The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1910-11-13
TAXING MONEYS AND CREDITS

In a thoughtful review of what is
the matter with Iowa the Nevada Rep
resentative expresses the belief that
the policy of taxing moneys and cred
its in this sta,e is forcing men with
money To look TO other states where
moneys and credits are exempt. Iowa
has always taxed moneys and credits.
but in the early days there We're not
so very many of them that were not
offset by. debts. and for a long time
after they began TO accumulate the
matter of assessing them ~as largely
/ a matte of courtesy: but some years
ago the state really began going after
! them. with the result that In very
1 many cases they were caught, and
| whenever caught they We're always
taxed at a rate about double the rate
OF taxation upon the actual value of
+ other property. The result Is thus
clearly and accurately stated:
"Since this condition developed
there has in our opinion been grad
ual withdrawal of ready money from
1.-THE Iowa market People who had
money have moved to California and
taken their money n them and for
gotten all about ii in California, or the
Canadian northwest or the Texas
Panhandle to invest in land. or dowr
into Oklahoma 10 loan-and conFen
ientiv forget about; but altogether
they have gotten out OF Iowa g tire
mendous amount of available capita
that had been created out OF lows
farms BY Iowa labor and that being ST
created has gone swiftly out of tht
state TO give impetus 10 the develop
ment of other states. If the taxation
OF moneys and credits and the tai
ferret laws for the enforcement o
such taxation actually resulted in III,
collection OF considerable amounts O
taxes the logic concerning the polio,
might be different. but that sort o
property is too elusive. and If il il
taxed heavily in any community.
simply disappears from that commun
ity, and the community is out bot
the taxes and the use Of the capital
And this. as We view ii, is very nuci
? of the matter with Iowa"
: The Representative suggests that
Iowa would moderate its policy witt
respect TO the taxation OF moneys ans
, credits-and even exempt the sam,
: wholly from tsxation-it would fin,
itself losing very little directly il
taxes; but ii would also ind IT'S loca
e bank reserves rapidly increasing. n,
5 matter OF securing loans AZ reason
able rates very greatly simplifed, III
amount OF tangible property subjec
10 taxation very much increased ant
the general prosperity OF the towns o
; Iowa wonderfully promoted.
: A similar view OF the matter va.
advanced recently BY a Mr. Olson o
: Fort Dodge in letter published Il
the Des Moincs Tribune He pointe,
out that foreign insurance companiet
E come into the state and loan on rea
estate At per cent They are tax2,
q in their home states only on their in
serance business. The money thel
I oan IS practically exempt from taya
p, tier The Tribune in commenting ~
/ on this showing Of fact conceded tha
! the Iowa msn cannot set hishe
rate than TIRE foreisn insurance con
parv and he IS expected 70 nay 2 Pc
j cert on his money IN taxes. Til
8 Iowa man naturally eets bis none,
: oat OF Iowa as quickly as he can On,
ot the 4-st things the ierjs'atur
Should do st its coming session is q
: NIT Iowa llonev on an enusiitv Wit
e outside capital discrimination asaius
{ lows men snd money snd Iowa inter
eSts generally has been practices
much TOO lon~