The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1911-05-03
Mr.. TRAVIS ON UNIFORM
LEGISLATION BY STATES
CONTINUED from Page Four.)

poor; tneSe DlllS OF ladlng he at
taches to his sixty-day draft on
London and the London draft,
with its documents, he attaches to
a draft on his New York agent.
With this New York draft he re-
pays the local bank. The New
York agent, in turn sells this sixty
day bill on London to a New York
banker, and with the proceeds
meets the cotton dealers draft on
him. On the other hand, the ex-
change banker sends the sixty-day
bill to London for discount, and
against the proceeds draws a de-
mand bill on London"
The bill of lading performs the same
function as regards various other ar
ticles of commerce. Like the negotia-
BILE instrument and the warehouse re-
ceipt, it is a credit instrument used
as a medium of exchange and as
substitute for money. We thus see
the force of the statement of Mr.. Lo-
gan Mcpherson:
'The (order) bill of lading thus
contributes to that fluidity of the
circulating medium, that celebrity
in the transfer of merchandise
which are striking achievements
and essential requirements of cur
rent civilization"
Every state that adopts the act, adds
to that "f1uidity' and CELEBRITY"
Uniform Stock Transfer Act
The Uniform Stock Transfer Act is
also recommended by the Commission
ers. Its purpose is suggested by its
title. Vast values are represented by
stock certificates, and this act facili-
tates their negotiability. The five acts
| together constitute an harmonious
whole They deal with general sub
jects. only-subjects which affect all
the states in the same way. They are
the outgrowth of crying industry and
commercial necessity: and their uni
form adoption will benefit, not only
the business man, but all classes of
our people. The consumer, as a rule,
must, at least, bear the burden. The
increased cost of handling industrial
and commercial transactions. incident
to the conflicting state laws touching
these subjects, is generally added to
the final price paid by the consumer.
Many of the states are adopting these
acts. The people of those states
which have adopted them will under
stand that the laws of their respective
states, touching these important sub
jects, are identical; and it will be per
fectly natural for them to deal with
each other, rather than with the PEG
pie of those states which have not
adopted them. Does it not follow that
the states which fail to adopt these
acts shut their eyes to the best inter
ests of their people and their doors tC
opportunities leading to greater prog
ress? Is it not of the first import
ance, if our great state is to keel
abreast with her sisters of this re
public, that she take her stand will
them, as regards these general sub
jects, rather than maintain an isolated
/ position which must inevitably reac
3 injuriously upon her people-upon he
f institutions?
2 Uniformity in Taxation.
e Uniformity in state taxation is re
E ceiving much attentic1 Taxation e
E. fects not only the owner of the prof.
e erty on which the tax is imposed, br
e many other classes of people. Man
/. of the owners Of taxable propert
ii charge the tax to the expense account
4. shippers and passengers usually pa
Y the taxes collected from railway cor
J. panies, the owner of the building, II
Il privilege tax imposed on the lumb,
company and policy holders. the tax
charged against insurance companies
d so that, as a general rule, the us
r or consumer has, at last, borne Il
h burden.
IS Situation DoubIy Confusing.
X One who has not investigate
a the situation has no idea
e. the confusion, inequality al
or injustice wrought by differil
'e- state laws relating to this subject. 7
al situation is doubly puzzling when
or comes to taxing the telegraphs, te
q phones, insurance companies and 9th
le- great corporations and combinatio
nd owning property or doing business
n many, and sometimes all the stat
There is no end to the confusion a
re- perplexity, and it all tends to grea
se increase the cost and retard the PR
in ress of business.
The inheritance tax also furnish
many examples of inequality and