The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1911-01-10
Carroll Confined Himself to state Is
sues in His Biennial Mes
sage TO The Lesls-
Iature.
PRIMARY ELECTION LAW
recommends That II Be Amended So
That 1t May be Absolutely Fair
and Free From
Reproach.

DES MONIES, Jan. 10. Governor B.
F. Carroll in his message to the leg
islature today confined himself to
state issues. He said:
One Of the important matters that
should receive the attention OF your
honorable body is that OF the primary
election law. It ought to be SO amend
ed as to make it absolutely fair and,
SO far as possible, free from opportuni-
ties to abuse. Irregularities In the
name OF reform are no more excus-
able than under any other circum-
stances If charges that have been
made are true, there can be no ques-
| tion but that many delegates to the
last republican state convention won
their seats by sharp political practice
either upon the part Of themselves or
Of others. | am not referring to any
particular faction. There ought not
to be any ground for such charges,
and law that makes such things pos
sible should either be amended or
wiped off Of the statue books.
Watered Stock.
The Thirty-second session of the
general assembly enacted law to
prevent the issuing OF watered stock.
It provides that no stock shall be is
sued by any corporation except for
cash. unless the consent of the execu,
tive council is first obtained. and that
! no stock shall be issued unless the par
value Is paid in cash or its equivalent.
AS to incorporating an ordinary going
business the law does not seem to
nave worked any particular hardship,
but as to promoting new corporations
and especially electric railways it evi.
IDENTIFY has proved a hinderance.
Banks.
There is little il anything, pertain.
ing TO banks and banking that needs
TO be called to your attention.
The banks of the state, in general.
seem to be in very f1ourishihg con-
dision. There have been no failures
or state savings banks during the last
Two years. The auditors biennial re-
port shows that there were $50 state
and savings banks and trust compan-
les c'rrying deposits Of nearly s247,-
oue.ooo reporting to the department at
me end of the biennial period ending
June 30, 1910. Fifteen or more have
Deen added to the list since that date
me laws relating to the taxing OF
panSs have been rendered somewhat
chaotic by reason of some decisions
OF the courts. but that should be con.
sidered with other matters of taxation
Direct Inheritance TAX.
believe that the time has arrived
When the question of direct inheri
iance tax should demand your most
sericus consideration. It is not a new
,llng in the affairs of states. Some
OF the older and more conservative
commonwealths, as we'll as many oil
cue newer ones, have laws providing
ior tne taxing of estates descending
- direct heirs. In applying the In
hefltance and with the renoteness in
relationship of the deceased to the
ohe greater rate and the per cent OF
TAX exacted should increase with the
siHe OF the law larger estates should
le taxed on those who inherit. rec
vnmend the enactment of direct In
perieanee tax law not only as means
o. raising revenue but because be
'ieve It to be correct in principle.
A Tax Commission.
wish again 10 call attention to the
isct mat the tax laws OF the state art
very ihequitable. and, in some respects
unjust It has now been fourtee.
years since there has been genera
VISION OF OUR revenue laws. Man!
Snanges in conditions have arisen ii
NAT Time and many new methods ol
eaAa1ion have been adopted in othei
tion. - ''''N = :
ne tax ferret laws, the taxing O
money and credits, filing fee upor
nor'gages, based upon the amour
anu time to run, and many other fea
uies OF taxation are attracting maicl
attention.
our methods of distribution of val
aes are open to criticism; especial,
: .nls true as to telegraph. telephone
:, asu railway terminal property. Man,
y .hese questions are OF such magni
.