The weekly Iberian. (New Iberia, La.) 1894-1946, 1914-10-31

the amendment should be adopted.
1t il 10 he regretted, however,
that any license tax should be re-
quired of banks desiring to lend
money 10 our people. The policy
Of the State ,atterly has been TO-
wards the exemption of money
from taxation in order 70 lower
the rates Of interest. The use
of money is convenience which
should be paid for at fair price.
! That is. the rates of interest which
would prevail were capital free TO
invest unhampered by restrictions
| or by DuIdensome taxation anu
| licenses. What We now urge ls
that lt IL wrong to impose such
burdens since by preventing eapI'
tai from entering the State they
raise he rates Ut interest which
cur farmers and business men
mus, pay. 1t ID widely realized
that the prevailing heavy rates OF
interest are among he most serl
GUS bindrances to the progress
and development of Louisiana.
The amendment exempting from
| taxation all cash on hand and
money on deposit, should be
adopted for reasons just above
gwen. The tax is almost univer
sally evaded, yet the very fac'
that our laws call for such taxes
Is said to drive out of the State
vast amount of money. The ex
tent Of this loss is shown in a.
article in the Times-Picaynne oil
Wednesday last purportlDg to
give the substance of letters Oh
the subject from the Association
of Commerce Of New Orleans.
From the article we quote as fol-
lows:
amendment No. 2 exempts
from taxation money in hand and
on deposit. II is contended that
nobody pays this tax, but many
large business enterprises in Lou.
isiana, which handle hundreds of
millions of dollars annually, now
do them banking in other States,
where money is welcome and not
taxed, TO, tear they might have to
pay a prOhibitive tax IN Lonisi-
ana. The adoption of amend
ment No 2 will remove this fear,
and permit this money to remain
IN Louisiana"
Another amendment Of doubt
full value is that proposing to
again amend Art 28l of the Con
stitution. Art. 28l has been
amended more frequently than
any other part Of the OODstitn
ton. Our legislators seem to feel
that they have not fulfilled their
duty until they tamper with this
article. Heretofore these changes
have been advantageous. But III
the present amendment there has
been inserted dangerous clause
as follows:
sand the Board Of Commission
ers of Drainage Districts, without
submission to the taxpayers, are
u,horized to levy additional taxes
under the terms and conditions OF
this article and within the limits
fixed thereby for the purpose OF
perfectlng and completing any
system of drainage eighty per
cent OF which shall have been &C
compllshed at the time of said ad
ditioDal levy OF taxes, aud to fund
the ayais Of said additional levy
Of taxes into bonds under the
terms aud conditions set forth in
the present article"
| Under this amendment wheu
the taxpayers agreed to tax them.
selves a limited amount for de
sired Improvement they must con
| fer before the Commissioners the
right to levy any further tax need
ed to complete the work after 80
per cent of it has been finished.
This will tend TO extravagai ce
Ii the additional money can
be had at pleasure the further tax
will often be imposed. For This,
the consen' of the taxpayers need
not be had. The proposition dOes
strike us as safe tinancieIiDg
The recall amendment should
be adopted fol reasons We have
often given 10 our readers.
1t will tbeie fme be seen that no
one may do his duty az q citizen
by voting either for or against all
the amendments. They should
be Rad aud the bad separated
from the good by intelligent dis
elimination.
| We note q tendency in some
who have special reasons for urg.
ing the passage of one Of the
amendments TO urge the adoption
Of the entire number. This Is the
danger confronting us, since in
this way We arr apt to see The
electorate induced to add to The
Constitution provisions which
should be defeated.