The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1910-11-25
MONEYS AND CREDITS, AGAIN.

The Des Moines Capital has under
taken TO ascertain the views of the
members of the next general as
law taxing moneys and credits, with
view to keeping in Iowa the capital
which is now leaving the state be-
cause of that law. Thus far twenty
seven members of the new legislature
have been heard from on the subject,
six of whom have answered in the
affirmative, four in the negative, two
have answered that they would have
the law materially amended SO as to
reduce the burden of taxation and fif-
teen. majority of those heard from,
have said that they do not wish to
make answer at this time or they
have totally ignored the question.
Among those VINO neglected or re-
fused to answer is ]. NJ. C. Hamilton
of Fort Madison, one of the represent
atives-elect from Lee county.
On the affirmative side of the ques-
ton, Shall the tax be repealed" the
consensus Of opinion. the Capital re-
ports, seems to center around two
propositions. The first OF these prop
ositions is that the repeal of the law
will be for the best interests of the
state. The proposition put forth in
this answer is that the present law
is sending many people of money
away from the state to states which
L., Il <,f ,ic
view declare that in Iowa there have
been, in the past. any number of peo-
pie who live by the money which they
have to invest and when that money in
the form of credits is taxed. they pay
a tax not only on their income but
also on the money which sney put
out at interest TO produce that in
come. Thus they argue that they are
subjected to double taxation and this
they refuse to stand AS 1t is the law,
they remove to other states and Iowa
Ioses not only the capital which might
be invested in Iowa industries but
also the tax which the state would
receive II the money stayed in Iowa
and was invested in some business
proposition which could be legitimate
ii taxed under the general taxing
laws Of the state.
The second proposition found among
those rho favor the repeal of the
tag ig summed up In the letter OF
Senator y. G. schrup Of Dubuque.
He writes
II feel that as experience shows
that only small percentage Of the
tax on moneys and credits IL paid.
and, besides. in the last analysis the
borrower has to pay the tax, it may
be advisable TO repeal the law which
can be and is being eyaded by prob.
ably 30 per cent Of those it IL intended
10 reach,
On the negative side Of the oueg-
ton, Shall the tax on moneys and
credits be repealed99 two propositions
also stand out az the views OF the
four who have expressed themselves
az against the proposition The first
Of these views Is that 1t brings In a
good revenue in each assessment dis
trict. W. F. Stlpe Of Clarinda writes
ITO repeal this tax would cut off a
very fertile field Of revenue and be.
fore such a move could safely be made
1t would be necessary for the legis.
lature to discover some means OF rails
ing revenue from other sources to
take the place of that coming from
/ moneys and credits"
The second proposition against re
peal is that it would be too startling
j. F Weber of Ottumwa writes: "a
am inclined to think that for the gen
eral public the proposition Of repeal
Ing the tax on moneys and credits
would be little too startling at this
time. There Is no question but that
we are coming to that in the very
near future, but believe that the pub
lie will have TO be educated up to tha
in a general way"
The Capital further reports that or
the amendment side of the PROPOSE
l ton the feeling is that while it woule