The Grenada sentinel. [volume] (Grenada, Miss.) 1868-1955, 1918-02-01
SPEAKER CONNER
DISCUSSES TAXATION
Continued froom Page One,

Ahe constitution requires the listing
81 property for taxation at full val
ue. Money, solvent credits. bonds.
etc. have a somewhat definitely fixed
value, and undervalu9tion Of this
class ot property is most apparent.
For example: If a holds BIS note
for $1,000, when A lists that note its
face value appears. Taxpayers felt
they could not pay the high rates on
full valuation. and thus intangibles
went into hiding.
The assessment rolls carried for
the items, money loaned. on hand,
and deposited" in 1901, s~S,0l4,5SS;
in 1906, Sl4,603,O17; in 1911, s13,-
9S4,34l; and in 1916, only S3,O34,-
ll2. Money Oh hand" was valued
IN 1913 at $422,573, in 1914 at $751;
GOT, and in 1915 at Sl96,06S. "Mon-
ey on deposit" was listed in 1913 at
$1,0S1,634, in 1914 at SS75.164, in
1915 At $55S,5S2; Money loaned at
a greater rate Of interest than 6 per
cent per annum," listed for taxation
in 1918 vas 5,062,9 36, in 1914 was
S3~,575,G30, and in 1915 vas ST.
434,73l. Solvent credits, except
money loaned, were listed in 1915 at
S2,921,073, in 1914 at $2,537.726, in
1915 at ~$1,Sl6,SS2, and in 1916 at
S1,45l,19i. In 1906 bonds to the
value of S700.065 were assessed,
while in 1916 this class Of property
showed a valuation of only Sa45,-
705, or Il decrease Of more than
33 ID per cent.
AS this class Of property left the
assessment rolls. the rate on the 9TH
er classes was automatically increas-
ed; and then c~ertain classes of tangi-
bles, that might be easily concealed,
began to follow these ~intangibles into
hidinr. For instance: watches in
1906 were valued at S4SO.l 1877, in
1911 a. $t25.44l. and in 1916 at
$343.ofS; pis1o!s in 1901 were listed
to the value Of els2.H"S, in 1916 to
the raluc of %f9,757; and guns in
1906 were valued at $23,213. in 1911!
II &22.055, and in ,9lG at S11.1l2.
It is also OF interest 10 .'otc kat
the report Of State AND National
banks in Mississippi. uodc call Of De-
cember 31st 1871, Shows $62.369.-
222.93 on deposit, $46,394,403.99 Of
which was deposited subject to check,
and $5,l42,9 38,GS was deposited in
savings accounts. while for 1916, as
Of February lSt. the assessment rolls
showed for the items OF money on
034,012, and for solvent credits only
S1,454,19l. The report Of National
and State banks under call Of De-
cember 3lst, 1914. shows S~59,977,-
27S.56 on deposit with banks in Mis-
.issippi, $40. SoI,037.5o Of which was
deposited subject TO check. while FOR
1915, - of February LIST. tho ~
-essme.at rolls showed 70. money on
band and on deposit only S154,65O.
The result is chat the mar with
his property III sight is bearing the
hurdens Of government which, oner-
yus as tl.ey the under u system,
would not be heavy if ali property
were 'airly assessed and paid its pro-
norticg2." share. Cur system, as 1t
existei io 1916, teuded to impose
burdeu Nth reference to inability
to escape rather in proportion to abil-
rty to pay. pcnalized industry thrift,
ard enterprise, placed the burden on
the weak. conscientious and the un-
wary. ard discouraged individual
owner5hip of land Sy heaping on IT
burdens that should be borne By IN
tangihl cproperty, but viii not be car
ried by It so long a u tax ie'ieS
are 50 Nigh. The uvper Of properly
in sight Toes not escape taxation by
undervaluation, tx rather by that
nrocess or practice increases the bur
den borne by tangible property. AS
clearly demonstrated by the fore
Going figures, he attempts to escape
nv urIer1a luation, but is caught by
increased rates or leNes' when IN
urn force other property INTO Mo
ing. and thereby further increase the
rates.
As an indication Of the increase
Of wealth in Mississippi, we might
note that the banks Of the State re-
norted S65,2f9.575.7l on deposit with
them on June 18th, 1913 and De
cember 9th, 1916, they reported
so4841.457.37 on deposit, or an in
crease Of more than ~S34'ooo'oo IN
forty?two months. Yet each sue,
ceeding year during that period
brought a reduction in the amount
Of n solvent credits ETC. as
GAGGED for taxation.