The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1916-06-09
The Land Bank Bill Would
Put More Taxes On Real Estate

We have good roads to build and in
many counties are bonding ourselves
to build them, therefore we don't want
to have the assessed value OF lands
increased for the purpose of increas-
ing taxation, neither do we want to
see this State bonded by lot Of poll
iticians to raise the capital to organ
ize the bank.
Farmers, don't be deceived by these
innocent looking measures which pur-
port to give you cheap rates Of inter-
est. They are only Evolves in Sleeps
clothing" They are framed for the
purpose of befuddling the minds Of
rhe voters and if we listen TO these
silk stocking millionaires from the
city we no doubt will pay the bill in
the end,
It is well for the voters in Missouri
to remember that once upon time
this State went into the railroad BUSH
ness and had to pay about 1874, 600
to get out Of it. ] am against this
scheme because it pretends TO fur
nish cheap rates of interest and does
not; because it is a plan when car
ried out will raise the assessed valu-
alton of our farms; because there will
be forty million dollars worth Of
bonds exempt from taxation which
makes it species of Single Tax, al
lowing as it would the money lender
to invest his wealth tax-free while
the land owners bear all additional
burdens; because the tax payers will
finally be called upon to pay increased
salaries growing out of this bill as
well as all losses incident to its OPP
Grafton by politicians. There is no
help in this law for the poor man be-
cause he needs more money than can
be loaned under this law, which is 81
per cent of the land value, and since
very large majority of the loans
now exceed that amount, it will only
help the rich, and when this measure
| is adopted it becomes part OF tht
constitution and cannot be changed
by the Legislature.
After the first 100000 has beer
loaned all loans must be made at the
| rate which the bank shall be able t.
secure from the last issue of deben
lures sold and therefore the banks
managers shall make a new in
terest rate to be made after tn,
sale of each 100000 bonds, whiel
rate shall not exceed six per cen
including reserve, but in times o
money stringency when the bond
cannot be sold at 51-2 per cen
this bank must take no more loan
until the loans on hand can be sold a
S ~ per cent, or less, hence in III
greatest need this plan is failure
In short it is defective, useless, full 0
flaws, inconsistencies, loopholes, lok
I ers, and meaningless verbiage, beside
lacking indispensable clauses, Will
it fiagrantly violates basic principle
by substituting the. credit Of the Stat
FLOR the credit of he land, and this leg
erdemain renders the proposed syster
doubly dangerous and unjust because
while lulling the taxpayers into
, false feeling of security, it woul
make the State the guarantor.
Voters should remember Nations
| Rural Credit Law will soon be enacte
| with twelve or more regional bank
which will virtually make the Stat
{ bank imperative for the reason tn
government credit is stronger tina
any State, and It's affairs will hav
, to be closed up with all attending e'
! penses.
, Support Of the Gardner bill by th
, organ of the Single Takers, The S
Louis Mirror, should cause farmers
sit up and take notice. That the la
: would result in more taxes on real e.
/, tate is evident, and in my opinion Thu
! is the reason the organ of the Sing
t Takers is boosting the measure al
! its author for Governor.
E CHARLES e. HOOP,
!. (ad.) r. +. D. No. 2, Liberal, N