The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1921-12-30
EXEMPTION OF SECURITIES
WILL HELP, SAYS MOORE
Hardings Recommendation Meets
With Favor. What Tax
Exemption Really
Means

Chlearo. nes 80 Taat rccomen.
ration Of reesldcas Harding that the
exemption cf certain securities from
pNstioa b. endc u carries rio ~
sct ~ conk-ass. ~i'i scicags vastly
% she benefit of lndasiry gcnefal's
Il the onlnion % " Moore. rnau
elcr an3 president ~ she AneFicar
nona and Ma-trase 30 ef vhicsg,
and Ne~ YORK
The exemption 81 q. tain scafi-
ties from taxation. said NJ Moore
has been carried 80 q point almost
fantastic. There are TO-DAY In this
coan - IN ludins the various IN
crty Loan issues over thirty billions
u dollars o. tax exempt securities
ahoai ha'f 81 tie total consists ~
tho l.lAefty issues Daring he war
when /, was necessary to raise huve
sums N money 70 meet the ns,ion'~
acute needs Il was weN enough 10
EXEMPT these Issues from TAXATION
Rni consider ,he Others an state
and municipal l'ont issues are tax
nee Al Fe eral farm loan bonds
and Join. STOCK land bank bonds are
YAK free There ARE billions ~ thcs'
ahout sixteen hulions. 81 All XMAS
aside from thc federal government
own ublleauous
what Is the result really 10
ilcve that The great mass ~ these
securities which do not contribute 20
.aAri the upkeep ot ne nation Is
largely responsible for our recent de-
preston! his ard orr unscientlf,
tax laws cstensihly ffAmcd 10 oom-
pei the rich % bear their share o.
the tax burdens, the exemption 81
these securities from taxation has
really resulted in the rich boarins the
msi'est portion Of The tax load
Tax free securities are Target,
houFh By hlg estates ana hy mon
and women who have inherited large
fortunes. heoause thus ihey cssape
the huge sur,axcs. These securities
are u value only to 70 those who pay
suuaxes on great fortunes There.
fore, funds which should te uuIye
in Industry are diverted 10 specially
favored securities ara We hare
tight money and tho o.her condi.
tions which Foster depression
Tax rsemgtion stimulates the ..
suance OF municipal securities ans
this tends toward municipal cxtrav.
agancc.
The widening a. the tax cAemr-
iion privilege would in effect add
greater burdens 70 the poor n taxes
were lowered. but the holders Of an
securities compelled to pay thcls
righ,fui share % taxes. hen money
which seeks this tsvored tMss Of se-
ourties would undoubtedly invest IN
real estate an industrial bonds aad
the securities Of r,ili.ics. for these
pay higher interest rate. AMI prop.
cry sponsored, are praeti ally as SEE
cure
The result would he that money
would 80 into building and into IN
duy'ry IN FAR greater volume; tha,
average taxes would be reduced. AMI
We would not have the rdlcaloa,
fpacia le q top heavy taxes whlcn
ihnart Industry and permit those OF
ihe rich pho are not actively enrag.
"a IN productive effort to escape the
tax burden, while PLACING Il heavily
upon the capital which Is supplying
the needs of Industry
Whoever II the rTesl enrs recon
mendation is not adopted. and an end
put 10 indiseriminaie tax exempt on
then there VIII certainly be A cIam3r
Tor the exemption Of real estates ami
some other securities Tor theso as
surediy deserve 20 b. PLACED upon
z rarity with many Of the other tar
exempt securities"
Eighteen public holidays are cele-
brzted m France.