The log cabin Democrat., 1921-04-02

when the first taxes are due, had not a word of opposition or complaint against the road program in this county. No one last summer had any idea cotton would sell for less than 25 cents pound and most people thought it would bring 50 cents. When it dropped to less than one-fifth it's for mer value, it naturally made it diff cult and burdensome for people to pay taxes or debts of any sort. But the Faulkner county districts will meet their obligations and there need be no fear of any repudiation.
 The net effect of the Times "inves- tigation" and Governor McRae's un- fortunate utterances will be to depre ciate the value of Arkansas securities by many millions of dollars. This will hurt northern and eastern capitalists and investors who now hold practi- cally all the bonds issued by Arkansas districts. But the worst effect will be when in the future it is desired to is- sue bonds for any improvement, how ever meritorious and however much desired by the public. Capital is nat urally shy and timid and in the face of all the slush that has been given such wide publicity bonds of an Ar kansas district cannot for years to come be sold for more than fraction of their value.
 The Commercial Appeals article in part follows:
 Northern and eastern financierrs with millions for development have turned from Arkansas as an invest ment field and immigration into that great state has been halted abruptly as result of a series of articles ap- bearing in the New York Times to the effetc that Arkansas is bankrupt and her farmers ruined by high taxa tion in the wake of the good roads movement
 Eastern Arkansas land owners in Memphis yesterday voiced bitter in- dignation against the Times and di- rected storm of criticism against Gov. Thomas c. McRae, who appears to be the chief source of inspiration for the Times series of misleading and partly untrue articles on condi- tions within the state.
 Governor McRae, it was charged, has delivered blow to Arkansas that has staggered the state. Big money already has run to cover, and it may require a generation or more to re- pairr the damage done so quickly.
 Arkansas Trotters Under Road Taxes and Czar-Like Rule," was the heading of the opening article of the series in the Times for Saturday March 26. Each day since then the Times has dignified the exaggerated stories with first page space. At least one editorial in the Times has revealed gross ignorance of condi- tions in Arkansas.
 It is reported that the Times has two staff writers in Arkansas and that as a result of the prominence given their articles in the Times four other New York newspapers have sent writers to Little Rock to investigate conditions. It is probably that Gov ernor McRae will widen the range of his harmful voice.
 Arkansans who have read the first four articles appearing in the Times are forced to the conclusion that the governor has pointed out few iso- lated cases wherein mismanagement of road work, if not actual craft, has created dissatisfaction. Certainly the tax figures quoted are not typical of Arkansas as a whole, nor of the east ern tier of alluvial land counties bor- dering the Mississippi River, where development is at it's height.
 There is no foundation of fact in the assertion that Arkansas land owners will be unable to pay their taxes this year. Unquestionably many will be hard pressed to meet their obligations, but this is due solely to the collapse of the cotton market, and not to excessive taxes.
 Widespread inquiry among Arkan- sas land owners yesterday failed to reveal single case in which it was charged that the tax burden is un- bearable. Nor could The Commercial