hun
dred land holders and mortgages
taken on their lands, is the wealth
of the county increased one dollar
by these transactions? True the
mortgages have a value of 800,
900, but the interest of the land
holders in their lands is reduced
that amount, and if sold, their
interest would only be 300, Oco
GAS to the aggregate value, if
the property is the same, why
should it be taxed for 800, 900
more?
''Should not the tax on the
land be appOrtiOned between the
mortgagor and the mortgage in
proportion to the interest of each?
''This can be done by having
the mortgagor pay the taxes and
collect from the mortgage his
part.
''To simplify the transaction
let the mortgagor Withhold all in
terest over 6 per cent which diff
ference will more than pay the
mortgagee's part of the tax.
Gone thousand dollars worth of
land and one thousand dollars In
money cannot be twisted into a |
value of So, 600 and when the two
are taxed for $4,000 there is no
exemption.
2 "The more the question of tax
alton if fairly and intelligently
discussed, the greater the hope for
settlement on a just basis. Un-
fortunately it is easier to appeal
to prejudice than to reason and
the easier way is too frequently
adopted.
1.-THE attempt to tax intangible
property by the same methods ap-
piled to visible property has prov
en- a failure everywhere. Where
a commutatiOn tax in some shape
has been substituted receipts have
increased and business has not
been obstructed.
eff the clouds were subject to
private ownership and there was
not enough rain to supply the de-
mand, we would endeavOr to |
shape our tax laws so as to catch |
our share of rain and not drive
the clouds away. The circulation
of money is necessary to prOsperi- |
ty as rain and sunshine to the |
production of crops. There is as
much money during panic as at |
other times, but it is not in cir
culatiOn.
MY legislative friend Carr
says, cit does not require Solo
mon to see that exemption ofl
money and securities from taxa
tion tends to make the rich class
richer and the poor class poorer.
Now, there is no proposition to
exempt money and securities from
taxation. The proposition is that
being taxed and the prop
erty securing the loan being taxed
there shall not be third tax pro
vided the debtor, whom suppose
friend Carr includes in the poor
class, must Indirectly pay this