The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1909-10-22
Advertising Rates.
%Exemptin5 6 Per cent. Money.

ExcmptlnS o Per lent. Money.
The question of eNempting from taxation money
loaned at 9 per cent. interest is being agitated again
and the matter will probably come up for consider
alton at the next sitting of the Legislature. While
there may be some desirable features Of such an act
it appears that the principal benefits to accrue froa,
making this exemption would be to the people who
have money to loan and to those who want to
borrow. Inasmuch as the majority of people have
no money to lend and 10 not want to borrow, such
a law would not be for the best interests Of the
majority of the people. There is 10 reason why
the man who has money should be exempt from
taxation, any more SO than a person should have
this privilege on personal property or real estate
SO the only necessity for such a law, SO far as The
Record can see Just now. is that the poor man who
had to borrow moaey. could get it at a lower rate of
interest. In proportion to the entire population of
the state, those who borrow are in a very small
proportion to those who do not. The question IS
xather a complex one. however. and requires a good
deal of study on both sides to form an opinion as t.
whether OF not it would prove a wise law. The
Record is open for conviction"
The Newton Record, from which We clip the
above, is one of the best newspapers in the state
Our esteemed conferree is usually pretty clear
headed in it's editorial enunciations.
We are glad the Record is open for conviction"
because its influence is potential wherever cast
We differ with the Record in its tatement, "in
proportion to the entire population of the state
those who borrow are in a very smali proportion to
those who do not" In this section, and We believe
the rule will hold throughout the state, 1t is the
great majority wno borrow. There can b: no de-
murrer entered to the Records statement when
considered FER 81, there is no reason why the man
who has money should be exempt from taxation.
.anv more so than a person should have this priv
ilege on personal property or real estate but
the fact stares us in the face that the Man who Has
Money is giving in but a very small percent OF 1t to
th4 tax gatherer. As a proof of this, look at the
bank deposits in Mississippi and compare them with
the tax rolls. A large percent OF the money IS es-
Gaping taxation. The man Of little means IS paying
his share of the tax burdens. The man OF large
means is not paying in proportion to what he OWNS
as compared with the man who owns a few horses
and fortv acres Cfland. The question thus presents
its self. "NVhat is best to be done The poor man
needs the money. He is now borrowing it and
paving 10 per cent. The bulk Of the money is es-
Gaping taxation. 1t is not what should be or what
is desired that confronts us-"it is not a theory but
condition" Hence it appear: to us that the man
with little means, the man who is struggling to take
care of his wife and childreu and who IS tied
hand and foot with a mortgage, would be the CHIEF
beneficiary by exempting all money loaned at Q
Der cent from taxation. The borroWerer WoulC
save Just a per cent. Governments are designed t.
protect the weak-money needs no GUARDIAN
Again, we believe such a law would bring no little
money from its hiding. The more money, the bet
fer for the poor man. If we had ideal conditions.
if every man had for his guide, the principles
taught by Holy Writ and lived by that guide' OF
course we would need no law of any kind. but I'M
fortunately such is not the case. Therefore we
must deal with conditions as we find them and utIi
ize the best methods that present themselves. keep
ING in view at all times that which will be helpful
to the masses. In doing this, we need not ever
compromise right but it is often necessary to con-
TESS that we recognize wrong and where we can not
annihilate it, VIC should amputatei it.
A law exempting from taxation all money leaned
at per cent. should go still further. 1t should
provide that where a loan is made at a greater rate
than 6 per cent, and not listed for taxes. that the
lender should have no standing in court to enforce
collection of the loan.