The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1909-01-06
Some Needen LeqisIatior-

Some Needed Lesislatiof'-
Cedar Rapids Republican Il Is to
be hoped that we have had an end OF
professional reform for a while, and
that our Legislators can. IN a calm
spirit address themselves TO SOME
things that need to be done [nsordef
10 do sonic OF these things that need
TO be done craftsmanship will have to
come TO the front and demagogism viii
nave to 20 to the rear.
One of the crying needs of this
state is d revision OF our taxation laws
For the most part our taxation laws
are antiquated This subject is 100 f
large d subject perhaps. to be dealt
with IN one session; but a substantial
beginning looking to thorough rsVts-
ion Of the laws governing taxation +
ought 10 be made; and when this IS
one. one thing that ought to be espec- I
Tally insisted upon is a change II the
laws governing the taxation Of moneys &
and credits. As the laws of this state (
now stand, a very small proportion OF 4
the moneys and credits Of the state +
are taxed, and in nearly every in
stance where they are taxed the result I
is double taxation. We have permitted
old tinle preiudices and the fear OF
what demagogUes might say to pre-
vent q change in the laws which men
who have given the subject thought
long ago agreed ought to Dc made.
Theoretically the posssssors Of
moneys and credits are expected to
make a return of them TO the asses
ors, but they do not do it. The severe
ly honest man does it. and suffers
much thereby. Then boards of super
f yisors hire tax ferrets TO compel those
/ who have sought TO evade the laws TO
disgorge: and some not cute enough 10
I cover their tracks well are caught
The sum total of the result IS that, in
spite of all efforts put forth, moneys
and credits on the whole are not TN
covered for taxation purposes. Money
is driven out OF the state; interest
rates increase; and the very people
who are supposed to benefit by such
legislation as We have long upheld
really suffer by reason OF it,
This paper. so far as mortgages
are concerned. IS inclined to favor
the New York statute. which provides
a fee for the recording Of mortgages,
which Is not very high, fifty cents per
, hundred dollars it is. if We remember
correctly This is the only tax paid
t on mortgages. Of course the borrow
i er pays the taxes IN nearly every IN
: stance: but he pays this tax and q
great deal more every time he bor-
! rows on real estate through the IN
, strumentality Of q high interest rate.
/ The tax ferret law has Increased the
, rate on farm loans in Iowa from one
: half to one pei. cent The enactment
/ Of tie New York statute would put
, home lenders and foreign lenders on
: an equality. and would lower the inter
: est rate from one-half to one per cent
: within z rear after IT'S enactment.
Another crying need in Iowa is 2 pro
vision Of law thar would permit the
formation Of trust companies enpoW
cred TO exercise the. duties Of conser
vator. executor. administrator, trustee
and the Ike So long as Iowa was q
: state without any considerable wealth
perhaps there was no need OF suct
: institutions. but We have grown fuau
cially 10 the point where they are 2
necessity IN the older states, il z
: man desires to leave money in trust
I he car also have his estate admins
tered upon by trust company The
: advsnta zes of this are aupareut at firs
thought II snch matters are fntrusteC
to an individual. the man creating th'
trust can satisfy himself in the frs
: Instance. INT al life is transftory; th'
i administrator executor or trustee
Z may die very shortly after trust come
into his hands and hts successor ma.
easily be some one whom the create
= OF the trust would not Ike TO hav
Z handle his property 1t all. Institution
2 Ike trust companies however. SUI
e vive individuals They offer a degre
Of stability and security which an II
diyidual cannot offer Repeated a
temDts have been made to estabIfg
such institutions In Iowa. but the
have always failed What Is eeded t
secure the passage Of such Law a
re have indicated $ public sent
ment thar viii make itself felt Othe
re wise interested parties will continu
y to defeat Ill proposals. looking in thi