Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1909-01-14

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equally upon the holders of this class
of property I would recommend that
you place upon the statute books a
law requiring that all mortgages re-
corded shall pay a fee of one-half Of
of one per cent in excess of the regular
recording fee as now provided.
Annual Fees From Corporations
! A bill should be passed similar to
that introduced into the senate of the
Thirty second general assembly by
Ericsson of Boone to require an an
nual report from all corporations and
a filing fee. Men engaged in business
seek to avoid financial responsibility
through organization under our cor
poration laws. This is desirable and
proper, but it seems to me that the
exemption enjoyed is of such. value
that those who claim its benefits
should be willing to pay for the same.
Direct Inheritanccs
! I recommend a direct inheritance
tax substantially in the form of the
bill which passed the senate of the
Thirty-second general assembly. This
seems to me fair and equitable
proposition. 1t provides for the ex-
emption of the first ten thousand dol
|
tax of one per cent on the second ten
thousand dollars, and an additional
one per cent on each added ten thou
sand dollars, until a maximum of five
per cent is reached which is to be APP
piled to all above fifty thousand dol
/ lars
Taxation of the Liquor Traffic
The state has a law governing the
saloons which are legally operated. AT
/ this time 1 desire to refer to their
/ taxation or license fees. 1t is asserted
that So per cent of the restitution,
crime and degradation of the state is
due to the nefarious traffic in intoXi-
eating liquors. This imposes upon the
people an additional expense, which is
borne by the communities where no
saloons are tolerated as well as by
the others, and it is only fair that all
counties should share in the revenue
desired from mulcting the traffic.
With the thought that the saloons
may be reduced in number and be
under better control and surveillance,
I recommend that the law be amend
ed so as to require the payment of
an annual license fee of $1,000, divid-
ed so that one-third goes to the
municipality, third to the county
and one-third to the state. With the
present number of saloons this state
tax would amount to about 100000
annually, and this should be set apart
to be used for permanent road con-
struction and other public improve
ments as contemplated in connection
with the state highway conservation
commission before referred to. I be-
lieve that with substantial unanimity
the people Of Iowa would indorse a
measure of this character.
/ Assessment of National Banks
Under the revised statutes Of the
United States the stock of nationa
banks is now assessed as other moneys
and credits but to a large degree they
escape taxation. You should memoir
ialize the congress to permit assess
ment and taxation of national banks
the same as state and savings banks
in the state of their location. 1t seems
impossible for us to change our sys-
tenn and it is manifestlty unfair that
banks organized under our laws
should be taxed on their capital an6
surplus while sister institutions, en-
joying special advantages, should be
permitted in many instances to sc
scot free.
Trust Companies
There is growing demand in lowe
for financial institutions which arc
capable of handling the larger ilnan.
cial transactions of our people, espc.
cially in the negotiation of bonds ant
stocks of large corporations. There i:
also real need for home companic:
that can act as trustee, administrator
or guardian in probate matters
would recommend a law making il
possible to organize and establish
trust companies, keeping in mind tina
the demands Of society require great
est care for the protection Of the PEG
pie. A short time ago it was called tt
my attention that when a railroad
company organized in Iowa desired tt
:. sell its bonds it was offered in New
York 10 cents on the dollar for tiv,
per cent bonds. When it is know
that in October, 1907, Iowa peopl,
were lenders outside of the state t.
the amount of from one hundred ant
fifty to two hundred million dollars. i
would seem that there is abundance o
money in Iowa for all purposes if thu
machinery was only at hand TO
| ~ iii5iii6 llic ieIlutI anu borrower
gether without going away and payin,
out so much of what belongs to ou
people.
Pardons and Suspensions
AS required by law, submit to yo,
, a report upon pardons and suspension
of sentences, issued by the governo
during the past two years. This re
port covers the work of my predeces
sor as have taken up but very littl
of this during my brief term. Thi
report shows that during the perio
seven pardons were issued, four upo1
the recommendation of the, board o
parole, two upon the motion Of tn
governor, and one by order OF tn
general assembly.
In accordance with the law, I sub
, nit to you the names Of prisoners con
: victed Of murder in the first degre
and sentenced to life imprisonment,
! who have applied to the governor 70
| pardon, so that you max take actio
v and advise the governor as to you
, wishes Applications have been mad
by the following persons:
Will Adams w r, Aleyapder w 7