The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-01-03

course OF a few years, but II would
not do so instantly That it would
eventually, cannot be questioned. 1t
has always worked that way
wherever tried.
Such a rate would of course at first
somewhat increase the tax on real es-
tate, but inside few years would
undoubtedly lower it considerably
more than the temporary increase
Vermonters, however, are so cOnser
vative that we hardly expect the leg
slature to take so radical a stand
There are other objections to the
House fiat rate bill than those we
have noted. For instance it reduces
the tax on bank stock to seven mills
on the dollar though there are mil
lions of this stock that pay dividends
of from ten to twenty-five per cent
annually-partly in direct dividends
and partly in sums carried to the sur
plus to be divided through extra
dividends. when found convenient.
| Yet though doing this for the richly
paying bank stock it makes no ade
quate provision for the twenty to forty
millions of deposits in national banks
on April LIST each year which now es
capes taxation, though nominally sub
ject to taxes. These immense sums
and the surplus of the stock banks
should be reached at practically their
face value if the rate is to be put
down to seven mills or less.
Next to the fiat rate bill in popular
interest and in many respects of
more importance is the Rabbit DILL
which has passed the Senate and is
/ slumbering on the House table. This
is a simple bill of few words mere
ly providing that money loaned at
five per cent or less on real estate in
! this state shall not be taxed.
This is not a revenue bill and be-
cause it is not, it is frequently mis-
understood and misjudged 1t is
purely and simply measure to de-
/ velop the resources and business in
terests of the state OF Vermont. Yer
mont has money enough, but 1t is
largely invested outside the state.
What we need is TO put the money at
work at home and that is what the
Rabbit bill will do for it offers an
! inducement for that money TO come
back here one of the greatest induce
ments that money can have-exemp-
ton from taxation
We need more farmers in Vermont,
| Cheaper money free from taxation to
buy farms will aid in getting them.
| We need more manufacturing enter
prises. in Vermont Cheaper money
free from taxation will cause more
money to be invested in industrial
development here. We need to give
our workingmen a better chance to
/ own their own homes. Cheaper
money free from taxation will give
this chance to every working man of
/ thrift and perseverance. We need
more and better hotels to take care
/ Of the growing travel that wants to
come here. Cheaper money free
from taxation will be the greatest
help toward bringing this desired re
suit. We need to do away with double
taxation. The Rabbit bill will abso-
lutely do 1t and thus dispose of a
/ bugbear that has been following the
small property owner for two gener-
atoms.
The Babbitt bill does not revise or
make over the tax system of the
state. 1t merely takes a good long
step upward waking up Vermont to
new era OF prosperity. Money can
not be driven. but il may be coaxed.
The Babbitt bill will coax money into
Working for Vermont instead of
working for some other state.
II is the borrowers who make busi-
ness. whether it be the little fellow
who borrows money to go into the
hen business or the group OF hard
headed men who borrow TO build a
million dollar factory II We can in
crease the circulation of money in
our state, we can do more to put it
on the up road than by any other
step The Rabbit bill will increase
the circulation of money in Vermont
without inficting serious hardship On
any town or citizen.
At one of the public hearings on
the Babbitt bill one of the lawyers
arguing against the bill waved his
arms and declared with a mixture of
pathos and Tragedy why. under this
bill the bankers will get the cream of
the securityl" His statement isn't
true, but even II il were, what do We
people Of Vermont care? What We
want is to get the money to working
for US and our state and to develop
Il.